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How do I Tie Expensify Card Transactions to My Bank Statements

mdm
mdm Expensify Customer Posts: 2 Expensify Newcomer

We have started using the Expensify Card for our employees.

The challenge I have is that for normal expense reports I am able to search Expensify for the report number string in the ACH transaction description on my bank statement. For example, if the Outgoing ACH bank transaction description is, "Juan Rodriguez Expensify R68954333" I just search Expensify for "68954333" and I find that report.

But appears that for ACH's for Expensify cards it is not so simple. I believe the ACH account descriptions for Expensify Card items start with a C instead of an R, for example, "Expensify, Inc. Expensify C11296793." But when I search on "11296793" I don't find anything and so I have no idea how to enter these into my accounting system by each expense on the expense report.

I would love any coaching anyone might offer here?

Answers

  • BrettB
    BrettB Expensify Customer Posts: 4 Expensify Newcomer

    I can tell you how I'm doing it. We use Quickbooks Desktop.

    I basically took one of our old checking accounts and set it up to be a dedicated "sweep" account for the Expensify Cards. So the only transactions going to that account are the Expensify Card daily transfers. That makes that part easier.

    And I created an Expensify Card Clearing Account (Other Current Asset for us).

    When I get the monthly bank statement, I enter transfers from the checking account to the Expensify Card Clearing Account for each of the transfers. (Those are going to be the daily totals.)

    We track each of the individual cards as credit cards in QB just like we do our other corporate cards. There is a master/control card account and then sub accounts for each individual card. The employee card feeds in Expensify are mapped to those individual credit card accounts. So as employees submit reports with Expensify card charges and they are approved and imported into QB, their individual card accounts get populated with all of the card purchases.

    The Expensify Card doesn't have a true "statement" (at least not that I've been able to find). However, you can go into the Reconciliation Dashboard and use a date range to get a summary of the total spending for each card. I do that each month when I pull all of the other bank statements for reconciliation. Then I enter transfer transaction from the Expensify Clearing account to each individual card account for that card's total spending for the month.

    If all of the individuals have submitted all their charges, then the total of the their transactions in their card account should equal the amount of the transfer from "the statement" and their individual card account should $0 out. The same thing should happen with the Expensify Clearing account. The total of all the transfers from the checking account into the clearing account should match the total of all the transfers to the individual cards.

    Depending upon your card activity and timing, you might see a day or two discrepancy between the actual charges and the clearing. But that hasn't been a problem for us.

  • BrettB
    BrettB Expensify Customer Posts: 4 Expensify Newcomer

    Oh, I forgot to mention, if you don't want to track the individual card level detail in your accounting software, you could just have all of the individual card feeds go into the Expensify Clearing account as they are approved and imported. That would eliminate the extra step of having to do the monthly transfers from the Clearing account to the individual card accounts. But, I prefer to track all of the individual cards so I can easily see who hasn't submitted charges, etc. because their balance won't be $0!

  • Stevie LaFortune
    Stevie LaFortune Expensify Team Posts: 221 Expensify Team

    Thanks, @BrettB !


    Also, @mdm - The Expensify Card statement is a detailed view of individual transactions and the daily settlement amounts. 

    Deep Dive: Understanding your Expensify Card statement

  • BrettB
    BrettB Expensify Customer Posts: 4 Expensify Newcomer

    @Stevie: In the article you linked to, it says: "If your domain is using the Expensify Card and you have a validated Business Bank Account, you can access the Expensify Card statement under Settings > Domains Company Cards > Expensify Card Statements."

    However, when I go to Settings | Domains | Company Cards | Expensify Card, I'm not seeing anywhere where is says anything about a "Statement". The first page is just a list of cards and limits. There are also tabs for Settings and Reconciliation. But I don't see a "Statement" or anything with the columns that the article describes.

    Am I missing something???

  • Mark Louis
    Mark Louis Expensify Team Posts: 146 Expensify Team

    Hi @BrettB! The Expensify Card Daily Settlement Withdrawals can be found by clicking into the Reconciliation tab. Once there, choose "Settlements" and enter your date range, then click "Search".

  • BrettB
    BrettB Expensify Customer Posts: 4 Expensify Newcomer

    @Mark Louis Yes I know where to see those Settlement Withdrawal amounts. I was specifically responding to the article @Stevie LaFortune linked to which says:

    The Expensify Card statement will show both individual transactions (debits) as well as they payments that settled them (credits).

    Date: for card payments, this is the date on which the funds were debited; for card transactions, this is the date the purchase was made

    Entry ID: This is an ID number that groups card payments and card transactions. For example, if transaction A and transaction B were settled by payment C, all three entries would share the same Entry ID.

    Withdrawn Amount: only applies to card payments, this will match the amount debited from the Business Bank Account.

    Transaction Amount: only applies to card transactions, this will match the amount of the expense purchase.

    User email: only applies to card transactions, the Expensify email address of the cardholder who made the expense purchase.

    Transaction ID: This is a unique ID that will help Expensify Support locate the transaction in the event of an issue. If you need to reach out to our team, including this ID number is always really helpful!

    I can not find any report that has those columns with the links between card charges and bank account deductions.