Friday, February 23, 2024
This guide will help you reconcile bank transactions (Expenses) in Xero from your phone. 'Expenses' refer to the costs and money spent in the operation of your business. There are two steps:
Step 1. Categorize Transaction
Step 2. Attach Receipt
Learn more: How to reconcile in Xero website
1. Open your Xero app, click 'Purchases'.
2. Scroll down to 'Recent Spending,' and select any expense transaction.
In the example, we use a parking expense. However, the same steps apply to any expense transaction.
3. Enter a vendor name, and select an account for this expense.
In the example below, we categorize this parking expense under the travel account. Think of an account as a folder - It helps you organize your expenses and track how much you have spent in this category.
Click ‘Attach files’ to continue.
4. When the new window appears, Click ‘Choose from Xero Files’ to proceed.
5. Use Receipt-AI to upload receipts to Xero from your physical copies, emails, or your co-workers. All receipts will be automatically renamed by date, vendor name, and total, helping you quickly attach the receipt you need.
Select the receipt and click ‘Add
Well done, you've just learned how to reconcile a bank transaction using the Xero app. It can sometimes be intimidating to see many buttons and fear making mistakes. At Receipt-AI, we believe that everyone should understand the basics of accounting, and we will do our best to explain these concepts in the simplest way.
Congratulations! You've successfully reconciled a parking expense in the Xero app with the receipt attached.
https://receipt-ai.com/articles/how-to-reconcile-in-quickbooks
https://receipt-ai.com/articles/how-to-reconcile-in-quickbooks-online-app
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