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The Receipt Bank and QuickBooks Online Quickstart Guide

By using Receipt Bank and QuickBooks Online together, you’ll be able to submit your expenses to be automatically processed and then entered into your chart of accounts for easy reconciliation. This guide will help you get set up with the basics of using Receipt Bank and QuickBooks Online together.

 

Step 1: Integrate

 

The first step to getting started is to integrate your Receipt Bank account with your QuickBooks Online account. All you need to do is log into Receipt Bank after clicking this link: https://app.receipt-bank.com/beta/settings/integration. If you click “choose integration” you’ll be able to pick QuickBooks Online from the list. Simply follow the instructions on the Intuit website and you’ll be good to go!

 

Step 2: Ensure all business bank accounts are correctly set up in QuickBooks Online

 

If you’re a brand new user to QuickBooks Online, you’ll want to make sure that you have your bank feeds set up properly within QuickBooks. You can select your bank from a list of banks QuickBooks supports by going to Transactions > Banking within QuickBooks Online to set up your bank accounts.

 

You can set up an offline bank account in QuickBooks Online by opening your chart of accounts > New > Bank Account. This will allow you to configure a petty cash account or any other kind of offline account.

 

Step 3: Bank accounts and payment methods

 

Before you can publish any submitted expenses to your chart of accounts, you’ll need to enter your various payment methods and link them to your bank feeds in QuickBooks Online. One of the key features of cloud-based accounting is the incorporation of the live bank feed into the process. In fact, it is such an integral part of QuickBooks Online that it is not possible to publish expenses to QuickBooks without first linking payment methods to bank accounts.

 

By linking a payment method (such as cash, a check, or a specific credit/debit card) to a bank account, QuickBooks Online can then match an incoming expense from Receipt Bank to your live bank feed. Receipt Bank extracts the last four digits of credit card numbers on receipts and invoices. You can also set up supplier rules that assign a specific payment method to monthly invoices and bills that don't print credit card numbers.

 

To set this up correctly, please go to the following link: https://app.receipt-bank.com/beta/payment_types You can then enter the last four digits of your company cards, name them within Receipt Bank for easier tracking, and then link them to one of the live bank feeds you have within QuickBooks Online. It is not advised that you turn on auto-publish at this time.

In order to reflect the nature of the account you can assign payment methods to equity and liability type accounts → from your Account Settings menu.

 

Step 4: Ensure items uploaded are connected to a bank account

 

If you’ve uploaded items to Receipt Bank, they will not publish to QuickBooks Online until each expense has been linked to a bank account. The way Receipt Bank does this automatically is through the extracted payment reference (last four digits of a credit card visible on an expense). If you’ve uploaded expense items before your account was integrated, you may need to manually apply a bank account selection from the individual item edit screen (which can be reached by clicking the blue hyperlink in the inbox for each item).

 

For best practices on how to manage your various payment methods (such as checks, credit cards, cash, etc.) please visit this page.

 

Step 5: Select a category for your expenses

 

In order for an item to be published to QuickBooks Online, you will need to assign a category from your chart of accounts to each expense. You can do this manually from the individual item edit screen or from the Inbox itself (“category” is a field that can be changed from the larger inbox view). Our system will attempt to assign a category from your chart of accounts in QuickBooks Online if you do not have rules set up. For more information on automation when it comes to category codes, please see our article on supplier rules.

 

If you uploaded items to Receipt Bank before integrating your account with QuickBooks Online, you will need to manually enter a category for these items before publishing.

 

Step 6: Publish your expenses to your chart of accounts in QuickBooks Online

 

Now that your items have been linked to one of your bank accounts and have the correct categories applied, you can now publish your expenses to your chart of accounts! All you need to do is press the green button with the arrow to the right of the item in the Inbox! You expense will then be published to QuickBooks Online for reconciliation against your bank transaction feed!

And to make it faster and easier you can now sort your Chart of Accounts by using categorisation code within the Mobile and the Web app. Category Codes can be turned on from the Integrations tab.



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