ChatGPT In Accounting. Part 3: Categorizing Expenses

so i'm playing around with the gpt chat trying to figure out if you could help me do my bookkeeping see if you can help me figure out what are some of the

expenses

on this credit card that i'm trying to categorize and reconcile so i'm going to open GPT chat. I'm going to start a message with I need help figuring out who the merchant is on my credit card statement. Let me make sure I'm spelling these things correctly. um and uh, how to cut the rice. it's for

accounting

, okay, so that's the heads up. I'm saying I'm trying to find out where my merchant credit card statement is.

I rate if I can press enter and it will tell me that I can help you. Give me the merchant info okay let me in here and let's scroll down and grab something and look at this here called Aflac. I know most people know what that is, but just for the fun of it, I'm going to copy Affleck in here, paste it, hit enter, see what it tells me, so it says an insurance company, supplemental insurance, um , very nice explanation and then for

accounting

purposes it tells you to put it in Insurance Expenses ok so good so far let's look at something that could be more random like this pie I don't know what this is pi what in the world is pi let's copy and paste hit enter and then it says uh ok so it could be different things that's what it says ok it says is that interesting enough info huh it's a scary payment made by idk let's see um Let me count it Pi let's say Pius ninety bucks so I'm going to say it's ninety bucks ok so it says there's not enough context huh to tell but it says it might be right yeah so not enough info ok we we get it , there's a lot you could do with that, lemme see if this helps, whatever it is, the extra text says, let's see, that means something first for a debit. made bank of michigan ok so maybe a little more info so it was paid through bank of michigan whatever that means it says this is a fee charged by the bank possibly okay, so yeah, they do. t win win let's see what this is fire Max fire Pro ok let's copy this let's see what is firemax fire Pro and replace go in and say no you don't know this oh yeah you don't know this huh come on man be helpful let's look at this let's look at a West card insurance that looks like your insurance let's stick that in there okay so yeah it's an insurance company and it tells me here if I don't know the context but it probably is a secure. well spend wow and i should assume insurance is easy let's see um Eventbrite let's see Eventbrite let's see what it tells me for the right event and stick that in there um well then it tells me it's an online ticket management system tells me what it is and some of the context look if it's for an event you know it's a business expense ok some information or it could be marketing or advertising ok not bad wait lemme lemme lemme say i need this format huh.

Merchant name and short description and expense category specific to my business uh tax return something like that category maybe category bar deduction let's see got it okay so give me it will be much better to give me um answers, see so now he's giving it. to me in a different format ok quite interesting um let's look at a different payment well that's still doing stuff let's look at this FPL direct debit let's see if you know what that is I know what that is but let's see if Chachi, out of pity, knows, that's fine. yes paste enter ok it's for power and light and it's a utility company yes please just the simple format yes that's what I want correct version name exactly this It's exactly what I want, beautiful, okay, now we're getting somewhere, it's great, okay. can't figure it all out but it's getting pretty good so look at the Pi 401k plan let's say if we do it like this let's see if now I can figure out what that is let's just paste this in and hit enter ok so I figured it out . that this is related to 401K I guess it's pretty self explanatory but at least it tells me you know the category that might be okay let's look at another SBA loan this is going to be interesting I wonder um I wonder if you're going to know what exactly this is, let's paste that in and you say okay it's an SBA loan, a loan payment, uh, and then you give some context in terms of you know the interest is tax deductible, eh, but eh, and then let me see let me ask you what do I do with the principal

part

of the payment what do I do with the principal

part

of the payment of the payment look what he tells me that's fine it should be used to reduce the outstanding balance of the loan it is not deductible from taxes you see it's cool so it knows a little bit of accounting it's a lot of fun okay let's see what else we have here we have something else it seems like this is a pattern or it seems to be the same but there's something new here somewhere okay let's see what this is Marlin Bank Never heard of that let's just copy and copy that over there and do some modeling of the Bank let's see what it tells me where it is um yeah it doesn't know what this is yeah it doesn't know what it is I don't know I know what It is, but I guess you know that it could be so smart that it could be a lot.

Let's see what this is. Transfer. Let's see what that is. Intuit transfer. But in the world, this is. Let's see. I don't know what's ok it tells you what it is so yeah yeah I mean it can't replace an accountant but it might be useful let's see if you know what ADP is pay see if you know that should know but let's hit enter ok Merchant Name no that's not the name that's the merchant name ok yeah that's right merge ADP to be payroll and salaries let's see what happens with the ADP tax, let's see what this is. see if he knows what's right let's hit enter on that ok that's wrong so I said this is probably tax prep or processing fees so let's try something different let's try something different I'm restarting this from zero here lets ask a different question lets say i have a long string of text related to a credit card uh lets say and it expands on my bank or credit card statements can you pull just the actual payment name , let's see if I can do that let me spell the last word there um um okay it says okay I guess I could try that okay let's see let's take this thing here and put try this otherwise keep lurking try this I don't see was he able to figure it out or not maybe it's possibly okay yeah and that's kind of right let's see the next let's see if I select all of this and paste it here so yeah try if you put all the chain there, um, almost almost like it's not really this close to this um yeah Bank of America business card that's not bad, okay, let's see, it's another one that we haven't asked before, let's see if maybe we get lucky, Let's try this one here, hey, where are you? ok select all copy this paste Qs Consulting yeah that makes sense ok so ok that's something else you can you could you could try to do to see if it can help you extract the payment name from all the chain, well that was fun. maybe not as helpful as we thought it might be but again I'm exploring all the different nooks and crannies of how the chapter is affecting or may affect accounting so I hope you found this game with GPT chat useful and would love to know what you know type of results you get