Statement Reconciliation on the Kognitos Platform
Automate your statement reconciliation with Kognitos. This video demonstrates how our AI platform can handle exceptions and streamline your workflows to accelerate financial processes.
Here’s a detailed demonstration of how you can automate the Statement Reconciliation Process on the Kognitos Platform, and handle any exceptions that the platform might face.
Common questions
What is statement reconciliation in Kognitos?
Statement reconciliation is the automated matching of transactions across two or more records, for example bank statements vs the general ledger, or vendor statements vs AP records. Kognitos reads both sources, matches transactions, and flags discrepancies as exceptions for review.
How long does it take to set up a statement reconciliation process?
Most reconciliation processes are configured in a single Playground session, typically under two hours for a first build. Once published, subsequent runs are fully automated and run on any schedule you define.
What happens when Kognitos finds a discrepancy?
Discrepancies become exceptions in the platform. Kognitos surfaces them with the relevant data from both sources shown side by side. You resolve each exception and the resolution becomes a Learning applied to future runs.
Can Kognitos process bank statements automatically?
Yes. Kognitos processes bank statement files (PDFs, CSVs, SWIFT MT940) alongside the general ledger, matches transactions, flags unmatched items, and produces a reconciliation report. The process runs on any schedule and writes confirmed matches back to the ERP.