Automated Bank Statement Reconciliation Workflow

Target Audience

• Property Managers: To efficiently manage and reconcile rental payments with bank statements.
• Accountants: To automate the financial reconciliation process, reducing manual errors.
• Real Estate Agents: To keep track of tenant payments and identify discrepancies quickly.
• Small Business Owners: Who manage rental properties and want to streamline their financial operations.

Problem Solved

This workflow addresses the challenges of reconciling rental payments against bank statements, which can be time-consuming and prone to errors. It automates the process of identifying:

• Missed Payments: Flags tenants who have not made their payments on time.
• Incorrect Amounts: Identifies discrepancies in payment amounts.
• Upcoming Rental End Dates: Alerts about tenants whose rental agreements are ending soon.
• Outstanding Fees: Highlights any remaining fees that need to be collected.

Workflow Steps

1. Watch For Bank Statements: The workflow begins with monitoring a specified folder for new CSV files that contain bank statements.
2. Set Variables: It sets the location of the XLSX spreadsheet that contains tenant and property details.
3. Get Bank Statement File: The workflow retrieves the latest bank statement file from the monitored folder.
4. Get CSV Data: Extracts relevant data from the bank statement for analysis.
5. Reconcile Rental Payments: An AI agent analyzes the bank statement data against tenant records to identify any discrepancies.
6. Get Tenant Details: Retrieves tenant information from the spreadsheet for further context.
7. Get Property Details: Fetches property details related to the tenants.
8. Alert Actions To List: Compiles a list of actions required based on the analysis.
9. Append To Spreadsheet: Updates the original spreadsheet with findings, ensuring all data is kept in one place.