Cloud Accounting

Receipt Bank Review

Written by Greg Lam

Receipt Bank is designed to make going paperless easy and ensure both that you have no more data entry and also that you can integrate its data with cloud accounting software. This article will assess how the software meets those challenges.

Receipt Bank

This article is part of an ongoing series of reviews I’m doing on data capturing tools. I recently reviewed AutoEntry, so if you look at that article you can see all the criteria I’m looking for in these tools.

Setting Up

One of the steps I think you need to perform with expense/receipt/document management software is to go through the settings before you throw a bunch of documents at it, especially if you’re pushing the data to your accounting software.

Receipt Bank integrates with QuickBooks Online, Xero, Sage One, FreshBooks, and a few others.

Setting Up

For this review, I decided to connect Receipt Bank to QuickBooks Online. When I connected the two, I had to add a bank account in Receipt Bank that would be mapped to a bank account in QuickBooks Online.

Link your QuickBooks Online Bank Accounts

I was able to choose whether to auto-publish transactions and where and how to publish them. I chose to initially not auto-publish, since I’d like to do a brief review of transactions before accepting. I like how you can publish as a variety of transaction types.

Publish

Since most of my transactions would be with my credit card, I set that as the default publish to destination.

General QuickBooks Online Settings

With the connection to accounting software, accounts will be synced. While all accounts are initially visible within Receipt Bank, you can choose to make individual accounts (like equity accounts ) non-visible. I ended up deselecting about a third of the accounts (even though it’s not apparent from the screenshot below).

Category Name

In the screenshot below, you can see the lists associated with the accounting software that Receipt Bank has integrated with, which includes categories (a.ka. codes or accounts), projects, clients, and payment methods.

Maintain Lists

I think the System Settings (under General) are also important to look through. You’ll be able to choose defaults like the payment status of items, due dates for invoices, and whether or not to auto-categorize transactions.

System Settings

On top of the Account Settings, I also went to the Suppliers page and choose some default categories for them.

Suppliers

Altogether, setting up took maybe 10-15 minutes — not very long. I find setting up first helps make using the software a lot smoother. If you don’t do the setup right away, it’ll still be OK, but I think you may end up having to correct mistakes at a later point, since the software may end up doing things you didn’t want it to do.


Save pagePDF pageEmail pagePrint page

About the author

Greg Lam

Greg Lam is a passionate small business guy who loves technology and automation. He holds a BBA from Simon Fraser University, Canada. He's a Certified QuickBooks ProAdvisor, Certified Xero Partner, and Kashoo MVP. His business interests are focused on online accounting and how it can be used to streamline and automate a company’s accounting processes. He currently lives in Tokyo, Japan.

Greg operates the Small Biz Doer website, an "Entrepreneur's Guide to Small Biz Bookkeeping." He is the author of Online Accounting Software: Finding the Right Match, published by The Sleeter Group.

Connect with Greg on Twitter, Google Plus, YouTube, LinkedIn, or Facebook.

Leave a Comment