Bank Reconciliation is the process of comparing the company’s internal financials records with its bank statement records to ensure records align.
Our new enhanced Bank Reconciliation functionality allows you to do the following:
Set up new mapping for a bank account and import a bank statement file in order to match transactions from the bank statement to transactions posted within Access Financials using csv file.
Download your bank statements using the Bank Feeds option.
The AI engine intelligently matches Bank transactions with Cash Book transactions, based on transaction details such as amounts, dates and descriptions.
It is important to mention that this is an AI assistant service, designed to assist in the process of a bank reconciliation, therefore the user of the service must review the matches produced and provide feedback, accepting, rejecting or correcting (through manual reconciliation) the matches suggested. The AI service relies on user feedback to track and improve the success rate of the matches.
Where a matching transaction could not be found, you can create new transactions “on the fly” to match your statement transaction.
Reconcile your transactions with ease.
Check your csv file contains all the necessary fields
Before importing a bank statement, ensure that the file csv to import contains all necessary fields.
Locate the csv bank statement file you wish to import import and open it with Excel and make sure that the first row in the file contains the column headers.
If the first row contains the opening balance or unnecessary information such as date of statement export then you need to remove this.
If the file does not contain column headers then insert a new row at the top and add a description of each column.
Note: A column header for each column in the file is not required, just the ones that contain data that you wish to import.
Once you have made the changes, save the file, making sure to use the .csv (comma delimited) format and close the file before importing it.
If the file does not contain any extra rows at the top and already has column headers then no changes are required to the file.
In order to be able to import a csv file bank statement, you need to set up the mappings first using the same Import Statement button on a bank type nominal account that you will use for importing statements within the Cash Book module.
For more information on the mapping please refer to our Set up new mappings for bank statements article which also takes you through step-by-step on how to import a statement for your selected bank account.
Should you need to delete your statement mapping, please follow our step-by-step Clear existing statement import for bank accounts article.
You can also follow through step-by-step guidance on our new and AI enhanced Bank Reconciliation through the Everything you need to know about Bank Reconciliation using AI Auto Matching umbrella article.