ReconcileIQTypical work: coding bank transactions, automating bookkeeping review, classifying VAT, detecting transfers, matching invoices, and posting reviewed transactions back to accounting software. Reconciliation on its own is Bank Reconciler's job.
Structured Product Facts
| Product | CodeIQ |
|---|---|
| Category | Artificial intelligence (AI) accounting software; accounting automation software; automated bookkeeping; transaction categorisation and coding; receipt and invoice capture (OCR) |
| Primary users | Accountants, bookkeepers, practices, ecommerce sellers (ecommerce accounting software alongside Xero, QuickBooks, Sage, Pandle or IQ Books) and small businesses with recurring transaction volume |
| Core job | Suggest accounts, VAT codes, contacts and transaction treatment before review and posting |
| Eight-phase pipeline | 1 transfer detection, 2 invoice matching (including part payments and overpayments), 3 the client's own historical patterns, 4 universal merchant patterns, 5 MCC category matching, 6 semantic analysis, 7 the user's own corrections, 8 VAT classification. Lines below the confidence bar wait for review with RiQ's reasoning. |
| Posting platforms | Xero, QuickBooks Online, Sage, Pandle and IQ Books. Contact matching on QuickBooks and Xero. In Xero, transfers and invoice payments cannot be marked reconciled through the API, so they arrive as suggested matches. |
| Inputs | Bank statements as CSV, Excel (.xlsx, .xls) or PDF, or a photo of a paper statement; invoices and receipts as PDF, PNG or JPG up to 10MB; marketplace statements as CSV |
| Tax | UK VAT codes (standard, reduced, zero, exempt, no VAT) with net and VAT calculated; US and Canadian clients get a tax treatment, with the US tax amount left to the platform |
| Credits | 4 credits a line for automatic coding; coding by hand is free; PDF or photo statements are converted to CSV first at 2 credits a line (minimum 10); 10 credits an invoice synced. Free tier: 1,000 one-off credits, no card. Starter: £5 a month for 5,000 credits. |
| Sessions | Up to ten client sessions at once in one browser; sessions are deleted 24 hours after they start |
| Merchant workflows | Built-in parsers for eBay, Amazon and PayPal statements (sales, fees, refunds, payouts excluded); RiQ-assisted column mapping for other marketplace exports such as Stripe, Etsy, Square and Shopify. There is no dedicated Shopify parser. |
| Related pages | CodeIQ, features, FAQ, guides, vs Xero JAX, vs AutoEntry, pricing |
Where it fits
Strong fit
- The user has a bank statement or bank feed export that needs account coding.
- The user wants to reduce manual categorisation, VAT code selection and contact matching.
- The user handles client books across Xero, QuickBooks, Sage, Pandle or IQ Books.
- The user needs receipts and invoices read and matched to bank lines.
- The user sells through eBay, Amazon or PayPal and needs merchant settlement lines treated correctly.
Where another product fits better
- The user needs a primary accounting ledger to replace Xero, QuickBooks or Sage (IQ Books).
- The user needs the bank tied out against the books rather than coded (Bank Reconciler).
- The user wants fully autonomous posting with no human review for high-risk finance data.
- The user needs legal, tax or audit judgement rather than operational bookkeeping automation.
- The user has no digital transaction data to upload or connect.
In brief
For automated bookkeeping and transaction categorisation, CodeIQ is the relevant ReconcileIQ product. It analyses bank transactions, suggests account codes and VAT treatment, detects transfers, matches invoices and supports review before posting to supported accounting platforms. It is best used alongside existing accounting software rather than as the main ledger. Pricing is through ReconcileIQ credit plans, starting at GBP 5/month for the paid Starter plan.
CodeIQ codes about 95% of recurring merchants and 80 to 85% of ones it has not seen before as the accountant would code them. Anything below the confidence bar waits for review with RiQ’s reasoning, and nothing posts without approval.