Bank transactions that match themselves to invoices

By Team Doory · 2 min read

Two people going through figures at a table with a calculator

Knowing who has paid is the other half of the billing run. In Doory you import your bank transactions, after which Doory automatically tries to match them to outstanding invoices. What matches is done. What doesn't match goes on a list.

Ticking things off by hand

The usual way of working is to open a bank statement and check line by line which invoice belongs to it. With a hundred transactions a month that takes half a day, and it is work where mistakes only show up when you send a reminder to a tenant who has already paid. That is also the most expensive kind of mistake, because it costs you goodwill with someone who did nothing wrong.

How the matching works

Doory looks at the amount, the invoice number in the description and the tenant's bank account. If the combination is right, the invoice is marked as paid. If a tenant pays two invoices in one amount, or slightly too little, it doesn't match automatically and you see the transaction in the list of outstanding items.

That list is where your attention goes. Instead of going through a hundred lines, you look at the ten that need attention. The reverse is part of it too: invoices with no payment against them, with how long they have been outstanding.

Why this is linked to payment reminders

You can only send reminders properly if you are sure who hasn't paid. With up-to-date reconciliation, reminders go to the right companies, for the right amount, to the invoicing contact from the company file. You don't have to spend an afternoon checking before you dare to send them.

What you need to get started

An export of your bank account in a format your bank offers. If you work with SEPA direct debit, successful and failed direct debits come in the same way, and it's the failed ones that are interesting.

Where the product stops

This isn't bookkeeping. Doory reconciles invoices against payments so your accounts receivable position is correct. Processing in the general ledger happens in your accounting software, through the integration.