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.
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.
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.
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.
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.
Since most of my transactions would be with my credit card, I set that as the default publish to destination.
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).
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.
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.
On top of the Account Settings, I also went to the Suppliers page and choose some default categories for them.
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.