Has anyone found success in Reconciling Expensify Card in Quickbooks?
We use QBO. We use over 60 credit cards in our organization. So far, I like the simplicity of the Expensify cards and the app and the end users making reports like it. However, I don't think this was created with the bookkeeper/accountant in mind. Currently we have all cards settled daily and everything is rolling through the Expensify Clearing account rather than individual card accounts in QBO. That's fine.
From a bookkeeping side, we need to make sure that everything that's charged on the card is running through expensify and ending up in QBO. I'm assuming the best way to do that is to make sure that the clearing account actually is clearing (reconciling to $0). The clearing account will tell you the settlement charge and then you should be able to check off (reconcile) the charges inside that settlement. That means the charges sync'd to QBO. I tried this and was quickly lost. I noticed I was missing transactions for various reasons. For example, I would be missing a transaction and when I asked the concierge why, they would say "Oh, that transaction was eventually reversed so it didn't end up on the expense reports because it washes out." That's not proper bookkeeping, nor does it match their settlement reports. So then I have to manually go add that transaction and manually reverse it. Whether a transaction is returned or reversed, you still need to input the transactions. Also, if a transaction on the report is split, then you're lost figuring out the split or you have to manually go search for individual reports and clear it that way. I'm sure their mentality Makes sense from a computer programmer view, but not bookkeeping.
When I try to talk to concierge, they just say "it's auto reconciled. Just check your reconciliation report to see who hasn't turned in reports." Well it's not really auto reconciled. And checking to see who's turned in expenses doesn't prove that it was sync'd over to QBO. Another issue with reconciling the clearing account is that the transactions in the settlement could've been sync'd all various different times depending on when the report was approved. It would be nice if the settlement report had a column showing when the expense was approved and sync'd. Then I'd know where/when to look to reconcile it.
We also get audited every year (Non Profit) and the auditors always ask for copies of bank and credit card statements. I'm not quite sure what to even provide when it comes to Expensify Statements.....since there really aren't any.
I would love to hear how people are reconciling expensify with QB. Please don't paste a link to an expensify article about it. I've read them. They are not written by bookkeepers and they don't help, In my opinion. I've also tried talking to Concierge but they always say "we'll look into it and get back to you" and then when I check back I have to talk to someone different and it's just a hassle.
Hoping I have some fellow bookkeepers here who can give some insight. I'm slightly considering going back to cards that have a normal credit card statement to reconcile to.
Would it be better to just settle monthly and not have a clearing account. Or would it be better to set up all the cards with their own card account in QBO and reconcile card by card?
Answers
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My first thought is that reconciliation has to happen in QBO. Expensify is not related. It's just a mid-point between your bank and QBO. Once exported to QBO, then use the QBO credit-card reconciliation features to ensure everything from the bank/statement is in QBO, and accrue for anything missing (meaning not yet exported from Expensify to QBO). I'm working on same issue but with another accounting software.
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@MattCU I am having all the same issues and am hoping you might have found more of a solution to this?? Trying to get answers to "how do I reconcile without a statement" from Expensify has been an exercise in futility! I'm so lost on how to reconcile these transactions. Please if anyone could explain it to me like I'm 5 yo, it would be appreciated, I promise!
