Patent ID: 8600845

Claim:
A method comprising: generating, by a computer-based system for reconciling financial transactions, a data logic based upon a plurality of desired fields, wherein the data logic comprises at least one of: an algorithm and a computer code; testing, by the computer-based system, the data logic; extracting, by the computer-based system and based upon the data logic, transaction data from the financial transactions, wherein the transaction data comprises a subset of the financial transactions; transforming, by the computer-based system, the transaction data to a predefined format; creating, by the computer-based system, a reusable import template based upon the transaction data; capturing, by the computer-based system, the transaction data in the reusable import template; auto-matching, by the computer-based system and based upon an arithmetic algorithm, the transaction data to master data to within a specified tolerance limit; performing, by the computer-based system, research and clearance of the transaction data; creating, by the computer-based system, journal entries of the transaction data based upon predefined journal entry criteria; executing, by the computer-based system, the predefined journal entry criteria; distinguishing, by the computer-based system, the transaction data as closed transaction data in response to the executing; and archiving, by the computer-based system, the closed transaction data.