Retirement Data Reconciliation System for Bank and Local Datasets
Situation:
Managing and reconciling retirement data between bank records and local financial data posed significant challenges due to the data existing in various formats and locations, such as Excel files and Dataverse tables. This necessitated a reliable system for consolidation and comparison to identify discrepancies.
Action
To address this, a comprehensive system was developed using a suite of Microsoft tools, including Power Apps, SharePoint, Power Automate, Excel, and Dataverse. The system’s workflow was as follows:
Data Upload: Excel files containing financial data were uploaded through a Power Apps portal to SharePoint.
Data Import: A Power Automate workflow was triggered to read the uploaded Excel data and import it into Dataverse.
Data Storage: The system utilized two Dataverse tables—one for bank data and another for local data.
Reconciliation Process: A ‘Reconcile’ button was implemented to initiate the reconciliation process, which compared local data against bank data to identify discrepancies.
Currency Translation: The system included a currency translation feature to handle discrepancies resulting from currency conversions.
Results:
The implementation of this system led to several significant outcomes:
Reduced Workload: The automated reconciliation process significantly reduced the manual workload involved in comparing and consolidating data.
Improved Accuracy: Automated data import and reconciliation minimized errors that typically occur with manual processes.
Increased Efficiency: The system streamlined the reconciliation process, allowing for quicker identification and resolution of discrepancies.
Enhanced Data Integrity: Regular reconciliation ensured that the financial data remained accurate and up-to-date, supporting reliable financial reporting and decision-making.
Category
Sharepoint
Clients
SMBC
Location
Newyork
Completed
