Automated bank reconciliation: CODA, Belfius, ING in a few clicks

In brief

Automated bank reconciliation in Belgium can match up to 89 % of payments without human input using CODA files, CAMT.053 or a PSD2 Ibanity connection. Company Belgium's module generates PCMN accounting entries automatically and routes complex cases such as partial payments or lumped transfers to the accountant for review.

Reconciliation, the low-value work

In a Belgian SME, matching bank payments against invoices consumes 2 to 5 days per month in an accounting firm and 1 to 2 days on the company side. The work is repetitive, poorly paid and yet risky: a wrong match distorts balances, triggers unwarranted client reminders and complicates the close.

The sensible goal is not zero human input — it's to reserve the human for cases that don't solve themselves: partial payments, lumped transfers without detail, foreign currencies, rounding gaps.

Three channels to pull your statements

Company Belgium accepts three ways to import a statement:

1. CODA (Belgian standard). The .cod or .coda file exported from your bank (Belfius, BNP Paribas Fortis, KBC, ING, Crelan, AXA Bank…). The richest channel: structured communications, value dates, counterparties identified by BCE/VAT. Drag-and-drop into Accounting → Bank → Import.

2. CAMT.053 (ISO 20022 standard). The European norm, used for multi-currency and foreign accounts. Same info as CODA for EUR operations, plus SEPA Instant traceability.

3. Direct bank connection. For Belfius, BNP Paribas Fortis, KBC and ING, we offer a secure link via Ibanity / Ponto (PSD2). Transactions are pulled automatically every night. No file to export, no password handed over — authentication happens at the bank with Itsme or Digipass.

The matcher in practice

Once the statement is imported, the engine tries to pair each line with:

• An open sales invoice (amount, currency, structured communication OGM-VCS)

• A purchase invoice to pay (exact amount + payee IBAN)

• A credit note

• A recurring operation (rent, lease, subscription) already categorized

Matching uses three signals in this order:

Structured communication — the 12-digit OGM-VCS points directly to the invoice (match rate: ~92 % when present)

Exact amount + counterparty IBAN — reliable for recurring suppliers

Exact amount + fuzzy label — fallback for payments without communication

An over-confident matcher produces invisible errors. Ours requires a confidence score > 0.9 for automatic matching. Below that, the line is flagged *to validate* and presented to the operator with the 2-3 most likely candidates.

Cases a human must see

Even well tuned, the matcher doesn't close everything. Typical cases routed to validation:

• Partial payment — the client pays €800 on a €1,200 invoice (common in B2B). Match partially, keep the invoice open for €400.

• Lumped transfer — a client settles 5 invoices in a single €3,750 transfer. The human confirms the split.

• Foreign currency — an incoming USD payment requires an official exchange rate at the value date.

• Bank fees — to post on account 65 (financial expenses), sometimes overlooked.

• Overpayment — payment above the invoice, to convert into credit or refund.

These cases stay in a *Bank → To handle* queue with a visible counter. As long as it isn't empty, the monthly close stays locked.

What about accounting entries?

Each validated match automatically generates:

• An entry in the bank journal (account 550000 bank, 401/440 supplier or client)

• Subledger reconciliation (tracked by internal reference)

• Archival of the original CODA file as supporting document

If you enable the General Accounting module (Enterprise plan), these entries feed the PCMN general ledger directly. For SMEs on a lower plan, the CSV/XLS export remains compatible with WinBooks, Bob or Yuki. For the broader legal framework, see our guide on accounting obligations for Belgian companies and our article on VAT in Belgium for businesses.

Measured gains

On a sample of 30 SME users (5 to 30 employees, ~150 to 600 monthly bank transactions):

• Auto-match rate: 76 % to 89 % depending on the quality of client communications

• Monthly time spent on the bank: from 8 hours on average before activation to 1h30 after

• Quarterly close gap: divided by 4 (from a few hundred euros to a few residual euros)

The ratio improves over time: the more the engine learns recurring counterparties, the more autonomous it becomes.

Getting started

Accounting → Bank → Add account: choose manual import (CODA/CAMT) or Ibanity connection

Set the confidence threshold (0.9 default, adjustable)

Import the past month as a test

Let an accountant review the result — they validate or tune the auto-rules

Plan 1 hour for the first session, then 30 minutes monthly instead of half a day. You may also explore how mandatory Peppol e-invoicing in 2026 simplifies purchase invoice matching, and how seven weekly KPIs for Belgian SMEs help you monitor your cash flow.