Automatic recognition of periods for financial transactions

Details Automatic recognition of periods for financial transactions Automatic recognition of periods for financial transactions

1996-08-22

1999-06-29

Poinvil, Frantzy

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

705 39, G06F 1760

Patent

active

059182164

ABSTRACT:
A new financial transaction is compared to prior entries in a database of prior financial transactions to identify a recurring transaction. Certain parameters of a new entry, entered either manually or by transfer of electronic data, are compared to corresponding entries in the database of financial transactions to determine if at least two similar prior entries can be found. A set of predefined rules is applied to determine whether two prior transactions are substantially similar to the new transaction. If two prior transactions are found that are substantially similar to the new transaction, a first and a second gap are determined. The first gap corresponds to the time interval between the new and the most recent of the two prior similar transactions, and the second gap corresponds to the time interval between the two prior similar transactions. If the first and second gaps match one of a plurality of predetermined time periods within a preset tolerance value, a recurring transaction for that time period is identified. The user is prompted to enter the recurring transaction into a payment calendar. The payment calendar is then used for selectively entering new transactions and for financial planning over a selected future time frame.

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patent: 5515268 (1996-05-01), Yoda
patent: 5649115 (1997-07-01), Schrader et al.
Giovetti, "Managing Your Money (MYM) for Windows version 2", Accounting Technology, v11n4 pp.13-18, Apr./May 1995, Dialog file 15, Accession No. 01030052.
Giovetti, Kiplinger's CA-Simply Money (personal finance software) (software review Evaluation), compute, v15, n11, p. 138(2), Nov. 1993, Dialog file 148, Accession No. 06745936.
Evelyn, "Andrew Tobias Managing Your Money", Computers & Electronics, v22, p. 48(2), Nov. 1984, Dialog file 148, Accession No. 02168557.

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