approach to recording auto paid expenses into accounting system

financeDCCfinanceDCC Expensify Customer Posts: 9

Hi community!

We are in the process of testing the use of Expensify cards. I am aware of the 'Settlement' page in Expensify but am concerned about how to manage the process of recording the transactions in our Accounting system. It seems we need to know the last four digits of each employee's Expensify card to identify who charged the expense - is that correct?

Additionally, our accounting system cannot connect to Expensify. Is there a way to associate expenses over a given time period (a week ?) per employee/submitter within Expensify? Are there best practices you can share re the accounting recording process?

Thank you!

Finance

Answers

  • April BekkalaApril Bekkala Expensify Customer, Expensify Team Posts: 88 Expensify Team

    Hi @financeDCC

    Here are a few tips for managing Expensify and the accounting process around the Expensify Card.

    1. The Reconciliation Dashboard is your friend

    The best place to go to see realtime Expensify Card spend over a date range is the Expensify Reconciliation Dashboard (located at Settings > Domains > [domain name] > Company Cards). By plugging in a date range (or a single date in both fields), admins can see the total of all purchases made over that date range, the total for each card, and the approved and unapproved amount. And by clicking into any of those numbers, they can drill down into the individual expenses.

    2. Reconcile sum totals, not individual lines

    It's much easier to reconcile at the end of the month using sum totals. Here's how a company can reconcile their bank statement against expenses:

    1. At the end of the month, upload your bank statement to your accounting system.
    2. Export approved reports out of Expensify and upload to their accounting system as a Journal Entry (or create the JE manually in the accounting system). This JE will likely come out to less than the total of the daily settlements.
    3. Using the Reconciliation Dashboard, plug in the statement period and find the total of all unapproved expenses. This amount should be accrued for.

    Use the Settlements Dashboard to see day-to-day spend, but not to reconcile

    We have another dashboard that shows every settlement amount along with each specific transactions that are billed for. The dashboard is only available to admins with access to the business bank account - to find it, go to Settings > Account > Payments and look beneath the business bank account.

    This dashboard doesn't link back to the actual expenses in Expensify, so it shouldn't be used for reconciliation. It's mostly useful for admins who want to see spend broken down day-by-day.

  • financeDCCfinanceDCC Expensify Customer Posts: 9

    Thanks!

    Unfortunately, we can't upload our bank statement to our accounting system, as it is quite old. So, we'd need to export all approved reports and manually enter all, right?

    Any other tips??

    Thanks,

    Finance

  • Michelle NiemiMichelle Niemi Expensify Team Posts: 93 Expensify Team

    That is correct. If you are not able to upload a CSV into your Accounting system, you will, unfortunately, need to manually enter the information.

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