Smart Matching

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Overview


Spend less time processing a fund, and more time creating value for your clients with Simple Fund 360's revolutionary new Smart Matching AI.

Harness the power of the millions of transactions that power Simple Fund 360's Deep Learning algorithm to make manual journals a thing of the past. Simple Fund 360's Smart Matching AI is your personal processing assistant that uses its experience of millions of other transactions to assist you in deciding where to match a transaction.

Keep reading to discover how Simple Fund 360's Smart Matching works behind the scenes, and learn recommended practices for getting the most out of Smart Matching.

What transactions does Simple Fund 360 know automatically?

To understand why Smart Matching is needed, an understanding of what transactions Simple Fund 360 knows and does not know is required.

Known Unknown
Transaction type Source Transaction type
Bank transactions Bank Feed, CSV Upload, etc. Pension payments
Security buy and sells Contract Notes Service, Wraps, broker file upload Accounting fees, audit fees
Income (dividends and distributions) ASX data feed, Wraps, Registry Data Service Property income
Corporate actions ASX data feed, Wraps etc...

Simple Fund 360's smart matching will allow you to minimise the amount of time spent matching unknown, or unmatched transactions.

BGL has added a further enhancement to our Smart Matching process. This new function minimises time spent on repetitive, labour-intensive tasks, namely inputting Investment income and buy-sell information from bank entries.

Machine Learning is not a fad, nor is it a silver bullet, but it does allow you to learn from large amounts of SMSF data and provide clear advantages over generation one rule-based SMSF systems.

The new Smart Matching generative algorithm will generate sub-accounts for Bank feed or manually entered Investment Transactions, including Dividends, Distributions Buy and Sells. 

The core benefit of This new Phase 3 project is to resolve some of the everyday 1-second repetitive  SMSF accounting processes.

The new phase three is particularly adept at tackling the problem of Overseas Dividends and Share Trades which can be difficult to capture.

AI Machine Learning is showing how BGL Simple Fund 360 can augment the Accountant & Bookkeeper to a new elevated productivity level  

The algorithm covers ASX Stocks, ETFs Managed Funds and any International Shares. Another leap forward in our move to Zero-touch process

 

Navigation

From the Main Toolbar, go to Accounting. c70dbfc0ad09af979141df93cf9a90e15a390c04c103470bb81539f03d2a1578.png
Select Smart Matching. aa12a9f17bb69481868ddc77fee8bce83b09001d93a5412003c2423f0cafd0a3.png
Getting Started
All unmatched bank transactions will appear in the Smart Matching list under the ALL tab.

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Unmatched transactions that match a pre-existing rule will have their rule displayed next to them in green:

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The displayed rule can be applied to the transaction by clicking on Match

Productivity Tip: Bulk processing

Click the Recognised tab to view all transactions that match a pre-existing rule.

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To apply a rule to its matched transaction in bulk, select all transactions in the Recognised tab

Then select Multiple Match

mceclip6.pngUnmatched transactions that do not match an existing rule will be displayed with their predicted chart account next to them.

These transactions will have a confidence level displayed next to them indicating the certainty Simple Fund 360 feels in allocating the transaction to the predicted account.

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Confidence Level

Gain insight into the inner workings of Simple Fund 360's Deep Learning algorithm by viewing the confidence Simple Fund 360 feels in allocating an unmatched transaction to its predicted account.

Simple Fund 360 compares the unmatched transaction to the millions of similar transactions it has seen previously to build a confidence level in matching the transaction.

The features of the transaction analysed include:

  • Description
  • Date
  • Amount

 

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Simple Fund 360 does not require more information

If Simple Fund 360 is confident that it has enough information to match the transaction to the correct chart account, there will be a Match button next to the unmatched transaction. Click Match to code the transaction to the displayed account.

For example, Simple Fund 360 has correctly identified the above interest transaction (Credit Interest 12448) as needing to be coded to the Interest Income account for the associated bank account. As it does not require further information to match, clicking Match will code the transaction to the predicted account.

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Simple Fund 360 requires more information

If Simple Fund 360 requires more information from you to match the transaction to the correct chart account, there will be a Review button next to the unmatched transaction. Click Review to record the additional information needed to match the transaction.

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For example, Simple Fund 360 has correctly identified that the above dividend transaction (Direct Credit 396297 BHP DIVIDEND MAR16/00822938) as being a dividend, but it is not sure which sub-account or security this dividend belongs to.

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Once the subaccount has been selected, the transaction may now be matched by clicking Match.

Note that any future transactions with the exact same narration will be coded to the indicated account in the future.

Predicted account incorrect

If the predicted account is incorrect, please feel free to change this to the correct account.

Transaction more details

When matching a transaction, Simple Fund 360 allows you to enter additional information relevant to the particular transaction being matched.

For example, when matching an investment disposal you are able to enter the contract and settlement dates, or if matching a dividend payment, the franking credits attached to the dividend may be edited.

Numerical expression support

All numerical input fields support numerical expressions. These can be identified by the green border surrounding the input field.

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Have your calculations displayed in front of you while Simple Fund 360 calculates the final result.

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Additional Features

Become a Simple Fund 360 power user by learning about some of the additional functions SF360 Supports

How to Split a Transaction

The split feature allows you to take a single unmatched bank transaction and match it to multiple chart accounts at once.

