Accrual accounting measures a company's performance and position by recognizing economic events regardless of when cash transactions occur

Cash accounting only records transactions when payments occur

Accrual accounting allows you to have a better understanding of your bookkeeping and your companies financial health

On the old version of Spendesk, we offered visibility at the ‘payment’ level, you had to mark a supplier invoice or expense claim as paid/reimbursed to be able to add it to your bookkeeping

With the new version Bookkeep 2.0, we now offer proper accounting standards allowing you to bookkeep supplier invoices & expense claims regardless of their payment status

Reminder: At the Review stage (in the tabs 'Invoices > Review' and in 'Expense claims > Review') you are able to check the compliance of the attached invoice or receipt as well as the other details provided by the employee. The Review step is also where you decide to agree to pay the supplier invoice or reimburse the expense claim

With Bookkeep 2.0, the Review steps are now also the time where you agree to add the supplier invoice or expense claim into your bookkeeping. This means that as soon as you ‘Validate’ a supplier invoice or an expense claim in the Review step, it will automatically go to the next Pay or Schedule reimbursement tabs AND in the 'Bookkeep > Prepare' tab for bookkeeping purposes

You can split now payables over multiple expense & VAT accounts This split will be reflected in your exports to Xero

You can now assign rules 'supplier = expense accounts' for invoice payables

Less manual work: If you set up these rules you will have the expense account field pre-filled in 'Bookkeep>Prepare'

From the new tab 'Bookkeep > Export' previously 'Payments > Export' you are now able to export payables in bulk for a specific period selected

If you export a card payment, then Spendesk will create both a bill and a payment with an automatic reconciliation in Xero.

If you export an expense claim that has been paid upfront via wire transfer with Spendesk wallet money, then Spendesk will create a bill and a payment with an automatic reconciliation in Xero

If you export an expense claim that was paid outside Spendesk with your own bank account, then Spendesk will create a bill with the status "awaiting payment" in Xero. Spendesk won't create any payment in Xero.

If an expense claim that has not been paid yet, then Spendesk will create a bill with the status 'awaiting payment' in Xero.
⇒ If you reimburse this expense claim via wire transfer with Spendesk wallet money after the export, the Spendesk will automatically create a payment in Xero with automatic reconciliation.
⇒ If you reimburse this expense claim outside Spendesk via your own bank, then Spendesk won't create any payment in Xero.

When you export an invoice, then Spendesk creates a bill with the status « awaiting payment » in Xero. As invoices cannot be paid via Spendesk wallet money, no payment is exported.

On the old version of Spendesk, FX fees were exported together with the core payment. A single bill was created in Xero with two lines: one for the core payment, and one for the FX fee.

With the new version Bookkeep 2.0, FX fees are exported separately from the core payment: one bill is created for the core payment, and another one for the FX fee.

Example: My default Spendesk account is in EUR and I make a card payment in USD

When you export this payment to Xero, then a bill with a €10 gross amount is created in Xero together with a €10 payment. They are automatically reconciled.

When Spendesk registers the FX fee related to the transaction, a bill with a €0.299 gross amount is created in Xero, together with a €0.299 payment. They are automatically reconciled.

With Bookkeep 2.0 we launched the new page 'All payables' for reporting purposes

The 'All payables' page reflects data on the payable level

This page is your new go-to page to analyze and extract .CSV reports of your payables and payments

Card payments as soon as they are settled

Expense claims and supplier invoices as soon as they are "validated" in their respective review step

Powerful filters: receipt status, date, payable type, payment status & bookkeeping status

🎉 New: payment and bookkeeping status: clear visibility on the payment status (“To pay”, “To reimburse” or “Paid”) as well as their bookkeeping status (“To prepare”, “To export” or “Exported”)

Payable date

Accounting date

Total amount

Net amount

Tax amount

Payment status

Bookkeeping status

...

The account statements are available from 'Settings>Your wallet>Account statements'

Account statements reflect every transaction (in & out) on your Spendesk account. It also does not contain any bookkeeping information

The account statement can be considered as a legal supporting document for all transactions carried out with the Spendesk account

Download from the 'All payments' page: you can download a specific set of transactions as a .CSV file (by using filters) from the 'All payments' page