Standardized Apply System for Financial Transaction Linking
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Solution Overview
Problem
Current financial management systems have cumbersome and non-standardized transaction linking processes, with multiple apply systems for different account modules, leading to complexity, high maintenance costs, and limited functionality.
Innovation Solution
A standardized apply system with a uniform interface that allows users to easily apply any transaction to any other transaction, independent of the account module, using generic transactions with a standardized structure, and storing apply records in a database.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If multiple separate apply systems are used for different account modules, then each module can handle its specific transaction linking needs, but the system complexity increases and maintenance costs rise
Solution Approach 1:
The patent implements a universal apply system that can handle transaction linking across multiple account modules (accounts payable, accounts receivable, general ledger, etc.) through a single standardized interface. This eliminates the need for separate apply systems for each module, reducing system complexity while maintaining the ability to handle module-specific requirements through configurable parameters and rules.
2Adaptability or versatility
If multiple separate apply systems are used for different account modules, then each module has dedicated functionality, but maintenance costs and difficulty increase
Solution Approach 1:
The patent merges multiple separate apply systems into a single unified system that serves all account modules. By consolidating the apply functionality into one system with standardized interfaces and centralized configuration, the patent reduces maintenance overhead and simplifies updates while preserving module-specific capabilities through parameterized configurations.
3Ease of operation
If a standardized apply system is implemented across all account modules, then maintenance costs reduce and ease of use improves, but the ability to handle module-specific complexities may be limited
Solution Approach 1:
The patent applies local quality by allowing the standardized apply system to adapt to module-specific requirements through configurable parameters, rules, and settings for each account module. This enables the system to maintain a uniform user interface and core functionality while incorporating module-specific complexities where needed, achieving both ease of use and adaptability.
4Ease of operation
If manual transaction linking is used, then users have full control over the linking process, but time consumption and productivity loss increase
Solution Approach 1:
The patent implements preliminary action by providing automated transaction matching and linking capabilities that can operate without user intervention. The system pre-configures matching rules, automatically identifies potential matches, and can execute linking operations automatically, thereby maintaining user control options while significantly improving transaction processing speed and productivity.
Data Source
AI summary
A computer-implemented financial management system that includes a standardized apply system that, in general, allows a user to relatively easily apply any transaction/document to any other transaction/document. The apply system includes a uniform apply interface that is configured to receive at least two generic transactions. The uniform apply interface applies at least a portion of one of the at least two generic transactions to at least a portion of another one of the at least two generic transactions to produce at least one apply record. The at least one apply record is stored in a database.