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Wednesday, November 06, 2024

What does the Transaction look like in Xero with Receipt-AI?

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Introducing One-Click Reconciliation with Xero and Receipt-AI: Screenshot of a 'Spend Money' transaction record in a bank account management system. The transaction is for Central City Parking, dated June 30, 2024, with a total amount of $12.00. The details show a unit price of $10.98 and a sales tax of $1.02. The transaction is categorized under the 'Automobile' account. A related file named '2024-06-30_central-city-parking_12.00_.jpeg' is attached, shown in a pop-up with an option to add files. The bank account listed is a checking account at City National Bank.

Receipt-AI extracts, renames and uploads receipts to Xero, then categorizes receipts based on your Chart of Accounts automatically for easy one-click reconciliation.

What steps has Receipt-AI automated in this workflow?

  • Capturing the receipt via SMS, Email or Website Upload

  • Renaming receipt files for future reference

  • Entering details like the vendor, date, total, and memo

  • Selecting the correct Chart of Account code

  • Attaching the receipt to the transaction

  • Reconciliation

    • Learn more: How to upload Receipts using Receipt-AI

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    Introducing One-Click Reconciliation with QuickBooks and Receipt-AI: Screenshot of an expense record titled 'Expense #Receipt-AI.com-1417' for $87.50. The payee is Pye's Cake, and the payment is from a checking account with a balance of -$134,090.12. The payment date is June 5, 2023. The expense is categorized under 'Meals and Entertainment,' with a description of 'Pye's cake.' An attachment named '2023-06-05_pye’s-cake_87.50.png' is included. There is also an option to manage tags.
    What does the Expense look like in QuickBooks with Receipt-AI?
    Introducing One-Click Reconciliation with Xero and Receipt-AI: This image shows a checking account reconciliation screen from Xero. The checking account number is 132435465. It displays two balances:* Balance in Xero: -$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.
    How to Reconcile in Xero with One Click
    Invoice vs Receipt: Close-up of a thermal printer ejecting a receipt with printed details visible, including a timestamp, itemized charges, net and VAT amounts, and a total sum. The receipt is partially curled as it exits the machine, suggesting a recent transaction. The focus on the receipt and the printer emphasizes the completion of a sale, which is often confused with an invoice that instead requests payment. Receipt-AI works with both receipts and invoices to extract information, rename the files, and upload them to your accounting software, such as Xero or QuickBooks.
    Invoice vs Receipt
    Graphic showcasing 'Simplified Reconciliation' with Receipt-AI. It describes the process where the receipt file is renamed and uploaded to QuickBooks to facilitate easier reconciliation. The image includes a cloud symbol, indicative of cloud storage or computing, an arrow pointing towards the QuickBooks logo, symbolizing the transfer or upload of data.
    Simplifying Accounting with Receipt-AI and QuickBooks
    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.
    Receipt-AI: Take a picture and text

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    No extra app downloads. Works with tools you already have (Email and SMS)

    Start texting receipts →
    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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