Accounting data is rich and contextual, but is user-entered, and therefore potentially open to manipulation and fraud. Banking data lacks context and meaning, but comes directly from a trusted source or a third party, and is immutable. The union of these data sources is detailed, contextual, and trusted, providing you with a verified set of real-time management accounts. Our Data Integrity product automatically matches these data sources for you so you don't have to.
Please note that we are currently able to cross-reference bank accounts and bank transactions only. If you're currently syncing bank statements, you will need to modify your sync settings.
Data integration is based on one-to-one mapping between a bank transaction in the banking source and a bank transaction in the accounting source. A match percentage is also calculated, which is based on the value of transactions matched, and not by the number of transactions.
The matching logic uses a multi-step approach that incrementally releases the mapping restrictions. This ensures the maximum accuracy and trustworthiness of the provided match results.
The transaction data used to compare in the logic are:
- Transaction amount
- Clearing Date
- Account data
For non-textual comparisons, equal values are compared (within a certain threshold).
For textual comparisons, a combination of Jaro-Winkler similarity and Overlap coefficient (with thresholds) is used.
In the event where the company has bank accounts with different currencies, those transactions will be cross referenced with an accounting source with the same currency.
For these companies, the matching percentage will be less accurate; Codat have work planned in Q4 2021 to fix this.
Contact your Codat sales representative to have the feature enabled in the Codat Portal.
To view the Data Integrity feature in the Portal, a company needs to:
- be linked to an accounting and banking source of data. You can do this either in the Codat Portal or using Codat API .
- have bank accounts and bank transactions set to sync.
- select View data > Data integrity by the linked company to display the cross-referenced results. All matched transactions are listed under the Records found tab, while those for which no matches were found — under Records not found.
Transaction type abbreviations used in the user interface
UNK - Unknown
CR - Credit
DR - Debit
INT - Interest
DIV - Dividend
FEE - Fee
SCHG - Service Charge
DEP - Deposit
ATM - Automated Teller Machine
POS - Point of Sale
TFR - Transfer
CHK - Check
PMT - Payment
CSH - Cash
DDEP - Direct Deposit
DDR - Direct Debit
RPMT - Repeat Payment
OTH - Other
Updated 5 days ago