Receipt Bank & Xero - How to match Bills to your bank transactions
If you're using Receipt Bank and Xero to run your business, this quick post explains how to 'match' the Bills you're entering via Receipt Bank with bank transactions on the bank feed. We’ve written the steps here, so you don’t have to; put that note pad and pen away.
- Take a photo of any invoices/receipts using the Receipt Bank App on your smartphone
- When in Xero, click into Reconcile (on the Dashboard)
- Brings you to a screen showing transactions on the bank.
- Software will automatically suggest invoices/transactions in Xero that match up with your bank statement lines
- Head on over to the desktop version of Receipt Bank
- Go to ‘inbox’ - you’ll see the invoices waiting for you
- All you need to do from here is ensure that the category is correct (eg motor vehicle/stationery), the dates and amounts are accurate
- If they are, click the tick button and then Publish
- This will forward all of your invoices straight over to Xero for you
- Then, you can start to reconcile (or, 'match') them
- Receipt Bank has an automcated feature - called autopublish - and we’ll go over this in a future video and blog.
- Essentially, now all you have to do is head back over to your Xero dashboard page and give it a little refresh to make sure it's up to date
- Scroll to your ‘Bills that you need to pay’ section - hopefully, this will have more items than before (even though everyone secretly wishes that they owed zilch).
- Head back over to the reconciliation page by clicking ‘reconcile X Items' - anything that you can click on to alter will be in the colour blue.
- Hopefully, now all of the bank statement lines will have a matching transaction/receipt in Xero.
- It’s literally just a case of taking a photo of any receipts or invoices using Receipt Bank and heading over to Xero to match them with your bank statement lines.
- You just need to check that dates, what it is as well as the amounts match up.
- Then, you can click ‘OK’ (which is found between the 2 items which the Software suggests that you match together).
- Quickly (or slowly, it’s up to you) go back to your Dashboard, to the ‘Bills you need to Pay’ section, it should be clear.
- If there’s still items in this section, it could be because there are invoices where the payment just hasn't come out of the bank yet - you could wait a few days to determine this.
- Otherwise, you could have purchased something on a different payment platform (so - personal card, cash, credit card or a bank account that isn't attached to Xero)
Our next video covers how to deal with Bills you paid for personally, and we’ve written it up in steps for you too, check out the next blog here:
We also have more training coming up for you lovely lot, free of course. Check it out here.
Lots of love,
The Dream Team here at Diverso
There's no comments for this item. Why not leave the first comment below?