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October 2024 Update - Enhanced Internal Transfer Matching

· 3 min read
Shawn Vader
Shawn Vader
CTO at Fiskl

We're excited to announce a significant improvement to our internal transfer matching feature in Fiskl. This update addresses the evolving needs of our users, especially in light of the increasing popularity of neo-banks and multi-currency accounts.

What's New: Refined Internal Transfer Matching​

Internal transfers are critical for maintaining accurate financial records, particularly with the rise of neo-banks like Revolut, WIO, Wise, and others that offer virtual currency accounts. These services have made moving money between currencies more common than ever before.

The Challenge​

While Fiskl has always provided a robust matching solution for transactions, including those in different currencies, we faced a dilemma:

  • A wide tolerance was necessary to catch matches across different currencies.
  • This wide tolerance sometimes produced too many potential matches for some users.
  • For others, the tolerance wasn't wide enough, especially when banks charged fixed fees, percentages, and used poor exchange rates for cross-currency transfers.

Our Solution​

We've tackled this challenge head-on with a two-pronged approach:

  1. Improved Matching Algorithms: We've updated our core matching logic to be smarter and more accurate across various scenarios.

  2. Customizable Tolerance Levels: We've introduced a sliding scale that allows you to choose your preferred tolerance level for matches.

    • If you're in a country where internal transfers are free or very affordable, you can set the scale to show mostly exact matches.
    • If you deal with banks that have complex fee structures for currency conversions, you can widen the tolerance to catch these variations.

How to Use the New Feature​

To take advantage of this enhanced internal transfer matching:

  1. Navigate to Banking from the left menu or Chart of Accounts > Cash and Cash Equivalents or Credit Cards
  2. Choose matches on the transaction you wish to match and choose Internal Transfer
  3. Look for the new Matching Tolerance slider in the settings or filters section
  4. Adjust the slider based on your needs:
    • Move left for stricter, more exact matching
    • Move right for more lenient matching that can catch transfers with fees or rate differences
  5. Observe how the potential matches change as you adjust the tolerance

The Benefits​

This update offers several key advantages:

  • Greater Accuracy: Reduce false positives and catch true matches more reliably.
  • Flexibility: Tailor the matching process to your specific banking environment and needs.
  • Time-Saving: Spend less time manually reviewing and matching transactions.
  • Improved Multi-Currency Management: Better handle the complexities of transfers across different currencies.

We believe this enhancement will significantly streamline your reconciliation process, especially for those of you managing multiple currencies or using neo-banking services.

As always, we're keen to hear your feedback on this new feature. Your insights help us continually improve Fiskl to meet your evolving financial management needs.

Thank you for your continued trust in Fiskl as your accounting solution!