Not all reconciliation needs can be solved with a simple, two-way setup. Some businesses deal with more elaborate scenarios, where the logic goes beyond basic matching rules and requires multiple layers of configuration.
That’s where Complex Reconciliation Configurations in BoxPay Reconciliations come into play. These are designed for advanced setups that cannot be configured through the AI-based self-serve approach and instead require collaboration with BoxPay’s support team.
When Do You Need Complex Reconciliations?
Complex reconciliations are ideal for enterprises dealing with multiple data sources, intricate matching logic, or specialized compliance requirements. They allow BoxPay to adapt reconciliation workflows to the unique needs of your business.
Additional Parameters for Complex Configurations
Here are some of the advanced capabilities available:
1. Duplicate Records Management Strategies
Define how duplicate records should be handled when multiple identical or overlapping entries are found. Options may include merging, discarding, or prioritizing based on specific rules.
2. Configuring Various Statuses
Beyond standard statuses like Matched or Mismatched, you can define custom statuses for exceptions, pending reviews, or conditional matches.
3. Multi-Parameter Recon (Comparing Multiple Recon Values)
Enable reconciliation logic that compares more than one recon value field. For example, both invoice ID and vendor ID may need to match for records to be considered reconciled.
4. Defining Unique Keys in Addition to Matching Parameters
Matching parameters identify comparable records across datasets. But unique keys ensure that each record remains distinct. For example:
- Two vendors may issue the same invoice ID — a unique key combining Vendor ID + Invoice ID prevents conflicts.
- Large datasets with repeating identifiers can still maintain integrity by applying unique constraints.
👉 This is especially useful in industries like banking or insurance where identifiers may overlap.
5. Multi-Way Recon (Comparing More than 2 File Types)
Move beyond two-way reconciliation. Complex configurations allow reconciliation across three or more file types, enabling a holistic view across multiple systems.
6. Tags for Data Correlation
Introduce tags that can be defined across file sets, enabling data correlation and analysis across multiple files in flexible and meaningful ways. Tags let you:
- Categorize records (e.g., “Refunds,” “Chargebacks,” “Settlements”).
- Link related entries across different files for enriched analysis.
- Enable flexible reporting and drill-downs based on tagged attributes.
👉 Tags act like metadata glue that makes reconciliation results more insightful.
7. Custom Record Date Definitions
Instead of relying only on date provided at the time of uploading the files, you can define the record date directly from a column in the input file. It provides flexibility to define the record date dynamically using date fields from within your files, ensuring accurate aging, reporting, and compliance tracking.
For example, it allows you to define the record date directly from fields in your file:
- Settlement Date for financial operations.
- Invoice Date for vendor reconciliations.
- Transaction Date for banking/payment records.
Why This Matters
These additional capabilities allow businesses to handle intricate workflows and high-volume reconciliations that standard or AI-based setups may not fully address.
Important Note
Unlike AI-based Reconciliation Configurations that are self-serve and designed for quick setup, Complex Configurations are not self-serve. Merchants need to reach out to BoxPay Support to enable and configure these additional parameters.
👉 With Complex Reconciliations, you unlock powerful flexibility, tailored for the most demanding reconciliation processes. And remember—this is just the beginning. There’s much more you can do using BoxPay Reconciliations.