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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 Banks and Cards.

What are Bank and Card accounts?: The image shows two payment options in card format. The first card displays a bank account labeled

2. Select Expense accounts for your receipts.

How to setup Chart of Accounts in Receipt AI? Screenshot of the 'Chart of Accounts' setup page in Receipt AI, displaying expense categories related to job expenses. Categories shown include 'Job Expenses,' 'Maintenance and Repairs,' 'Equipment Rental,' 'Job Materials,' 'Decks and Patios,' and 'Sprinklers and Drip Systems.' Each category has a checkmark indicating it is selected.

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

Learn more

How to Reconcile in QuickBooks?

How to Reconcile in Xero?

How to Upload Receipts using Receipt AI?

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.

Expense Reconciliation

Accounting Software Integration

Receipt Categorization

Chart of Accounts

Receipt AI

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Introducing One-Click Reconciliation with QuickBooks and Receipt-AI: This image shows a checking account reconciliation screen from QuickBooks. The checking account number is 132435465. It displays two balances:* Balance in QuickBooks: -$5,092.83 (negative balance) * Statement balance (as of October 10): $1,608.77. There is a button labeled Reconcile 29 items, indicating that 29 transactions need to be reconciled. Below this, there is a graphical representation of the account's balance trend over time. The blue section corresponds to dates before October 6, and the red section starts from October 6, signifying a transition or discrepancy in the account balance. The timeline spans from September 22 to October 13, showing small fluctuations in the balance over this period.
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The image is from "Receipt AI", which allows users to manage receipts using AI and SMS. The background is black, creating a sharp contrast for the white and green elements. On the left side, large, bold white text reads "Manage Receipts with AI and SMS." Below this, in a handwritten-style white font, it says "Take a picture and Text," with an arrow pointing to an illustration of a receipt. The receipt illustration is simple, with a heading labeled "RECEIPT," and line items and prices listed below, such as "Pizza - $5.00," "Fettuccine alfredo - $20.00," and a total price at the bottom, all inside a green circular background. On the right side of the image, there is a smartphone displaying a text conversation. The screen shows a photo of a physical receipt from "Punky's" restaurant. The text conversation includes a message saying "Dinner with clients," followed by an automated response saying, "Thank you for the receipt." Overall, the image effectively communicates the concept of using Receipt AI and SMS to simplify receipt management by capturing and processing receipts via text messages. The inclusion of "Receipt AI" branding reinforces the service's identity.
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Receipt-AI.com: A digital interface displays a receipts table with three columns: Date, Vendor, and Total. The first row shows a checkbox, date 2023-05-27, vendor BBQ King House, and total $66.92. Next to the vendor name, a yellow pill-shaped label reads “Duplicate”. The second row below shows the same date, vendor, and amount, but without the duplicate label.
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A working professional traveling at a client site smiles as he takes a photo of a receipt with his smartphone. He plans to upload the receipt using SMS and Receipt AI, which is integrated with Xero or QuickBooks, while sitting in a cozy café environment. Indicating the ease of using the app.
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