BANK STATEMENTS
Bank statements that reconcile themselves
Import statements in CSV, MT940, camt.053 or PDF with a mandatory balance check. Cove matches every transaction against invoices, expenses and revenue, and marks paid the invoices whose match is unambiguous.
Import a statement, pass the balance check and reconcile a full month of transactions in one pass.
IMPORT AND RECONCILIATION
From bank file to matched records
Structured formats parse deterministically — CSV with automatic delimiter detection, MT940 and camt.053 XML — while PDF statements are extracted with AI. Every import runs a mandatory opening and closing balance verification, so the numbers are proven before a single transaction lands. Then auto-reconciliation goes to work.
Four import formats
CSV, MT940 and camt.053 parse deterministically. PDF statements are read by AI and metered as a single AI extraction.
Mandatory balance check
Opening balance plus imported lines must equal the closing balance. Discrepancies are surfaced before anything is saved.
Matching on four signals
The amount, the invoice number inside the payment reference, the counterparty name, and a date window after the document — each carries its own weight, and below a threshold Cove suggests nothing at all.
Invoices marked paid automatically
When the invoice number is in the reference and the amount matches exactly in the same currency, Cove settles the movement on its own and marks the invoice paid. Two equally good invoices for one movement hand the decision back to you.
Three steps to a reconciled month
The workflow stays the same whether you upload files yourself or let statements arrive on their own.
- 01
Import
Upload a CSV, MT940, camt.053 or PDF file — or let the email agent pick statements straight from mailbox attachments. The balance check runs on every import.
- 02
Auto-match
A movement whose reference carries an invoice number and whose amount matches exactly settles on its own, and the invoice is marked paid. For expenses and revenue Cove always suggests, and you decide.
- 03
Review and post
Remaining lines come with suggested matches and a candidate search. Confirm them, and balanced journal entries land in the ledger.
Everything around the workflow
Multi-currency payments, the email agent, the ledger and the API — the bank module plugs into the rest of Cove.
Multi-currency matching, your call
A EUR invoice paid from a BGN account is matched by hand: the candidate list converts the document amount at the movement date and sorts by proximity. Automatic settlement stays within one currency — it does not decide for you when the currencies differ.
FX differences booked correctly
On confirmation the bank entry settles the receivable at the converted amount and the residual posts to 624 or 724 as an FX difference. When the currencies agree the residual is not an FX difference and books to 709 and 629.
Configurable amount tolerance
A “close amount” is accepted within a per-workspace tolerance — 1 percent by default, with a floor of one currency unit on small amounts. Zero means exact amounts only.
A missing rate invents no figure
A foreign-currency candidate whose rate cannot be resolved is dropped from the list rather than shown one-to-one. The record keeps its original amount and currency — an import never blocks on FX and never restates a sum.
Email-agent auto-import
Statements arriving as email attachments are classified and can import automatically.
Ledger postings
Matched bank transactions generate balanced journal entries in the double-entry ledger automatically.
API and MCP access
Import and reconcile statements programmatically through the public REST API and the MCP server.
File Storage
Imported statements save into File Storage alongside the records they reconcile.