Xero and Receipt Bank Interactions explained
4 minute read
Accounting plays a pivotal role in the world of business. Companies use accounting to:
- Stay compliant
- Track income and expenditure
- Provide investors, management, and government with quantitative financial information that can be used for making business decisions
We are proud to say that Sleek has invested huge amounts of time and effort into accounting from day one. To achieve success in this part of doing business, the company uses Xero and Receipt Bank.
If you want to learn more about these two solutions, keep reading. Below you will see what they are and how they work.
- What is Xero?
- Does Xero do receipts?
- How do I create a receipt in Xero?
- How do I scan a receipt in Xero?
- How do I invoice a receipt?
- What is Receipt Bank?
- How do Receipt Bank and Xero work together?
What is Xero?
Xero was established in 2006. It is a web-based accounting system designed for small and medium-sized businesses. This system connects small businesses with their trusted advisors, thus providing business owners with instant visibility of their financial position.
You can access Xero from any device that has an active Internet connection. The features of this system are ample. As a business owner, you can see your cash flows, money transactions, and account details from any location.
Bank transactions are all automatically imported and coded. Additionally, the online bill pay feature allows users to keep track of spending and stay on top of bills that are due.
Does Xero do receipts?
Yes, Xero can issue receipts too.
- Just click on the Accounts section and select Sales.
- From there, you can see all your invoices. Click on Paid and you shall be taken to the paid items table.
- There you have all paid invoices. Look for the receipt by the number of a given invoice and click on it.
- Once you click on the invoice you are looking for, you will be taken to the details screen. There you can see the date, due date, the recipient, and all the other important details such as the amount, description, tax rate, unit price, quantity, and so on.
- To print this invoice (make a receipt), you just need to click on a button above the invoice that says Print PDF.
- If you want to mail it to the client’s email address, click on the Email button located just beside the PDF button.
How do I create a receipt in Xero?
It is possible to create a custom receipt using the already available receipt template. It is also possible to edit an existing invoice template.
A user can also choose a custom branding theme. This way, one can change how the receipt looks. It is also an option to add extra customer details and change the font.
Once an invoice is marked as fully paid, a user can print it as a receipt using the template. However, it is only possible to print or send a receipt with a custom branding theme from the Paid invoices tab.
It is worth noting that the standard or adviser user role is needed to work with invoice templates.
How do I scan a receipt in Xero?
The easiest way to scan a receipt in Xero is by snapping a photo of it using the Xero app. Just snap a photo and details from the Xero receipt will automatically be scanned into Xero. There is no need to go running after paper copies or anything like that.
In addition to this easy scanning, there is also no need to manually enter data. Just take a photo on any device and everything gets done automatically.
Thanks to this great feature, scanning and submitting can be done on the spot. There is no need to get a paper receipt.
How do I invoice a receipt?
To invoice a receipt, follow these steps:
- To invoice a receipt, follow these steps:
Find and open a fully or partly paid invoice and click on the Payment link.
- If the payment is for an individual invoice, first click on Options and then select Send Receipt. If it is a batch deposit, click on Send Receipt.
- Once that is done, enter or edit information in the Send Receipt window for the individual payment or batch deposit.
- If you would like to receive a copy of the receipt, just tick the Send me a copy checkbox.
What is Receipt Bank?
Receipt Bank is an accounting software tool for accountants, bookkeepers, and small businesses. The app allows you to easily get your financial data into QuickBooks.
Receipt Bank allows users to automate the collection and processing of expense documents, from receipts, bills, and recurring invoices.
An accountant only needs to review the information and publish to QuickBooks. This means that you don’t have to use paper or manual data entry anymore.
How Do Receipt Bank and Xero work together?
Receipt Bank can be used to get client data into Xero. Receipt Bank integrates directly with Xero. That way, it creates an end-to-end bookkeeping productivity solution.
It can sync with a user’s Xero Chart of Accounts, ensuring that all data is categorized accordingly. Also, it pushes the extracted information to a user’s Purchase Ledger or Bank Account for effortless reconciliation.
Then, the collected receipts can automatically be transferred to Xero to generate an automatic report.
Are you ready for a seamless and almost paper-free accounting?
If so, this article has taught you how you can use Xero and Receipt Bank to manage all the records easily and generate reports on the go.
Talk to our sales team to get started!