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Wells Fargo Bank statement file poor design prevents automatic reconciliation for ACH debits

edited Jan 30, 2019 4:30PM in Payables, Payments & Cash Management 6 comments

Summary

Wells Fargo Bank Statement File reports ACH debits as miscellaneous with the payment reference in a long string that cannot be picked up by Oracle for autoreconciliation

Content

Hello, 

We are not able to fully automate our reconciliation process because Wells Fargo Bank statement is not including the payment reference numbers for  ACH debits in a separate field that can be retrieved by Oracle. Oracle Parse Rules can work as long as the bank returns information in a separate field (i.e. Customer Reference)

Wells Fargo Bank Statement File reports ACH debits as miscellaneous (BAI2 code 469) with the payment reference Oracle needs for reconciliation in a long string that contains many other details with no separation character.  See attached screenshot that illustrates my point. As part of the BAI2  standards payment reference should be reported in a separate field where Oracle can parse it and include it in the bank statement transaction for automatic reconciliation.  

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