Method and system for processing transactions

Abstract

A system and method are provided for processing transactions between at least one buying company and at least one selling company using a central datastore accessible to users from the buying company and selling company. Purchase order and invoice data are obtained and compared to identify a matched record having purchase order data and corresponding invoice data. A collaborative data set in the central datastore is created, based in part on the matched record and storing in the datastore detailed settlement data regarding settlement of the matched record of purchase order data and corresponding invoice data. A complete settlement transaction history is stored by providing for storage of additional settlement data in the central datastore, wherein credit memos, debit memos regarding the invoice, the purchase order of the matched record, and/or other documents related to the transaction are stored as part of the collaborative data set.

1 . A method of tracking transaction settlement between at least one buying company and at least one selling company, the method comprising:
 providing a central datastore accessible to users from the buying company and users from the selling company;   obtaining via a computer network purchase order data having at least one entry, the purchase order data including purchase order header information and purchase order detail information;   obtaining via a computer network invoice data having at least one entry, the invoice data including invoice header information and invoice detail information;   comparing via a computer selected purchase order data and corresponding selected invoice data to identify a matched record having purchase order data and corresponding invoice data;   creating a collaborative data set in the central datastore based in part on the matched record and any subsequent settlement history;   capturing post-match, settlement history by storing all additional settlement data to be used to as part of the same collaborative data set in the central datastore, wherein at least one of the following is stored: credit memos, debit memos regarding the invoice and/or the purchase order of the matched record, settlement dispute data from the selling company, supporting images and documentation from the selling company, supporting images and documentation from the selling company, settlement dispute data from the buying company, supporting images and documentation from the buying company;   users from the buying company and users from the selling company accessing the collaborative data set to reconcile the transaction using the matched record settlement transaction history and supporting documentation stored in the datastore.   
     
     
         2 . The method of  claim 1  wherein:
 the transaction is reconciled using only data and documents captured and stored in the datastore as part of the collaborative data set. 
 
     
     
         3 . The method of  claim 1  wherein:
 users from the buying company can view additional settlement data and documents added into the collaborative data set by the selling company and vice versa. 
 
     
     
         4 . The method of  claim 1 , wherein a single platform is provided for handling all transactions for trade settlement. 
     
     
         5 . The method of  claim 1  wherein:
 users from the buying company reviewing additional settlement data added by users from the selling company; 
 users from the selling company reviewing additional settlement data added by users from the buying company; 
 repeating the reviewing steps of the buying company and selling company until a final settlement is reached. 
 
     
     
         6 . An electronic transaction processing system including a computer network, a processing unit, and at least one data storage unit, for performing steps comprising:
 providing a central datastore accessible to users from a buying company and users from a selling company;   obtaining via the computer network purchase order data having at least one entry, the purchase order data including purchase order header information and purchase order detail information;   obtaining via the computer network invoice data having at least one entry, the invoice data including invoice header information and invoice detail information;   comparing via a computer selected purchase order data and corresponding selected invoice data to identify a matched record having purchase order data and corresponding invoice data;   creating a collaborative data set in the central datastore based in part on the matched record and any subsequent settlement history;   capturing post-match, settlement history by storing all additional settlement data to be used to as part of the same collaborative data set in the central datastore, wherein at least one of the following is stored: credit memos, debit memos regarding the invoice and/or the purchase order of the matched record, settlement dispute data from the selling company, supporting images and documentation from the selling company, settlement dispute data from the buying company, supporting images and documentation from the buying company;   users from the buying company and users from the selling company accessing the collaborative data set to reconcile the transaction using the matched record settlement transaction history and supporting documentation stored in the datastore.