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Accounting Automation Engine

Updated: Jan 22

We're excited to announce the ReInvestWealth software now supports a powerful automation engine for Canadian service-based companies. Adding automation is fast. It helps categorize transactions and record sales taxes more accurately. As usual, we keep things simple and easy to use.

Why do I need automation?

Once you connect your business bank account, transactions get recorded automatically in your books on a daily basis. Many transactions are recorded correctly, however there are situations where the category or sales tax is not accurate. In these cases, it's useful to add automation that helps keep things organized.

How does the automation work?

Say you make a monthly E-transfer to XYZ Inc. to pay for office space but the transaction that is automatically recorded is categorized as a "Transfer" instead of "Rent Expense". You can now add automation to detect the keyword "XYZ" and categorize the transaction as "Rent Expense".

What about automating sales taxes?

Sales tax is always hard to track. The reason is because transaction taxes are not recorded by the bank. The good news is that you can now automate sales tax on recurring transactions.

Say you make a monthly payment for your Rogers Phone Bill but the transaction that is automatically recorded does not have sales tax. You can now add automation to detect the keyword "Rogers" and record the appropriate sales taxes.

When can I use the automation engine?

The automation engine is available starting today and completely free to use! We recommend adding automation for all recurring transactions that can benefit from more accurate categories or sales tax data. Stay tuned for more announcements about the automation engine in the coming weeks and feel free to provide comments or feedback by submitting a ticket from your profile.


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