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Feature Request: Enhance Expensify Card Reconciliation

JSoltaniJSoltani Expensify Customer Posts: 12 Expensify Newcomer

I'm about to off-board the expensify credit card for my company because it is impossible to match the daily drafts out of our checking account from expensify to the individual expensify card charges in our financials reconciliation.

Request is to provide us with a simple report that shows the transactions and related employee's expensify card that totals up to match the draw amount for the daily settlement. This includes credits/refunds. We should be able to go back and look historically as well.

If this is done, we can keep using the expensify card.

1 votes

Gathering use cases · Last Updated

Comments

  • Nick_Denby_2018Nick_Denby_2018 Expensify Customer Posts: 3 Expensify Newcomer

    I am having the same issue- without a resolution ASAP we will stop using the card.

  • Jenna HayJenna Hay Expensify Customer, Expensify Team Posts: 66 Expensify Team

    Hi @JSoltani and @Nick_Denby_2018

    I totally hear you and am happy to say that we are working on adding to our reconciliation tools to ensure you can match every number exactly.

    For now, what I suggest doing is:

    1. Head to Settings > Account > Payments > Expensify Card Statement and enter the date range you want to reconcile
    2. Click Download CSV and open the file in Excel
    3. Run a Pivot table on the data, sorting by card number
    4. Head to Settings > Domains > Company Cards and enter the same date range in the Reconciliation Dashboard
    5. Compare each card total to confirm they match
    6. If they do, great, now you can work from the Reconciliation Dashboard to see which expenses have not yet been submitted
    7. If they don't, click on the relevant card total in the Reconciliation Dashboard to view the expenses that make the amount up. Do the same in the Pivot table so you can compare the expenses of each card.

    Please note we are aware of some unexplained variances being caused by pending credits which we are working on providing visibility of. There is also a bug meaning some expenses are not being displayed in the Statement Tool which we are also working to fix.

    As soon as we have finalised our improvements, I will prepare a detailed step-by-step guide to reconciling your Expensify Card expenses in Expensify which hopefully will make life significantly easier for you.

  • JSoltaniJSoltani Expensify Customer Posts: 12 Expensify Newcomer

    @Jenna Hay I am currently vetting other corporate credit card options. Hopefully these issues will be resolved before I find and implement a different solution. We cannot allow our books to go unreconciled. Thanks for the work-around, but this is an exception to a system that should be smooth. That's why we're using this platform right? To save time! Not go through a bunch of work arounds!

    You have another much deeper issue with these Expensify cards that revolve around Daily settlements pulling funds for pending charges. When those pending charges clear for a lesser amount, or a credit is refunded, this current method wrecks the ability to reconcile an end of month.

    In order for Expensify Cards to work, they must settle on CLEARED charges and also create transactions for refunds/credits/adjustments that need to show up on employees expensify accounts for reporting. That is the only way your expensify reports will reconcile against accounting systems. Right now Exported Expensify Reports != Expensify Statements != Daily settlements. I spent a full day of investigative work to identify the root issue.

    It cannot be acceptable to draw off pending charges to limit liability, you'd have been better off going with a larger partner that can bankroll the overnight transactions. Your CFO is trying to run too lean at the cost of its customers. Hell, I'd have preferred to put in a deposit for balance reserve just so that Expensify doesn't settle based on pending charges if it insists on running this lean.

    I.e. Better if you had made these debit cards if you couldn't afford it, than some weird hybrid debit/credit card. I'm obviously making some assumptions here but that is the perspective I am given.

    I have given your concierge rep much greater detail of the transactions that support my arguments above.

  • Ted HarrisTed Harris Expensify Success Coach - Admin Posts: 282 Expensify Team

    Hi @JSoltani, you're totally right when you state the below if you're looking for a traditional card which reconciles a set of posted transactions within a certain date range.

    When those pending charges clear for a lesser amount, or a credit is refunded, this current method wrecks the ability to reconcile an end of month.

    We've certainly been quite clear that the Expensify Card is not your traditional company card. The ability to debit daily pending transactions allows Expensify to offer you high limits and also the most stable connection you can get from a company card in Expensify (not to mention all of the other benefits). Reconciling this card is not a case of simply reconciling posted transactions - of course, account reconciliation is just the process of comparing internal financial records against statements from external sources—such as a your bank or card provider —to make sure they match up, not solely the process you're describing.

