Plannr has the ability to automatically reconcile transactions within a provider statement to expectations generated from charges, which helps you save time!
This auto reconciliation process happens whenever you upload a provider statement CSV, a statement comes in via EDI, or you manually add transactions to a provider statement.
For finding the correct plan, we work through this priority order, and if at any point we find one plan we stop and then move on to finding a suitable expectation for that plan.
If at any point we find multiple then we move on to the next priority.
If at the end we have no plans or still have multiple plans then no auto reconciliation will take place as we are unable to discern which plan to use, and you will have to manually reconcile this transaction instead.
The Priority Process:
Find a plan with an exact policy number as stated on the transaction.
Find a plan with a normalised version of the policy number of the transaction. For example, if you’ve entered the policy number on Plannr as Aviva0001-D, but on the provider statement the provider has entered it as AVIVA-0001-D , then we remove any non-alphanumeric characters and convert to lower case for both the policy number on Plannr and the policy number on the statement, and do a comparison check. Using the example above, we will then compare aviva0001d to aviva0001d which should find a match.
We prioritise active plans by filtering out any inactive plans.
We prioritise plans that have the same exact provider selected as the provider of the provider statement. For example, if we have two active plans with the same normalised policy number, but one has the provider Aviva, and the other as Aviva Insurance . If when uploading the provider statement within Plannr you select Aviva, then it will prioritise the Aviva plan in Plannr.
Once a plan has been selected, we then find a suitable expectation to reconcile against.
First and foremost we select expectations that have the exact same category (revenue type) as the category on the provider statement transaction.
We also only look for expectations that have an expected payment date that is before or equal to the transaction date.
There could be multiple expectations that are returned if you have not been reconciling on a regular basis, or providers send statements later than anticipated. Therefore, we select a suitable expectation from this collection based on the following criteria:
Expectations with a closer expected payment date to the transaction’s date.
Expectations with a closer gross amount to the transaction’s gross amount.
Recurring expectations are prioritised over non-recurring expectations.
Expectations with VAT are prioritised over VAT-exempt expectations.
In the case of partially reconciling due to the provider splitting up the transactions, we keep auto reconciling each transaction until the gross amount of the expectation is met.
This group of expectation is also sorted by a priority order. In most cases we do not need to whittle the list of expectations down this much before finding a suitable expectation to automatically reconcile against the transaction.
Expectation gross amount and transaction gross amount must be within 10% of each other for single expectation and transactions.
A common issue we’ve encountered when users question why expectations haven’t been automatically reconciled is that a percentage-based charge has been entered for a plan without a valuation. As a result, the expected amount is calculated as £0.00, which falls outside the 10% tolerance required for auto reconciliation. When advisers later add a valuation to the plan, the gross amount for any percentage-based expectations updates automatically. However, since the auto reconciliation process has already run, the reconciliation must then be completed manually.