Linking your payment methods to bank accounts and automating the allocation is a massive step forward in unlocking efficiency with Receipt Bank, allowing you to publish transactions through to your accounting software as already paid and into the 'Bank Accounts/Spend Money' section. The following awesome automation series on Payment methods will cover three really popular scenarios for helping you automate your transactions through the payments area of Receipt Bank.
Most businesses will have expenditure where the funds used came from outside the business (like a staff member purchasing goods and services and require reimbursement). Receipt Bank has a great expense reporting feature that will make it a breeze for tracking and reimbursing your staff expenses. Receipt Bank can also automate the tracking of which expense belongs to a user through the use of payment methods. Read on to find out how.
Dealing with Personal Card Payments:
Start accessing your payment methods under the 'Maintain Lists' section of the Account Settings link.
Here are listed all the credit and debit card numbers Receipt Bank has extracted, but you can also add new ones at the bottom of the screen:
In this example we’re going to assign the employee login of David Beckham to David Beckham’s personal card. David’s card end’s in 5726 and Receipt Bank has already created the payment method as an item has been submitted previously with these card details present. It is recommended that only the name be changed for personal cards as no other settings are appropriate for this scenario.
Towards the bottom of the page you’ll see David’s user where you now can link to the payment method that we’ve just renamed to “David’s Personal Card (Visa)” in previous step. Setting the application rule to Always use default will ensure any time David’s user submits an item it’ll be linked with the payment method selected in the field next to it.