    We offer now two automatic processes for this to take place, both via QuickBooks Online and via NetSuite which should in fact, reduce any time required to reconcile at all - the situation you're describing whereby a pending charge changes between the initial swipe and our posting is handled by a Clearing Account.

    You're right though that it mightn't be something everybody can stretch to - we're aware it's a new concept to the market and we're working hard to improve the visibility of everything you need to reconcile, fix any bugs in our existing auto-reconciliation integrations and finally remove even this task - along with all the others we've already removed, from an accountants month-end process.

    The original request here was to:

    a simple report that shows the transactions and related employee's expensify card that totals up to match the draw amount for the daily settlement.

    Our Settlements Dashboard now does this consistently; we've added (as, I acknowledge we should have had all the time) all reversals in here as well and in turn we're also adding the visibility of any pending credit you're due deduced from the next daily settlement - in part due to those times again, where the payment amount changes between swipe and posting.

    I certainly hope we can convince you to return one day, as we truly think this is the future - regardless, we always appreciate the feedback, especially when it's as well considered and explained as yours was.

  • BuddyLoveBuddyLove Expensify Customer Posts: 1

    @Ted Harris where can I access the Settlements Dashboard? The ability to view transactions that are included in the draw amount from my bank account is critical.

  • JSoltaniJSoltani Expensify Customer Posts: 12 Expensify Newcomer
    edited February 21

    Like I said, Exported Expensify Reports != Expensify Statements != Daily settlements, also != Reconciliation dashboard.

    If you made changes to the reconciliation dashboard, then details need to be provided such as when this was implemented and when future fixes as you suggest are coming.

    We use a clearing account, but it does not resolve the situation. Plus it does not look clean to the executives when I have an account called "pending charges that expensify has taken my money for but provided no detail and have not been approved on employee expense reports."

    Exported employee expense reports (assuming all is reported) should match the daily settlements. This is not the case. We have identified several examples where an employee submits a receipt and a charge for X amount, and Expensify pulls a Y amount. This doesn't jive no matter how you justify it. We do not use QBO or Netsuite so your solution doesn't work for us there, maybe advertise this card to only those users then since you claim it works better for them?

    Even our own employees have eyes and have been approaching me with concerns about these discrepancies, these reconciliation issues cannot be just fixed through workarounds on the back end, it needs to be visible on the front end with employees as well when they are processing and submitting their expense reports.

    My original idea/feedback has therefore changed to include all of the concerns I've written in these posts as my own due diligence as a paying "beta" tester has made clear more of these concerns.

    I challenge Expensify to reconcile an end of month, with expensify pulling more money than our employees are submitting expense reports for (again, assuming they submitted all receipts), with pending charges for incidentals that are later reversed, credit card refunds, and the like. Hell, I've even seen seen a situation where one expensify charge was pulled twice from our checking account and refunded several days later back to us. For some reason expensify recognized the charge twice as pending, and therefore pulled the money twice - even though only one cleared. Imagine the compound interest gains on all the customers you're doing this to! lol.

    I WANT to like your platform and card, but it's just not ready.

    Edit: And I just noticed some how I am no longer an "Expensify Customer" in your forums.

  • JSoltaniJSoltani Expensify Customer Posts: 12 Expensify Newcomer

    @BuddyLove You can access the reconciliation dashboard from Settings->Domains->Company Cards

    Also, what may help you is if you also look at the expensify statement in Settings -> Account -> Payments

  • April BekkalaApril Bekkala Expensify Customer, Expensify Team Posts: 70 Expensify Team

    Hi @BuddyLove

    The best way to see which transactions are contributing to the amount withdrawn from your bank account for the daily settlement of your Expensify Cards is to use the Expensify Card Statements tool. This can be accessed by navigating to Settings > Account > Payments and then scrolling down to "Expensify Card Statements".

    For each Entry ID, you can see all of the transactions (card swipes) and credits (from pending charges/holds dropping off) that determine the daily settlement total. Here's an example of what this looks like:


    The lines with a negative amount in green, the merchant name "Card Payment", and account listed under "Business Account" represent your daily settlement total (in purple). This is the amount you will see withdrawn from your bank account. The transactions with a matching Entry ID (in yellow) represent everything that contributed to the total daily settlement amount.

    You can also download the Expensify Card Statement to a CSV by clicking "Download CSV". Then, you'll be able to sort by Entry ID. Some customers have made use of color-coding by Entry ID in their CSVs to make this even more clear.

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