Centralized Database for Accounts Receivable Reconciliation
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Solution Overview
Problem
The reconciliation of payments with invoices is time-consuming due to the lack of precise corresponding information, necessitating a search utility that can efficiently retrieve accounts receivable information across disparate databases.
Innovation Solution
An apparatus that receives and converts various payment forms into electronic records, replicates these records into a central database, and utilizes a search utility with natural language queries and SQL/API capabilities to locate corresponding invoices, even if the payment information does not exactly match the invoice.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If employees manually review and reconcile payments with invoices, then payment reconciliation can be performed, but the process becomes time-consuming and inefficient
Solution Approach 1:
The system enables automated self-service reconciliation where the database automatically matches payments with invoices using normalization techniques and search utilities, eliminating the need for manual employee review and significantly improving reconciliation efficiency
Solution Approach 2:
The patent replaces the mechanical manual review process with an automated electronic database system that uses normalization, replication, and search algorithms to automatically reconcile payments with invoices, transforming a labor-intensive process into an efficient automated system
2Adaptability or versatility
If payment information is stored in disparate databases, then data can be collected from multiple sources, but retrieving and matching information becomes complex and time-consuming
Solution Approach 1:
The patent merges data from disparate databases into a unified normalized database structure, combining payment information, invoice data, and account receivable records into a single accessible repository that simplifies retrieval and matching operations while maintaining the ability to handle multiple payment sources
Solution Approach 2:
The normalized database structure serves multiple functions simultaneously: it stores diverse payment information from various sources, enables efficient searching and matching, supports different query types, and provides a universal interface for reconciliation operations across different payment types and sources
3Adaptability or versatility
If payment data lacks precise corresponding information to specific invoices, then flexibility in accepting various payment forms is maintained, but automatic matching becomes difficult
Solution Approach 1:
The patent applies parameter changes by normalizing payment data into standardized formats that transform diverse, imprecise payment information into a consistent structure with uniform fields and data types, enabling accurate matching even when original payment data lacks precise correspondence information
Data Source
AI summary
Methods and apparatus for analyzing and replicating databases are provided. Methods may include receiving an accounts receivable information query from a system user. The accounts receivable information query may include a payment. The payment may include a credit card payment, an EFT, a paper check and any other suitable payment. Methods may include reviewing a central database for information pertaining to the accounts receivable query. The central database may include replicated credit card databases, replicated EFT databases, replicated paper check databases and any other suitable databases. Methods may include locating, in the central database, an invoice which may exceed a threshold level of correlation to the account receivable information query. Methods may include displaying to a system user the accounts receivable information query and the corresponding invoice. Methods may include presenting to the system user a user-selectable option to reconcile the invoice with the account receivable information query.