In this article we introduce Nook's Capture feature and how it works.
Nook's 'Capture' feature removes the need for manual data entry into your accounting software or the use of separate data capture and invoice processing tools. This guide details how Capture works, the data it extracts, and how it integrates with your accounting processes.
What is 'Capture'?
'Capture' is primarily used for processing supplier invoices. By leveraging advanced AI technology, specifically Large Language Models, Capture accurately extracts key financial information from supplier invoices, automating the application of tax rates and chart of account codes.
Importing Documents into Nook
Adding documents to Nook for processing is straightforward. You can drag and drop files directly into Nook if they are stored on your computer, or you can use your company's unique intake email address to forward them from your email inbox.
For a detailed guide on how to import your documents into Nook, check out this article.
Data Extraction
The following details are automatically extracted from each invoice:
- Supplier name
- Supplier bank details
- Dates: Invoice date and due date
- Currency
- Reference numbers
- Line items: Including descriptions, quantities, amounts, and totals
Intelligent Processing
Thanks to Nook's AI capabilities, tax rates and account codes are suggested for each line item and for the invoice as a whole. The AI's ability to understand line item descriptions allows it to determine appropriate chart of account codes and tax rates similarly to how a human would. For instance, if an invoice includes a freight or shipping charge, Nook identifies this and applies your designated shipping/freight account code.
Review and Submission
After Capture processes an invoice, you can review the extracted data along with the applied tax rates and account codes. When you're happy with it, you can submit the invoice for approval or payment. Nook then creates the invoice in your accounting software, ensuring that your general ledger remains current. The status of the invoice in your accounting software will be updated to reflect its progression through Nook's processes.
Conclusion
Nook's Capture feature offers a streamlined, efficient approach to handling supplier invoices, leveraging AI to ensure accuracy and speed in financial processing. By automating data extraction and the application of tax and account codes, Capture not only saves time but also reduces the potential for human error.