Nomentia Reconciliation

Nomentia Reconciliation is a cloud-based solution designed to automate the comparison of financial records with bank statements. It streamlines payment reconciliation, minimizes manual work, and ensures accurate posting to general ledger systems, helping organizations maintain financial transparency and control.

Features

• Automated matching of bank statements with financial transactions
• Rule-based matching processes (e.g., AR/AP, lockbox, e-commerce)
• Automatic import of open payment items from multiple systems
• Real-time categorization of bank transactions
• Assisted matching for exception handling
• Adjustable tolerances to eliminate penny differences
• Automated posting to general ledger and sub-ledger systems
• Dimension import and creation of new dimension values
• PDF export and archiving of reconciled items
• Simple rule management for admin users

Capabilities

• Connect with banks to fetch detailed transaction data
• Match bank account balances with general ledger cash accounts
• Enrich data from various sources to improve match rates
• Implement reporting per entity and per matching process
• Continuously improve matching processes based on unmatched data
• Manage and develop posting rules without IT support
• Automate reconciliation across multiple business units and geographies
• Reduce mismatch between ledger and bank balances

Benefits

• Significant reduction in manual reconciliation efforts
• Improved accuracy and speed in financial reporting
• Enhanced compliance and audit readiness
• Increased automation ratio and operational efficiency
• Better visibility into unmatched transactions
• Streamlined month-end closing processes
• Lower risk of overpayments and underpayments
• Empowered finance teams with self-service rule management