Overview
Ramp streamlines the automation of general ledger (GL) accounts by leveraging memos submitted by cardholders. This approach allows for precise predictions of the suitable GL account. Additionally, memos for each expense can be adjusted at the fund, merchant, and both fund and merchant levels. Consequently, this functionality improves accuracy, simplifying categorization for employees and speeding up reviews for accountants. Smart rule suggestions help users manage expenses collectively, facilitating smoother tracking and approvals. Employees can fulfill requirements on mobile and web without prior accounting knowledge, while accountants and admins obtain the necessary information with minimal effort.
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How it works
When employees are prompted to submit a GL Account as part of the expense submission policy, we ask them for the reason behind the expense. Using this information, we automatically categorize the expense if we’re confident it matches the correct GL Account. If we’re uncertain, we prompt the employee for additional input to ensure accurate categorization.
How to use automated categorization
Step 1
Upon Purchase, you’ll receive an SMS requesting a receipt and memo for the transaction.
Step 2
Confirmation SMS: Ramp automatically predicts the appropriate GL code, asking the employee if it is correct.
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- If correct: You’re done.
- To change the category: Reply “1” to be directed to the app, where you can override the selection.
How to use automated memos
Employees and administrators can now set a default memo that will recur and apply to all transactions within a specific fund and/or to a specific merchant on mobile and web. When employees are asked to submit a memo as part of the expense submission process, we will confirm with the user which transactions this memo should apply to.
Step 1
Upon entering a memo, an automation prompt will appear directly under the memo field.
Step 2
Confirmation: Users will be prompted to confirm whether the memo they entered should be applied to the following options:
- This transaction only
- All transactions under this GL code
- All transactions for this merchant
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All transactions for this merchant that are coded to this GL code
Key features
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- SMS flow: Upon purchase, this flow will be initiated automatically over SMS. Employees can code transactions without even opening the app.
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- Accuracy: Our auto-categorization is as accurate as employees' code transactions today.
- Quick Revisions: If the suggested category is inaccurate, employees can “Reply 1 to change” it, which directs them to the app or web platform where they can override the selection.
Frequently Asked Questions (FAQs)
Can Employees continue to review or input a GL category?
Yes. Employees are still asked to review what we’ve done and can edit our recommendations.
What happens if a customer wants to change a default memo?
If a memo needs to be adjusted, customers can still adjust and override the automated memo.
Will the predicted GL category still apply if there is an existing accounting automation rule?
No, the accounting automation rule will still take precedence over the automated GL category. If a rule is created or a rule already exists, the GL category code will not be automated.
Are the app and web categorization features still available?
Yes, categorization through the Ramp app and website remains fully functional alongside SMS-based automation.