Getting Started with Automated Reconciliation

Automated reconciliation is one of the biggest time-savers in modern accounting. Here's how to set it up right.

Why Automate Reconciliation?

Time Savings

• Manual: 2-4 hours per account per month
• Automated: 15-30 minutes per account per month

Accuracy

• Manual error rate: 2-3%
• Automated error rate: <0.1%

Timeliness

• Manual: Monthly or weekly
• Automated: Daily or real-time

Setup Steps

Step 1: Connect Your Bank Accounts

1. Navigate to Banks & Cards
2. Click "Connect Account"
3. Search for your bank
4. Enter credentials (via Plaid)
5. Select accounts to sync

Step 2: Configure Matching Rules

1. Set tolerance for amount matching
2. Configure date range for matching
3. Enable fuzzy description matching
4. Set up vendor-specific rules

Step 3: Initial Reconciliation

1. Import historical transactions
2. Review AI-suggested matches
3. Approve correct matches
4. Train AI on exceptions

Step 4: Ongoing Management

1. Review daily exceptions
2. Approve suggested matches
3. Update rules as needed
4. Monitor accuracy metrics

Best Practices

1. Start Clean: Reconcile completely before automating
2. Train the AI: Correct mistakes early
3. Set Up Alerts: Know about issues immediately
4. Regular Reviews: Weekly exception review
5. Trust but Verify: Spot-check automated matches

Troubleshooting Common Issues

• Many unmatched items: Check bank connection status
• Wrong matches: Adjust matching rules
• Duplicate transactions: Check for overlapping imports