Systems and Methods of Processing and Classifying a Financial Transaction

Abstract

The present disclosure generally provides systems and methods of classifying financial transactions. In one embodiment, the present disclosure may generally include a system of classifying financial transactions. The system may include a processor coupled to a database. The processor may be programmed to receive transaction information and a source document associated with a financial transaction. The transaction information and source data associated with the source document may be stored in the database. The stored transaction information and the source data may be retrieved from the database and may form a basis for a determination of a code associated with the financial transaction.

What is claimed is: 
     
         1 . A method in a data processing system of classifying a financial transaction, wherein the method is implemented by a processor in the data processing system, comprising:
 receiving transaction information associated with a financial transaction from a user;   receiving a source document associated with the financial transaction;   storing the transaction information and source data associated with the source document in a database;   retrieving the stored transaction information and the source data from the database; and   determining a code associated with the financial transaction based on the retrieved transaction information and the retrieved source data.   
     
     
         2 . The method of  claim 1 , wherein the code comprises a general ledger code. 
     
     
         3 . The method of  claim 2 , wherein the financial transaction is a cash payment transaction and the source document is an invoice. 
     
     
         4 . The method of  claim 3 , further comprising creating a check based on the transaction information and the invoice. 
     
     
         5 . The method of  claim 3 , further comprising making an electronic payment based on the transaction information and the invoice. 
     
     
         6 . The method of  claim 2 , wherein:
 the transaction information comprises a payee; and   determining the general ledger code is further based on historical financial transaction data in the database associated with the payee.   
     
     
         7 . The method of  claim 2 , wherein:
 the transaction information comprises a keyword; and   determining the general ledger code is further based on historical financial transaction data in the database associated with the keyword.   
     
     
         8 . The method of  claim 2 , further comprising:
 displaying the determined general ledger code to the user;   receiving a selection of the determined general ledger code from the user; and   updating the database with the selected general ledger code.   
     
     
         9 . A data processing system for classifying a financial transaction, comprising:
 a processor; and   a database in data communication with the processor, wherein the processor is programmed to:   receive transaction information associated with a financial transaction from a user;   receive a source document associated with the financial transaction;   store the transaction information and source data associated with the source document in the database;   retrieve the stored transaction information and the source data from the database; and   determine a code associated with the financial transaction based on the retrieved transaction information and the retrieved source data.   
     
     
         10 . The system of  claim 9 , wherein the code comprises a general ledger code. 
     
     
         11 . The system of  claim 10 , wherein the financial transaction is a cash payment transaction and the source document is an invoice. 
     
     
         12 . The system of  claim 10 , wherein:
 the transaction information comprises a payee; and   the processor determines the general ledger code based on historical financial transaction data in the database associated with the payee.   
     
     
         13 . The system of  claim 10 , wherein:
 the transaction information comprises a keyword; and   the processor determines the general ledger code based on historical financial transaction data in the database associated with the keyword.   
     
     
         14 . The system of  claim 10 , wherein the processor is further programmed to:
 display the determined general ledger code to the user;   receive a selection of the determined general ledger code from the user; and   update the database with the selected general ledger code.   
     
     
         15 . A non-transitory computer-readable storage medium with an executable program stored thereon, wherein the program instructs a processor to perform operations comprising:
 receiving transaction information associated with a financial transaction from a user, the transaction information comprising a keyword;   receiving a source document associated with the financial transaction;   storing the transaction information and source data associated with the source document in a database;   retrieving the stored transaction information and the source data from the database; and   determining a general ledger code associated with the financial transaction based on the retrieved transaction information, the retrieved source data, and historical financial transaction data in the database associated with the keyword.   
     
     
         16 . The method of  claim 1 , wherein determining a code comprises determining a plurality of codes associated with the financial transaction based on the retrieved transaction information and the retrieved source data; and
 providing, to the user, the determined plurality of codes as suggested codes for user-selection.   
     
     
         17 . The method of  claim 16 , wherein the suggested codes are provided to the user as a prioritized list of codes, and wherein the prioritized list is ranked in order of highest probable code to lowest probable code. 
     
     
         18 . The method of  claim 16 , further comprising:
 receiving a selection or rejection of a suggested code for the financial transaction by the user;   responsive to receiving user selection of the suggested code, associating the selected code with the financial transaction; and   responsive to receiving user rejection of the suggested code, providing an alternate suggested code to the user for selection or rejection.   
     
     
         19 . The method of  claim 16 , further comprising:
 responsive to receiving user selections of codes, dynamically learning common payment transactions and accounting practices employed the user by updating the database with each selected code to increase accuracy of providing suggested codes to the user.   
     
     
         20 . The method of  claim 19 , wherein updating the database includes at least one of correlating key fields, correlating historical data, changing code payment rules, or creating code payment rules.