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.