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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.

Overview:

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.

Wrap Up

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!

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Our expert team is here to help you. Explore our accounting services or contact our team to get personalised advice today.

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Conditions Apply

Before participating in this promotion, you must carefully read and agree to abide by the following terms and conditions.

  1. Eligible Users: To enjoy this offer, customers must register a new company with the specified package (Incorporation with HK Registered Address & company secretary), and purchase tax, audit, or accounting services. Customers will receive a fee waiver of HKD 2,000. This offer is only valid for new incorporation clients once per company and is not available for Incorporation-only clients.
  2. Promotion Period: This promotion is valid until May 31, 2023. Sleek reserves the right to end this promotion at any time without prior notice to customers.
  3. Fees and Payment: Customers must pay the full registration and tax/audit/accounting service fees according to Sleek’s standard payment terms. The HKD 2,000 waiver of government business registration fees will be applied as a discount on the customer’s invoice.
  4. Confidentiality: Sleek shall treat all information provided by the customer as confidential and shall not disclose such information to any third party, except as required by law or with the customer’s consent.
  5. Limitation of Liability: To the extent permitted by law, Sleek shall not be liable for any direct, indirect, or consequential loss or damage arising out of this promotion.
  6. Disclaimer: To the extent permitted by law, Sleek shall not be responsible for any loss or damage arising from the customer’s use of this promotion. Sleek does not guarantee the accuracy, completeness, reliability, timeliness, suitability, or availability of the website and its content. Sleek reserves the right to change the website and its content at any time without prior notice to customers.
  7. Cancellation of Orders: If customers wish to cancel an order, they must contact Sleek’s customer service department within 24 hours of submitting the order. Orders cannot be cancelled if they have already been processed.
  8. Links to Third-Party Websites: Sleek’s website may contain links to third-party websites that are not under Sleek’s control. Sleek is not responsible for the content, privacy policies, or practices of third-party websites and does not endorse or recommend them. Customers should carefully read the terms and conditions and privacy policies of any third-party website before using it.
  9.  Accuracy of Registration Information: Customers warrant that all registration information provided is accurate, complete, and up-to-date. If a customer’s registration information changes, the customer should update their account information promptly. Sleek shall not be liable for any loss or damage arising from the customer’s provision of inaccurate or incomplete registration information.
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What it doesn’t cover:

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