reconciliation software Isolist

If you are an accountant, an auditor, or marketing people, you must be familiar with reconciliation(check two sets of data, usually two tables, for similarities and differences). Athough you may not feel boring, the efficiency and accuracy is a problem. You can use Isolist to ease your work.

Suppose you have two tables(as two spreadsheets in Excel). One is the subscription table recording which customer subscribes for what amount of money on which day. The other table records the detailed invoice information such as on which day the invoice is issued for which customer and the amount involved. As an accountant, you need to check the two tables for consistency. If there is a subscription entry in the first table without matching entry in the invoice information table, there would be a problem. Note that the tables are large(more than 1000 rows), which makes it hard to check manually. Isolist can be used here to do the work and will cost less than one minute.

 

 

 

Isolist is an Excel plugin shown as a button on ribbon.  Now click the “Match and Reconcile” button,

 

you will see the GUI of Isolist,

Click “Next” button to continue. You need to specify which two tables(spreadsheets) you want to compare and match. Input the names of the two sheets and which fields to be reconciled(in this case the amount field in the subscription table and the gross field in the invoice table need to be consistent). Click “Next” button to continue.

 

Now you need to specify one or more matching rules, which tell Isolist how to extract a row in the first table and a row in the second table to compare. In this case, we want to extract a row in the subscription table, then extract the row in the invoice table that has the same customer id and proximate date (+/- 3 days) to the date in the subscription row(because usually an invoice is issued near the subscription date), and compare the amount field(in the subscription table) and the gross field(in the invoice information table) to see if they are equal.  So we add two matching rules: one requires CustIDs are equal for the two rows from the two tables, the other requires the dates are near. Click “Next” button to continue.

 

 

Here we can choose various reporting options. We can let Isolist add a column to the two tables to show whether the row is reconciled or not. We can also let Isolist generate a detailed report and summary report about the reconciliation status. Click “Finish” button, Isolist begins to execute the reconciliation, and generate the results in a short time.

 

Now we can see the results. Every row in the table is added a new column showing “Reconciled”(which means a matching row in the other table is found), or “Not matched(which means a matching row in the other table is NOT found). We also get a summary report.

 

 

 

From the above reports, you can easily find potential problems (Not matched rows) that need further investigation. The whole process takes minutes to complete. Isolist saves you big time.

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