AI- Bank Statements

AI- Bank Statements

Introduction

With this newly added feature, bank statement details like Account Holder’s Name, Opening Balance, Closing Balance, and Total Interest Received can be automatically checked using the AI feature.
NotesNote: Sorted AI feature matches the BSB and account number of bank statements with details entered in Class Super. If both match then only the bank statements are processed further, otherwise the files are reflected in the Unsaved section of the list. We recommend users upload the full-year bank statements to achieve a higher level of accuracy through AI.


Follow the given steps below for an in-depth understanding of this feature.


Processing AI on Bank Statements

Step 1:- Login into the Sorted and then click on DMS from the dashboard.


dms


Step 2:- From the appearing DMS page, click on the Upload Documents button.

upload-documents


Step 3:- Click on Local Drive and select the bank statements that you want to upload.

local-drive


Step 4:- Click on the Run AI button once the documents are uploaded successfully.

run-ai-on-documents


Step 5:- After clicking on the Run AI button, the AI process will start and one can view the progress of the documents under the AI Processing Icon at the top of the taskbar.

ai-processing-on-documents


Step 6:- Once the AI process is complete, a message at the bottom of the screen will appear. You can click on View or View Processed AI files(s) button to have a glance at the Saved and Unsaved Files under the Processed AI files(s) screen.


view-processed-ai-files

Step 7:- On the Processed AI files(s) screen, all the bank documents will be listed as shown below. Clicking on the View Observation button will redirect you to the Observation page.


view-observation



Notes

Note:- At this stage, only the Account Number and BSB Number will be verified with the Bank statement and the data available in Class Super.  If both match, the files will be available under Saved Files, but if the BSB or account number remains unmatched, the files will be reflected under Unsaved Files section.

In case the BSB or account number is not extracted by AI, you can manually update that by clicking on the View document icon. Update and save details and then click on Save and Process button to check with Class Super data.


Step 8:- A new observation Bank Statement Checks is added under the existing list which shows the Bank Statement Checks.



bank-statement-checks
  1. Sorted AI automatically checks and shows Account Holder Details, Opening Balance, Closing Balance and Total Interest Income Received. If all the details match, the observation is reflected under Good to Go otherwise it will be reflected under Warning section.  Although you can click on Mark As Okay and it will then be moved to the Good To Go folder. In the Good to Go section, you can track those observations that are manually transferred by using the “Marked by User” filtering option.

mark-as-okay-and-good-to-go

  1. In case some of the bank statement details are not correctly picked by AI from the bank statement, you can edit them by clicking on the edit icon available in Observations. 

edit-details-if-incorrect

  1. The manually updated details are reflected with the Updated icon as mentioned below.

update-icon

Step 9:- The Bank statements are also automatically tagged on the specific bank line item.

bank-statements-automatically-tagged

InfoBelow is the list of banks currently supported under Sorted AI feature:

  1. Macquarie
  2. Nab
  3. ANZ
  4. CBA
  5. Westpac
  6. St George
  7. Rebo Direct
  8. ING
  9. Bank SA
  10. BOQ
  11. Suncorp
  12. AMP North
  13. Bank West
To learn more about the process , explore best practices, and make the most of our features, please visit our Knowledge Base. You can also check our FAQ section for answers to common questions, or contact our Support team if you need any assistance.




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