Reconcile a bank account with AI

This walkthrough uses example transactions. Review each suggestion before posting.

00:00:00.900 Here's how to reconcile a bank account with AI, in Ulix.

00:00:04.897 One month, start to finish.

00:00:08.990 Step one.

00:00:09.725 Open Banking, and choose the account.

00:00:12.516 New transactions come in from your bank feed, or you can import a CSV or OFX file.

00:00:22.903 Step two.

00:00:23.628 From the More menu, open the Bookkeeper queue, and click Scan now.

00:00:28.487 Ulix's AI reads every new transaction, suggests a category, and matches deposits to your open invoices and bills.

00:00:39.796 Step three.

00:00:40.637 Review each suggestion.

00:00:42.319 You'll see the confidence and the reason.

00:00:45.263 Click Approve, and it posts to your books.

00:00:48.506 When a deposit pays an invoice, approve the match, and the invoice is marked paid.

00:00:56.396 If a guess is wrong, click Reject.

00:01:03.169 Step four.

00:01:03.935 Fix the exceptions on the register.

00:01:06.443 This Costco charge was catering for a client workshop, not office supplies.

00:01:11.738 Click Categorize, pick the right account, and click Post.

00:01:23.319 The transfer to savings had no category at all.

00:01:26.498 Choose Transfer to another account, pick the savings account, and post it.

00:01:35.719 Step five.

00:01:36.543 Click Reconcile.

00:01:37.816 Enter the statement dates and the ending balance, then click Start reconciliation.

00:01:47.719 Everything already in your books is ticked for you.

00:01:50.933 But it's off by thirty-five dollars.

00:01:54.659 Step six.

00:01:55.494 Ask the assistant:

00:01:57.081 why doesn't this balance?

00:02:03.459 It checks the register, and finds a thirty-five dollar service fee the bank took, that isn't in your books yet.

00:02:09.713 It puts the fee in a review panel, coded to Bank Fees.

00:02:18.639 Step seven.

00:02:19.581 Check the account, and click Post.

00:02:27.139 Back on the reconciliation, tick the fee.

00:02:29.997 The difference is zero.

00:02:31.630 Click Finish reconciliation, and every row is locked as reconciled.

00:02:42.217 Step eight.

00:02:43.141 To close the month, open Accounting, then Periods and Close.

00:02:47.837 Create September, and click Close.

00:02:50.532 Nothing can post to a closed month.

00:03:01.843 Matched, fixed, reconciled, and closed.

00:03:05.861 That's month-end in Ulix.