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How does Receipt Bank with Xero work?

Xero and Receipt Bank

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Hi all

As I’m sure you’re aware, Sage has recently acquired AutoEntry which is similar to receipt bank. Xero with receipt bank also seems to be quite common.

I’m trying to understand how debit card payments are analysed using receipt bank. For example, what would happen if you take a picture of the debit card receipt which is already in the bank statement? The payment would already have been analysed when the amount appears in the bank statement. Does receipt bank (or Xero) automatically recognise that the receipt is a duplicate and remove it? For cash payments, does Receipt Bank in Xero automatically recognise that it is a cash transaction and allocate the credit to the petty cash account? Likewise, for credit card payments will Xero recognise the receipt was not paid from the bank account and allocate the credit to the credit card account after recognising card details?

Pardon my ignorance and naivety regarding this matter but I wanted to understand how it all works and how beneficial other accountants find Receipt Bank with Xero.

I look forward to your thoughts regarding this matter.

Replies (4)

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By Moonbeam
04th Oct 2019 16:29

It sounds as if you don't use Xero yourself. I would be surprised if anyone on this site wants to spend the time explaining to you.

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By Payrollgal
04th Oct 2019 16:36

We use receipt bank with Xero and it works a dream.

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By JoF
04th Oct 2019 22:39

Perhaps get them to do a demo and you can run such questions by them during your call.

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By marks
09th Oct 2019 00:29

Sounds like you dont understand how receipt bank works.

Receipt bank you either take a picture, email in, drag and drop in or set up the fetch facility to recognise all purchase/expense receipts/invoices.

Then reads the data in RB eg date, gross, VAT, currency, code to post to in Xero (which is done through learning) then post either individually, in bulk or by setting up auto publishing rules the invoice/receipt is posted to Xero with the invoice/receipt attached to transaction to save you having to type it in manually in Xero. You then match the outstanding invoice/receipt in the purchase ledger in Xero against the payment when it comes through the bank.

There is also the facility in RB where you have previously cash coded a transaction in Xero and the invoice then is recorded in RB to publish it through to Xero so it is attached to the cash coded transaction.
in Xero that seems to match to it to reconcile it straight from RB rather than posting to the purchase ledger in Xero then matching to the bank.

As said above, get a demo of RB and what it does, then set up trial and start using it.

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