Duplicate counterparties? Not with Tailwind!

Many banks aspire to be more creative – and that’s great! But sometimes they apply their creativity is where we need it the least and it can mess up your financial planning. Not if you are using Tailwind though!

You may have noticed that names of some of your clients are mentioned in different variations on your company’s bank account statement.

For example:

a) Tailwind Technologies SIA

b) SIA Tailwind Technologies

c) SIA “Tailwind Technologies”

d) Sabiedrība ar ierobežotu atbildību “Tailwind Technologies”

That’s a result of bank tellers being too creative. Different banks often register different variations of the name of the same company in their systems. And if your client is making payments to you from their accounts in different banks, name of payee is shown as it was sent by the bank that sent the payment.

Why is it a problem?

It blocks automation and prevents you from seeing accurate and complete information.

If you use Tailwind for your financial planning, Tailwind will automatically update your cash flow forecast every time you log in. It will match your planned transactions against the actual payments you have recently made or received. But this requires counterparty names to be the same rather than only “similar”.

Automatic categorization of transactions by counterparty is another useful feature that Tailwind offers. But if your bank sends different names of the same counterparty, you may see several different client profiles and need to add up the totals yourself.

“Merge” solves it!

We have solved the above challenges with the new Merge function. Follow these simple steps:

1. Decide which is the “correct version” of the name of the client.
2. Open the profile of the “wrong version” of your client’s name (In / {name of the client} and click on the Merge button:

3. Choose the “correct version” from the list and click Merge:

That’s it – from now on:

1. Tailwind will match all transactions received from your bank with the “wrong” name against planned transactions with “correct” name;
2. Tailwind will show only one client profile (the one with the “correct” name) in the In section. There you will see all transactions, including those that appear with the “wrong” name on your bank statement.

Merged certain client profiles by error? No problem – please open the profile of the “correct” name, go to Aliases and click Unlink:

You can merge as many “wrong” versions as you wish with the “correct” version. You can also use it for supplier names by going to Out section. And you can use Merge function to consolidate all transactions with a particular group of companies. .

Financial planning can and should be simple and automated!