How to Use Smart Bank Statement Reconciliation in myBillBook

Overview

myBillBook's AI-Powered Sales Reconciliation feature revolutionizes how small businesses handle their financial matching process. Instead of spending hours manually comparing bank statements with invoices, our intelligent system automatically matches transactions with outstanding invoices in minutes, not hours.

Detailed Step-by-Step Video Guide:

Step-by-Step Instructions:

Getting Started with Bank Statement Upload

On Web Application:

1. Access the AI Reconciliation Feature:

   • Navigate to the Sales → Payment-In from the myBillBook dashboard

   • Look for the "Bank Statement" tab

   • Click on the "Upload Bank Statement" button to start the process

2. Upload Your Bank Statement:

   • Select the relevant bank from the dropdown (if not added, you can add a new bank account)

   • Select your bank statement file to upload

   • Supported formats: CSV, .xlsx, and .xls files only

   • File size limit: Maximum 5MB

   • Important: Start date and end date should be within a 1-month limit

   • The system will process your statement and extract transaction data

3. Understanding Upload Results:

   • After processing, you'll see your uploaded statement with a status indicator

   • The system automatically attempts to match against unpaid invoices from the last 45 days

Understanding Statement Status Types

After uploading your bank statement, it will display one of these statuses:

• New File: Your statement has been uploaded successfully and is ready for reconciliation. You can also upload additional new bank statements if needed

• Completed: The reconciliation process is fully done - all transactions have been processed

• Partially Completed: The reconciliation has been completed only halfway - some transactions still need attention

• Error: There might be some error during processing - try uploading again or check your file format

• No Data Found: The uploaded statement doesn't have any transactions that match with your unpaid sales invoices

Working with Reconciliation Screen

When you click on a statement with "New File" status:

1. Review the Reconciliation Interface:

   • You'll see a detailed screen with comprehensive transaction information

   • Bank statement description appears in the description field

   • Date range and amount received are clearly displayed

   • Unpaid invoices from the last 45 days are shown for matching

2. Understanding the Match Type Column:

   • High Confidence: Strong matches based on party name, amount, pending amount, and unpaid invoice details

   • Low Confidence: Partial matches that need your review

   • Unmatched: No suitable invoice matches found by the AI system

Understanding Key Interface Columns

The reconciliation screen has several important columns:

1. Payment In Column:

   • For High Confidence matches: Click to quickly confirm the AI-suggested match

   • For Low Confidence matches: Click to see suggested unpaid invoices and select the correct one

2. Action Column:

   • Skip Payment: Click to move transactions to the "Skipped" tab

   • Restore: From the skipped tab, restore transactions back to pending status

FAQs: