Smart AI Receipt Scan
The AI Receipt Scan uses a cutting-edge AI model that effortlessly processes not only traditional receipts but also invoices, handwritten notes, and even photos of your checkout screen at the supermarket—yes, even if the cashier is smiling at you while you sneak that pic! 😊. Plus, it works seamlessly across multiple languages, ensuring your transactions are processed accurately, no matter where you are!
The Smart AI Receipt Scan is one of the most powerful and convenient features in the app, designed to effortlessly transform your paper receipts into accurate digital transactions. With advanced technology built right into the app, you can say goodbye to the hassle of manually entering data from receipts. Here’s a detailed look at how it works:
Access the Scanner:
From the app’s main screen, simply tap the Add button.
Among the options, you’ll find Smart AI Receipt Scan (Beta). Select this option to begin the process.
Choose Your Input Method:
You can either snap a picture of the receipt using your phone’s camera or select a saved image from your photo library or files.
The app supports both real-time scanning and processing of previously stored receipts, giving you flexibility no matter where you are.
Intelligent Parsing and Processing:
Once the receipt is captured, the app’s AI algorithms go to work. The AI automatically reads and parses key details such as:
Merchant name (e.g., "Woolworths")
Total amount spent
Date of the transaction
The AI doesn't stop there; it cross-references the merchant name with your previous transactions and database to suggest the most appropriate category (e.g., "Groceries" for a supermarket receipt) and the correct account for that expense (e.g., "Credit Card" or "Checking").
Automatic Category and Account Matching:
The app intelligently assigns categories based on past spending patterns or the merchant's industry. This means that if you're frequently shopping at a certain store, the app will start to pre-fill categories automatically.
It will also recommend the account from which the payment is likely made, speeding up the reconciliation process.
The AI is continually learning, so as you use this feature more, its predictions become even more accurate over time.
Transaction Preview and Editing:
After the receipt is processed, the app will display the transaction in a preview format, showing the details it has extracted, such as the merchant, amount, and assigned category and account.
You have the option to review this information and make adjustments if needed. You can change the category, account, or even add additional notes to the transaction.
Seamless Reconciliation:
Once everything is set, the transaction moves to your pending reconciliation list.
This is where you can review all transactions together, including those from other sources like OFX imports.
The AI Receipt Scan seamlessly integrates into your regular reconciliation flow, ensuring you don’t miss any details.
Accuracy and Efficiency:
This feature not only saves you time but also increases accuracy in your budgeting. Instead of manually entering each transaction, you let the app’s AI handle the tedious data entry, minimizing human errors.
The AI Receipt Scan (Beta) is perfect for busy users who want to stay on top of their expenses without spending hours inputting receipts. It makes managing your finances easier, faster, and more accurate—all with the tap of a button.
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