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The Best AI Finance Tool Experts Will Ever Need (Free File)

Science & Technology

Introduction

Reconciliation and data management are often time-consuming tasks that finance professionals undertake regularly. However, the new Co-pilot for Finance add-in, available for Excel 2016 or later and with a Microsoft 365 license, streamlines these tedious processes, enabling users to concentrate on driving business growth. In this article, we'll show you how to install the add-in and utilize its features to enhance productivity.

Installing the Co-Pilot for Finance Add-In

To begin using the Co-pilot for Finance, follow these steps:

  1. Prepare Your Data: Ensure that your data is organized in Excel tables. If you have sales invoices and payments received, select the data range using Ctrl + Shift + Down Arrow and Ctrl + Shift + Right Arrow, then press Ctrl + T to convert it into a table. Make sure to check "My table has headers" and give it a name, such as “Sales.” Repeat the process for your payments data, naming it “Receipts.”

  2. Install the Add-In: Go to the Home tab and click on "Add-ins." Click "More Add-ins" and search for "Co-Pilot." It should appear as the first option in the list. Click "Add" to install it. You can find it in the Home tab of the ribbon on the far right.

  3. Open the Co-Pilot: Click on the Co-Pilot icon to open the task pane, which you can resize or undock for convenience.

Reconciling Data with Co-Pilot

Once the Co-Pilot for Finance add-in is set up, follow these steps to reconcile your financial data:

  1. Select Sheets and Tables: Click on “Reconcile Data.” The Co-Pilot will automatically detect the tables present. Choose the relevant sheets for sales and payments and click "Next."

  2. Map the Data: The Co-Pilot will suggest mapping for key types and monetary columns. You can opt to keep the suggestions or modify them. It’s usually best to select the invoice ID as the mapping key and the amount columns for matching.

  3. Review Reconciliation Summary: After completing the mapping, a new sheet will be created with a reconciliation summary. Transactions will be categorized into unmatched, potentially matched, and matched. The summary allows you to quickly identify which invoices remain unpaid and which payments do not match any invoiced amounts.

  4. Investigate Discrepancies: You can troubleshoot unmatched and potentially matched transactions easily using Co-Pilot. Simply click on the relevant cell to see insights and suggestions for resolving inconsistencies.

Enhancing Accounts Receivable Management

The Co-Pilot for Finance can also assist with tasks related to accounts receivable. Collection coordinators can automate routine tasks like identifying high-priority accounts, summarizing interactions for ERPs, and devising tailored payment arrangements. However, these features may be under testing at the time of writing, so stay tuned for updates.

Conclusion

The Co-pilot for Finance add-in revolutionizes the way finance professionals perform reconciliations and manage data. By automating traditionally tedious tasks, it allows experts to devote more time to impactful activities that drive business growth. Don’t forget to download the example file linked in the video description to practice for yourself!

Keywords

  • Co-pilot for Finance
  • Excel 2016
  • Microsoft 365
  • Reconciliation
  • Accounts Receivable
  • Data Management
  • Financial Tools
  • Automation
  • Productivity

FAQ

1. What is the Co-pilot for Finance?
The Co-pilot for Finance is an add-in for Excel that automates financial tasks such as reconciliations and data management, enabling users to focus on business growth.

2. How do I install the Co-pilot for Finance add-in?
You can install the add-in by going to the Home tab in Excel, selecting "Add-ins," clicking on "More Add-ins," searching for "Co-Pilot," and adding it.

3. Can the Co-Pilot for Finance handle multiple tables?
Yes, the Co-Pilot can manage multiple tables. You can select the relevant sheets and tables for reconciliation during the setup process.

4. Is it possible to troubleshoot unmatched transactions within Co-Pilot?
Absolutely! Co-Pilot allows users to click on unmatched transactions to get insights and suggestions for addressing inconsistencies.

5. Will the Co-pilot for Finance support languages other than English?
Currently, the Co-Pilot for Finance user interface is available in U.S.-based English, but support for additional languages and regions will be included in future releases.