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Example

In this example,there is $2,500 that has left the bank account and requires to be matched.

As this bank transaction represents the payment of both an accounting fee of $2,000 and an audit fee of $500, this amount will need to be split to the respective chart accounts.

Expand the transaction by clicking on it, and select Split.

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Change the amount allocated to the first account to be less than the full amount of the unmatched bank transaction. This will automatically create an additional field to record the other account to allocate the outstanding amount to.

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Search

The search feature allows you to take a single unmatched bank transaction and search for all other non-bank transactions to match it to.

Non bank transactions here include:

  • Income transactions from the ASX Data Feed and wraps
  • Security buy and sell transactions from the Contract Notes Service, or a Broker File Upload
  • Corporate Actions transactions

Why is this needed?

Ideally the above transactions would automatically match with the unmatched bank transactions.

However, different data providers providing transaction information that sometimes fall outside Simple Fund 360's strict matching requirements which may result in the transactions not being automatically matched and may require to be searched then matched.

Simple Fund 360 will intelligently locate all transactions that sum to the selected transaction's amount and suggest these to be matched.

Example

A fund has imported a broker file of security buy and sells which has not auto-matched to their respective bank transaction:

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The bank transaction (ETRADE: BUY SHARES) has not automatically matched with the three share purchase transactions below it.

To use the Search feature to automatically locate the transactions to be matched, select the unmatched bank transaction in the Smart Matching screen.

The Search button will indicate the number of found transactions that can be matched with the selected unmatched bank transaction:

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Productivity Tip: Simultaneous Search and Split

Smart Matching's Search and Split features can be used together to save you time in processing common transactions in Simple Fund 360.

Example: Return of capital and Dividend

A fund holds shares in Whitehaven Coal (ASX:WHC) which has recently paid out an amount to shareholders comprising of both a return of capital and dividend.

The fund has received $200 in its bank account. Of this amount, $140 is the dividend and $60 is the return of capital.

The unmatched bank transaction is can be seen in the Transaction List:


mceclip0__1_.pngThe unmatched Corporate Actions transaction can also be seen in the Transaction List:The fund uses the Corporate Actions screen to process this transaction from WHC.


mceclip1__1___1_.pngmceclip2.pngFirst, the unmatched Bank Transaction will be found in the Smart Matching list

Next, the Transaction will be selected. After this, the unmatched Corporate Actions transaction will be searched for.

The unmatched Corporate Actions transaction has automatically been found to match against the unmatched Bank Transaction. This transaction is selected:


mceclip3.pngAn account is selected to allocate the Shortfall to and a description is recorded notice that there is a shortfall of $60. The Split feature will be used to create an additional transaction. The Split Transaction tab is selected

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Sortable Columns

Sort any column in the Smart Matching screen by clicking the column header.

Simple Fund 360 will remember your preferences and keep all transactions sorted by the selected column next time you log in.

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Filter any column by typing into the text fields underneath the header of each column to only show transactions that match the entered criteria:

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Filter by numeric value

You are also able to filter any column that contains a numeric value by entering a number and an optional operator including:

  • >: values greater than
  • < values less than
  • -: values between a range

Clear Filters

To remove all active filters being applied to the Smart Matching transaction listing, click Clear Filters

Uncategorised

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Tick the Leave it uncategorised option to do a once off match when matching a transaction.

Simple Fund 360 will not remember this transaction's description in the future. Any future transactions that have the exact same narration will still need to be matched.

This feature is ideal for matching transactions containing a common description that you would like Simple Find 360 not to remember.

Custom Rule
For transactions that do not have a pre-existing rule to match against, you are able to create a rule from the Smart Matching screen. When reviewing the unmatched transaction, select Create Custom Rule to use the current transaction as a template for creating a custom rule: The description for the selected transaction will be the basis on which the rule is created.
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Conditions

Additional conditions can be added that will be used in determining which rule a given transaction will match. These additional conditions include:

  • Description
  • Amount
  • Date

Account

A matched transaction can be split between multiple chart accounts when creating a rule. This is especially useful for transactions which include amounts that should be included in multiple chart accounts e.g. pension payments, joint accounting and audit fees, etc.

The transactions can be split by either a percentage or a fixed amount.

Contributions

For contributions, change the Account Type to Contribution, this will make allocating the contribution type amounts easier as all members will be displayed at once in the screen.

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Example - Splitting a transaction

A pension payment of $23,000 has been made for two members of a fund; John Jones and Mary Jones. Each member was paid a pension of $11,500.

Original Transaction

Account DR CR
Bank Data Clearing Account $23,000  
Bank   $23,000

Creating the rule

The condition will only look at the description of the unmatched transaction and check that it contains the text "Pension payment - John and Mary Jones":

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For this transaction, the payment amounts will be split evenly between both members. This will be achieved by setting the Allocation Type to % and setting the percentage to 50% for each member.

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This rule can be modified if needed to allow it to match more transactions.

For more information on creating custom rules please refer to: Custom Rules.

Delete Transactions
To remove multiple transactions at once, select the transactions to delete by checking the box next to the transaction:

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Next to Multiple Match, select the drop down arrow then click Delete Transactions:

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