Bank Reconciliation context widget

The Bank Reconciliation context widget enables you to automate bank statement processing and reconciliation. The widget uses Optical Character Recognition (OCR) to extract transaction information from uploaded statements, converts the extracted information to the required CloudSuite Distribution (CSD) import format, creates reconciliation transactions, and uses Gen AI to generate matching rules.

The reconciliation workflow consists of these stages:

• Upload Statement
• Extract & Identify
• Convert Format
• Create Transactions

These bank statement formats are supported in the widget:

• CSV
• MT940
• BAI2
• OFX
• PDF

After reconciliation transactions are created, you can use the Generate Matching Rules option to automatically generate matching rules from the extracted transaction information using Gen AI. To apply the generated rules, you must use the Rule Matching option on the Reconciliation Center screen.

To use automated bank reconciliation process in this widget, you must perform these actions:

• Procure Infor Velocity Suite.

• Assign the required security to the operator for these functions on the SA Operator Setup-Function Security screen:

  • Bank Setup (CRSB)
  • Reconciliation Rule Setup (CRSR)
  • Reconciliation Center (CRER)