AccaBot

In the globe of finance, the need for efficiency and accuracy in bookkeeping has always been more important. As software provider, we understand the painstaking process of manually defining every single transaction in bank statements or acting as a bookkeeper to categorise into relevant ledgers after brainstorming for long about where the client would have expended his money or may be liaison with client to know about his particular spending and shifting the burden on him to mull over the same. But not now, we have a transformative solution to all these problems - AccaBot. This has been the result of all our efforts in the direction of making the life of an accountant easy.

Accessing AccaBot

1. Navigate to the AccaBot section under the accounts head from the left panel.

2. To import a bank statement, click '+Bank Statement'.

3. Select a bank name from the dropdown menu.

4. Select the relevant period for the statement.

5. Upload the CSV file containing bank statement data.

6. Choose the assignee.

7. Click 'Save' to complete the process.

The software would automatically map the columns of the CSV file, you can preview the data and make changes if necessary. Finally, click 'Save' to enter defining screens.

Notable options in AccaBot

• The AccaBot works with AI integration. Based on ample bank rules, Acting Office is able to give some recommendations and also group similar transactions.

• Recommendations can be quickly reviewed and approved. We have an 'Approve' button in front of each line which helps in categorising the transactions to the explained category. All the explained transactions are displayed on the bottom of the screen under the head 'Explained transaction'. They can be then reviewed and for changing the account head, you can use the 'Undo' icon placed on the right side of each line.

• For all the similar transactions, AccaBot would club them together, so that defining them becomes easy and this also ensures consistent use of account heads. You can click on the '+__ similar transaction' button to view all of them. Giving a head on first transaction automatically allocates the same description to all the clubbed ones, however you can deselect any of them to not have that explained with the group. On click of 'Approve' all the selected transactions would be shifted to the explained category.

• 'Approve all' option on the top right corner helps to bulk approve account heads.

• The 'Progress bar' keeps the accountant updated on the percentage completion status of defining the bank statement.

• There is also an option for google search on click of which you can easily search the description of the transaction on google.

• We have exciting excel filters to help filter transactions on the basis of descriptions and amounts. Click on button next to respective fields and apply filters. On successful completion, button on the right corner in the table header helps to remove filters.

• A quick fill icon helps to apply a similar account head to all the filtered transactions.

• Once relevant transactions are defined, for any queries that need to be sent to the client, the same can be formed by click of a button. On click of 'Send query' button, the query sheet would be prepared for client’s perusal. All the transactions which are sent to the client in the form of a query sheet are marked yellow in the background to help in differentiating them.

• To send the query sheet to the client, go to the list view and click on the 'email' icon in front of the respective query sheet. This helps in sending a data link button to the client which can be quickly accessed. Also, the query sheet can be downloaded in excel format and sent to client separately by clicking on the reference number of the query sheet and using icon.

  
• Once all transactions are explained, you can click on the 'Save' button to proceed further with the preparation of trial balance and then you’ll just need to do the accrual adjustments in order to finalise the trial balance.

• The recommendations received on AccaBot screens are driven through bank rules added to the system. We have already added a lot of rules to minimise manual efforts of users. Also, you can manually add bank rules, in cases where this rule is to be applied to all the clients, it would be recommended to create the same via general settings.

  
• Alternatively, when you are within a client, any bank rules created would be applied only to that particular client.

Creation of bank rules

1. To add a new bank rule, click '+Bank Rule'.

2. Provide a name to the bank rule for future reference.

3. Specify the type of transactions to which you want to apply this bank rule i.e, whether it is to be applied to money out transactions or money in ones or both.

4. Select the account head to which you want to allocate the transaction if the specified conditions meet.

5. Now set the specifications i.e, the field to which you want to apply the bank rule, condition and value that the system has to look for.

6. Once all the conditions are specified, click on 'Save' to proceed.

All the added bank rules would help in displaying the recommended account head, the user can take a quick look through the recommendations and click on approve to categorise the transactions.

Hope this is helpful.