Personal finance area is becoming increasingly difficult to monitor and manage due to the flood of products. It is hard to see anyone these days without multiple bank accounts, credit cards, insurances, stocks, homes or bonds. There are a huge number of transactions generated as a result of this every month. These transactions need to be monitored and audited on a regular basis. It is difficult to get all information about a transaction from one source. There is a need to correlate information from multiple sources to get the complete picture about a transaction. Let us take the example of credit card transactions. How many times have we looked at a transaction and thought – What is this and where did I spend this amount? All the people I have spoken to agree that this is a frequent occurrence. Some of the reasons are listed below.
- Instead of the merchant name, the payment gateway name appears on many transactions.
- The merchant name that appears on transactions is different and not the same as the name of the retail store or online portal.
- Need more information to recollect.
- A date field
- A description field that has the merchant name
- Amount spent
|2018-01-01||BD EZECLICK RELIANCE JI MUMBAI||459.00|
|2018-01-02||FRESH N FIT HOSPITALITI XXX||165.00|
|2018-01-02||PAYU – BIG BASKET PG GURGAON||290.00|
- Order details in the mail text
|firstname.lastname@example.org||Amazon.in Your Orders | Your Account | Amazon.in Order Confirmation. Order #XXX. Hello XXXX, Thank you for your order. We’ll send a confirmation when your order ships. Arriving: Friday, November 3 Your shipping speed: One-Day Delivery at Rs. 100. FREE with Prime Your Orders Your order will be sent to:—– Order Details Order #XXXX Placed on Tuesday, January 2, 2018 Harry Potter and the Goblet of Fire (Harry Potter 4) J.K. Rowling; Paperback Sold by Amazing Buy. Rs.380.00. Item Subtotal: Rs.380.00. Shipping & Handling: Rs.0.00. Order Total: Rs.380.00. Need to make changes to your order? Visit our Help Page for more information. Some products have a limited quantity available for purchase. Please see the product’s Detail Page for the available quantity. Any orders which exceed this quantity will be automatically canceled. We hope to see you again soon. Amazon.in Customers Who Bought Items in Your Order Also Bought Harry Potter and the Chamber of Secrets (Harry Potter 2) Harry Potter and the Chamber of Secrets Rs. 214.00. Harry Potter and the Philosopher’s Stone Harry Potter and the Philosopher’s Stone Rs. 207.00 Harry Potter and the Cursed Child: Parts I & II Harry Potter and the Cursed Child: Parts I & II Rs. 494.00 This email was sent from a notification-only address that cannot accept incoming email. Please do not reply to this message.|
|email@example.com||BigBasket.com. Thank you for your order at bigbasket.com. Order No: XXXX. Your order will be delivered to this address:— . Delivery slot: Wed 03 Jan 2018 between 09:30 am and 12:00 pm. Sl No. Item Details Qty. Unit Price Sub Total Savings DRY ITEMS Foodgrains, Oil & Masala 1 24 Mantra Organic Flour – Ragi 500 gm Pouch 2 Rs. 60.00 Rs. 120.00 2 Organic Tattva Flour – Ragi 500 gm Pouch 2 Rs. 70.00 Rs. 140.00 Sub Total: Rs. 260.00 Delivery Charges: Rs. 30.00 Final Total: Rs. 290.00 Happy Shopping,bigbasket Team Note: To comply with GST, we have made a few process changes . Please visit https://www.bigbasket.com/gst/ to know more. Order Your Groceries On The Go! Get Social With Us. In case you need any assistance please do not hesitate to call our customer service on 1860 123 1000 07:00 am to 10:00 pm on all days or email us at firstname.lastname@example.org. All calls to our customer support number will be recorded for internal training and quality purposes.|
- SMS text name
|2018-01-02||A charge of INR 290.00 has been initiated on your American Express Card No. *** at PAYU – BIG BASKET PG on 02/01/2018 at 03:16PM IST.||AM-MYAMEX|
|2018-01-02||A charge of INR 380.00 has been initiated on your American Express card No. *** at AMAZON ONLINE DISTRIBUTION SERVICES PL on 02/01/2018 at 08:29AM IST.||AM-MYAMEX|
- This information exists outside the description field for the credit card transactions.
- The format of the date is different in the mail and sms.
- Append the date and amount information to the Description field of the credit card transaction Example: FRESH N FIT HOSPITALITI XXX 2018-01-02 00:00:00 165.0.
- Append the date information to the SMS Example: A charge of INR 165.00 has been initiated on your American Express Card No. ***** at SUBWAY on 02/01/2018 at 05:54PM IST. 2018-01-02 00:00:00.
- Append the date information to the mail Example: Hi ——, Thanks for using Swiggy! Your order from Chai Point has been delivered. Looking forward to serving you again. Order No: #—— Restaurant: Chai Point 2017-12-30 00:00:00.
- 1. Different name of merchant on credit card transaction The transaction “FRESH N FIT HOSPITALITI XXX” was mapped to the below SMS – A charge of INR 165.00 has been initiated on your American Express Card No. *** at SUBWAY on 02/01/2018 at 05:54PM IST. This correlation made it clear that the amount was spent at SUBWAY. This was not clear from the credit card statement.
- 2. Payment gateway name instead of merchant name on the credit card statement The transaction RAZORPAY RETAIL PG BANGALORE was mapped to the mail – “Hi —-, Thanks for using Swiggy! Your order from Chai Point has been delivered. Looking forward to serving you again. Order No: #——— Restaurant: Chai Point” It becomes clear that this transaction was made at Chai Point.
- 3. More details for a transaction The transaction “AMAZON SELLER SERVICES BANGALORE” indicates that a purchase was made at Amazon. We might want to know what we ordered. This transaction maps to the e-mail – “Amazon Your Orders | Your Account | Amazon.in Shipping Confirmation Order #——– , We thought you’d like to know that we’ve dispatched your item(s). Your order is on the way. If you need to return an item from this shipment or manage other orders, please visit Your Orders on Amazon.in. Arriving: Monday, November 6 Track your package Print invoice Your package was sent to: ———.Your package is being shipped by Amazon Transportation Services and the tracking number is —-. Please note that a signature may be required for the delivery of the package. Shipment Details The Matchless Wits: 3 in 1 (Amar Chitra Katha) Sold by UBSPD Rs.117.00 Item Subtotal: Rs.117.00 Shipping & Handling: Rs.0.00 Shipment Total: Rs.117.00 Paid by Amex: Rs.117.00 Track your order with the Amazon App. If you need further assistance with your order, please visit Customer Service. We hope to see you again soon! Amazon.in” The order details can be fetched based on the mapping.
- The statements can be manually uploaded. This is an additional effort for the user.
- The statements can be accessed from online portals of credit card companies. This requires the username and passwords for the credit card accounts to download the statements. This introduces security concerns that need to be addressed.