Overview
The in-built AI Assistant is the latest Simple Fund 360 Deep Learning tool to assist you in confirming transaction coding accuracy. The assistant utilises purpose-built machine learning classification algorithms to review bank reconciled transactions and attempts to locate any possible user or rule-based coding errors and presents potential code corrections. This tool can be used during the pre-audit phase to locate outliers, improve processing consistency. The main objective of the Assistant is to reduce the time it currently takes to prepare a fund for Audit.
- The assistant will display a confidence percentage for the suggestion it delivers.
It is recommended to use the assistant during the pre-audit phase after utilising the Registry Data Service, reviewing Corporate Actions Notifications, checking bank balances via the Bank Statement Report and producing the Accounting Workpapers. The assistant should be used in conjunction with your normal review procedures.
Activate/Deactivate AI Assistant
| From the Main Toolbar, go to Accounting. |
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| Select Transaction list |
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- Select the toggle to the right of AI Assistant.
- The toggle will display as ON.
Screen Structure
Activating the AI Assistant will trigger the following screen changes:
- Only transactions considered by the AI Assistant will be shown on screen;
- The transactions will be displayed in order of certainty (highest to lowest);
- For each transaction, a Matched Result field and an Expected Result field will display. The Matched Result indicates the current allocation; the Expected Result indicates the AI Assistant's suggestion.
- In the Expected Result's field, a tick and cross appear. Select the tick to change the account allocation to that of the Expected Result; select the cross icon to remove the suggestion and proceed with the Matched Result.
- Only after all transactions have been reviewed will the AI Assistant toggle contain a 0 in the field.
- Note: The AI Assistant is not mandatory. When switched on, if any transactions remain (the AI indicator contains a number greater than 0) the user can proceed to complete year-end procedures. A 0 result is not mandatory.
Ignore or Reset Suggestions
To Ignore a suggestion:
Select the checkbox to the left of each suggestion to remove and select the Ignore icon that will appear at the top of the screen to decline multiple suggestions at once.
To Reset a previously agreed to suggestion:
Under the Approved section, select the checkbox to the left of each suggestion and then select the Reset icon.
Using the AI Assistant
Example: A transaction for Interest Received was accidentally coded to Accountancy Fees account 30100. This transaction will be considered by the AI Assistant below during the review phase.
- Using the AI Assistant, switch the toggle to On.
- The screen will change to the Assistant mode. Only transactions considered by the assistant will display in this screen. These transactions are ordered in Certainty level (Highest certainty to lowest).
- In our example, we will review the first transaction with the highest certainty suggestion. The AI assistant has informed us that it is 94% certain that the transaction on the 27/07/2016 should be coded to account 25000 - Interest Received.
- After further consideration, the AI Assistant is correct. In the Expected Result field, select the checkbox to the right of the account 25000 - Interest Received. Note: Selecting the cross will remove the suggestion from the assistant and leave the current coding.
- The Transaction Edit screen will appear. Select the correct account. The control account (in this example 25000) will populate. Finish the search by typing in the sub-account code.
- Select Save to complete the change. You will be directed back to the AI Assistant screen to continue the review. Select the AI toggle to Off when the review is complete.
FAQs
- Is there a way to review which transactions have been processed or ignored previously?
Use the filter options Pending, Ignored, and Accepted to review. - Can you filter the assistant between different years?
Use the Transaction Filter at the top of the Transaction List to filter between different years. Note: If a transaction is changed in a prior period a reversal and re-creation of the Create Entries Process will be required. - How far back does the assistant look at transactions?
The assistant will run checks on data from 01/07/2015 onward. - What is the minimum confidence level?
The assistant will show transaction suggestions with a minimum 70% confidence level. Anything less will not be considered. - Does the assistant look at journals and corporate actions?
At this stage the assistant reviews Bank Statement transaction types only (can be input manually or loaded via a feed/csv).