Background

When Modern Treasury ingests transactions from banks, it attempts to reconcile them against money movement that originated on the Modern Treasury platform. The vast majority of the time, when the money movement started on the Modern Treasury platform, the ingested transaction reconciles. Modern Treasury has many reconciliation strategies that capture the nuanced mechanics of how banks batch and send payments, but occasionally a bank will do something unexpected. In these situations, customers can manually reconcile a transaction to known payment orders, returns, incoming payment details, or reversals.

Note

This is not the same as the reconciliation product, which reconciles transactions to expected payments via customer-managed reconciliation rules.

How to manually reconcile

Navigate to the reconcile page, then select the internal account from the dropdown for the transaction that needs manual reconciliation. Once you've found the transaction on the primary side, on the secondary side select the object type to which you want to reconcile (payment order, return, incoming payment detail, reversal). You can use the filters to narrow down the scope of objects, and you can either select the items individually or via "Select-all". If it's a valid match, the "Reconcile" button will turn green and clickable. After clicked and confirmed, Modern Treasury will save the matched items in the background with a progress bar. The page will refresh when reconciliation is complete.

Reconciliation History

Navigate to reconciliation groups (visible as the "History" button on the "Reconcile" page in the top right corner). This page shows a history of manual reconciliations in the organization. Clicking into a group, you will see the specific items reconciled, the timeline of when this occurred, audit records, as well as an action to "Unreconcile".

Restrictions

For the customer-facing manual reconciliation feature, there are several guardrails in place to prevent misreconciliation:

• The selected payment orders, returns, incoming payment details, or reversals must be in a state where the automated matching strategies could have picked them up.
• The selected payment orders, returns, incoming payment details, or reversals must all be in the same direction.
• The directional amount sum of the selected payment orders, returns, incoming payment details, or reversals must exactly match that of the selected transaction.
• Only one transaction may be selected.
• The transaction must have been created at least 3 hours prior to manual reconciliation to allow Modern Treasury's automated system the opportunity to attempt a match.
• The transaction must be posted.