Wednesday, November 06, 2024

How to setup Chart of Accounts in Receipt-AI?

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Great news! We have made it even easier to reconcile your expenses in your accounting software.

After you upload receipts to Receipt-AI, our system categorizes them automatically using your Chart of Accounts, making reconciliation just a single click away.

How to setup Chart of Accounts in Receipt-AI?

1. Connect your accounting software, select at least one account from Bank and Card.

2. Select Expense accounts for your receipts.

3. You are all set! Receipt-AI automatically categorizes your receipts based on the selected chart of accounts.

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Learn more

How to Reconcile in QuickBooks?

How to Reconcile in Xero?

How to Upload Receipts using Receipt-AI?

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Can I manually change a receipt’s category in Receipt-AI?

Yes, you can manually update a receipt’s category if it’s miscategorized. After updating, click "Upload to QuickBooks or Xero" to sync the new expense category with your accounting software.

Can I add custom categories to my Chart of Accounts?

Receipt-AI syncs with your accounting software’s Chart of Accounts, so add any custom categories there first. Once synced, they’ll appear in Receipt-AI.

What if I change my Chart of Accounts in my accounting software?

If you change your Chart of Accounts, resync Receipt-AI to update the accounts list. This process will require reselecting accounts but won’t affect existing receipts.

Why do we need the last 4 digits of the account number?

Receipt-AI uses the last four digits of the account number to match receipts with the correct bank or card account during reconciliation.

What if the receipt doesn’t include a payment method, such as the last 4 digits?

If a receipt lacks a payment method, Receipt-AI will use the first Bank or Card account you selected. Verify the account match in your accounting software before reconciliation.