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How does automatic business partner recognition and creation work with Finmatics?

Finmatics features an algorithm for the allocation and automatic creation of business partner master data.

Content

 

Business partner recognition and assignment

  • The invoice is transferred to Finmatics
  • Finmatics reads all the VATs and IBANs from the invoice
  • In the next step, Finmatics checks if a business partner with this VAT has already been created
  • If the VAT has already been created and is stored in the master data, Finmatics identifies the business partner based on VAT or IBAN
    • If a distinct VAT / IBAN is found within the client's business partners, then the business partner is assigned
    • If multiple VATs/ IBANs are found (e.g. branch case), matching occurs based on other data such as address, email, etc., and the best match is assigned
  • If the invoice's VAT is not found within the business partners, then Finmatics performs a match based on master data (business partner name, addresses, etc.)

For outgoing invoices, the IBAN is not used for the recognition of business partners.

 Automatic creation of business partners

Currently, automatic creation of business partners is only possible through an existing valid VAT that is recognizable and readable on the invoice.

If no suitable business partner is found, Finmatics can create a new business partner and subsequently transfer it to the ERP system.

  • For Austrian companies, master data is automatically created based on the recognised VAT of the business partner. If the VIES check is active, the validity of the VAT is cross-referenced and verified with the VIES database. If it is invalid, a warning will be displayed on the invoice

Contact our support team at support@finmatics.com to activate the VIES check. The VIES check is useful if you work in the Finmatics frontend.

  • A query is made in our database as to whether the business partner already exists. If this is the case, it is created from our database.
  • For the creation of business partners and companies based in the EU, external databases are consulted to verify whether the VAT is registered. If an entry exists, Finmatics creates a new business partner.
  • Any other business partners that need to be newly created but were not recognized by Finmatics will be generated by our Shared Service Center (SSC) when quality assurance is activated. For more information, refer to What is the invoice quality assurance? 

Automatic creation of private individuals is currently not possible.

Automatic business partner creation is deactivated by default for all processes. If you want to activate the creation for individual or multiple processes, please contact our support team at support@finmatics.com. The creation works best for incoming invoices.

Importing newly created business partners into the accounting system

The process of transferring newly created business partners  or changed information varies for each accounting system:

BMD 

Newly created business partners or updated information in Finmatics are automatically exported to BMD. For more information, please refer to the following article:

RZL

When using RZL, work is not performed in the Finmatics frontend. Therefore, the synchronisation of data from Finmatics to RZL is not necessary.


DATEV 
Business partners from Finmatics to DATEV with Rechnungsdatenservice 1.0 must be imported manually.

If you use the DATEV Buchungsdatenservice, the changed or newly created business partners are automatically exported from Finmatics to DATEV with the export of the invoices.