What is transaction matching in accounting?

Transaction matching in accounting refers to the process of verifying individual entries (transactions) in a ledger or statement against their source, such as bank account transactions. All transactions in the ledger must be verified on a regular basis to ensure they have been properly and accurately entered in the appropriate ledger. At the close of the accounting period, matching transactions and reconciling accounts is critical to assure the accuracy and integrity of account balances.

What are transaction matching exceptions?

Transaction matching exceptions are transactions that cannot be easily matched between the ledger and the transaction’s source. These exceptions are tediously identified when manually reconciling transactions or automatically identified by the Transaction Matching software for further review.

What is BlackLine’s reconciliation tool?

BlackLine Account Reconciliation is a comprehensive solution that transforms the substantiation process with out-of-the-box capabilities that ensure accuracy, enhance control, and maximize efficiency. End-to-end reconciliation automation can be achieved through combining BlackLine Account Reconciliations with other solutions like Transaction Matching and Journal Entry.

What is account reconciliation software?

Account reconciliation software automates and standardizes the reconciliation process to produce high-quality and accurate financial statements.

TRANSACTION MATCHING

Match and reconcile millions of transactions in minutes.

Reduce risk and focus finance and accounting capacity on exceptions and other priorities by automating repetitive, high-volume transaction reconciliations.

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70%

of manual effort automated

99.9%

transactions automatically matched every period

251%

annual ROI

Empowering Finance & Accounting to Focus on What Matters Most

Reconciling thousands, or even millions, of transactions between data sources can be overwhelming. Accounting teams spend time downloading data from source systems, aggregating details in spreadsheets, and using complex formulas, v-lookups, or color coding to match and reconcile. It’s simply not sustainable.

BlackLine Transaction Matching modernizes high-volume reconciliations by unifying data in the cloud and applying business rules to automatically match transactions and flag exceptions—saving time and reducing risk.

Improve Productivity & Increase Efficiency

Spend less time matching transactions and align capacity to critical work, like exception handling and reviewing open items.

Automatically match millions of transactions in minutes, including complex scenarios like one-to-many and many-to-many relationships. Matching is performed continuously throughout the period and items requiring follow-up are identified sooner.

Maximize Accuracy & Enhance Control

Proactively mitigate risks and avoid human error with configurable rules that add consistency and rigor to matching.

Workflow automation drives standardization and control at scale. BlackLine automatically flags exceptions and suggests matches to users for review. Users can quickly create reconciling items as part of an account reconciliation.

Empower Transparency & Adopt Leading Practices

Gain visibility into matching status including recommended matches and identified exceptions across the organization.

Real-time dashboards provide a clear view of the bigger picture from anywhere. Review matching status, unreconciled and open items, and access a complete audit trail. Transaction Matching is fully integrated with other BlackLine Financial Close Solutions like Account Reconciliations and Journal Entry, enabling end-to-end automation.

Match in minutes, not days.

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SiriusXM automatically matches over 7 million transactions per month with 99.9% accuracy.

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“We use Transaction Matching for a number of applications now, and we’re adding more every day. The BlackLine system can analyze multiple invoices to one payment, account for variances due to bank fees or foreign exchange impact, and anticipate independent payee assignments.”

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Red Wing Shoes saves more than 3,500 hours every month.

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Additional Resources

How to Save Accounting Time with Auto Transaction Matching

Understand how organizations have automated transaction matching to save time, increase efficiency, and assure accuracy across their close.

How to Automate High-Volume Reconciliations & Expedite the Close

Learn about top transaction matching use cases, the value to your broader organization, and the benefits customers across industries are seeing today.

White Paper

Automate High-Volume Transaction Reconciliations with BlackLine

Understand three common examples where BlackLine quickly and accurately reconciles high-volume and complex transaction matching scenarios.

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