Suggest Journals, Simplify Corrections.
For identified reconciling items that require adjustments, this AI agent analyzes the nature of the discrepancy and suggests appropriate journal entries to correct them, potentially even auto-posting based on confidence levels and pre-defined rules.
The Problem
Problem Solved:
After identifying reconciling items, accountants need to create and post journal entries to correct them. This can be repetitive for common items (e.g., bank fees, interest income) and error-prone if not done carefully.
Key Features & Benefits
Key Features & Benefits:
- Speeds Up Correction Process: Reduces time spent manually creating adjusting entries.
- Ensures Consistency in Adjustments: Applies standardized logic for common reconciling items.
- Reduces Errors in Journal Entries: Minimizes risk of incorrect GL postings.
- Potential for Auto-Posting: For high-confidence suggestions, can further automate the workflow.
- Improves Accountant Productivity: Allows focus on more complex accounting issues.
How It Works
How It Works:
The agent uses Machine Learning (ML) to learn from historical journal entries made for similar reconciling items. NLP can help understand descriptions of discrepancies. Rule-Based Systems define standard journal entries for specific types of reconciling items. It then suggests the debit/credit accounts and amounts, which can be reviewed and approved by an accountant.
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