MATWIP - Account Transactions Matching
What is MATWIP
Reconciliations either with external sources or for internal control are needed for many different types of accounts e.g. a Work In Progress account may represent a stock unit that is continuous in its activity and a periods transactions may need to be matched with a closing balance transaction, an account may have hauler accruals posted that need to be ticked with incoming purchase invoices. There are many reasons for marking transactions as ‘matched/marked’ and using various conditions e.g. match using transaction tonnage. There are 4 procedures that basically perform the same task but for different conditions, each operates with the same methodology i.e. enter WIP account reference, supply start and end accounting periods, which currency and department and then select the transactions for match/marking.
The 4 tasks available are:
a) tick/mark transactions using financial amounts for one currency, they do NOT need to be matched to a zero balance.
b) tick/mark transactions using financial amounts across all currencies, they do NOT need to match balance to zero.
c) match transactions using financial amounts, they MUST net to zero before final OK.
d) match transactions using Tonnage values, they MUST net to zero before final OK.
All of these procedures allow for unmarking of previous match/markings.