Intro to accrual accounting and new behavior on Bookkeep 2.0

Accrual accounting & reporting

  • 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

New behavior on Bookkeep 2.0

  • 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

  • 🎉 New: 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

Prepare payables

Accounts payable for card purchases

  • Reminder: You can assign accounts payable while preparing payables from
    'Bookkeep > Prepare'

  • 🎉 New: On Bookkeep 2.0 you can now assign accounts payable to any kind of payable (cards, expense claims, invoices)

  • Once you applied a accounts payable rule for a supplier (cards, invoice) or an employee (expense claim) Spendesk applies this rule the next time automatically

Multiple expense accounts

  • 🎉 New: You can split now payables over multiple expense accounts
    (it is possible to assign up to three different expense accounts per payable)

  • This split will be reflected in your purchase journal

Autocat for invoice payables

  • 🎉 New: 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'

Export payables

Discover the new purchase journal

  • The purchase journal contains all the payables that were "marked as ready" in 'Bookkeep>Prepare' and that were exported from 'Bookkeep>Export'

  • 🎉 New: The new purchase journal follows the accrual bookkeeping vision and therefore has undergone some changes

    • Correct dates for each payable type:

      1. Card payable: authorization date

      2. Expense claim: receipt date

      3. Supplier invoice: issue date

    • Split on expense accounts: The split is done in 'Bookkeep > Prepare' is now reflected

    • Credit line shows accounts payable: To reflect the recording of the debt on the account payable

    • Reconciliation with the payable reference: a unique ID representing the payable, which can also be found in the bank journal for reconciling the payable with their potential payment.

  • Transfer for existing custom exports: We are going to transfer your current custom export template.

Discovery the new bank journal

  • Reminder: The bank journal is the second accounting journal that you will get once you trigger the export from 'Bookkeep>Export'. The bank journal displays all transactions that happened on the Spendesk wallet highlighting the resolution of the debt against the account payable with its corresponding transaction against the Spendesk bank account

  • 🎉 New:

    • Accounts payable: Bank journal contains accounts payable for all types of payables

    • Reconciliation: Includes now a payable reference that gives your accounting software the possibility to match the entries of the purchase journal.

  • Legal supporting document: the bank journal can be considered as a legal document for all transactions carried out with the Spendesk wallet

  • Recommendation: We recommend using the purchase and the bank journal for your bookkeeping. With the payable reference, it is incredibly easy to match these entries now!

Accounting settings

From the 'Settings > Accounting' page you will be able to set up your accounting data for your closing process

Spendesk bank account

This code represents the Spendesk wallet
(& used on the credit line in the bank journal)

Bank fees account

This code is used to record the bank fees in the bank journal

Bank account funding Spendesk

This code represents your bank account with which you fund your Spendesk wallet
(& displayed in the bank journal on the wallet load lines)

Expense accounts

Here you can list all expense accounts you wish to use when preparing your payable

Miscellaneous supplier account

This account payable will be assigned by default to all card purchase

Individual supplier accounts

You are redirected to the new Settings > Accounts payable page (see next section)

🎉 New: Accounts payable page

The new page to manage accounts payable, suppliers, rules for expense account automation, banking details

Employee accounts

For expense claim users you can activate the default account which will be assigned to all employees, or you can decide to use the table to set up individual employee accounts

Reporting on Bookkeep 2.0

🎉 New: 'All payables' page - go to page for reporting purposes

  • 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

What is shown on the 'All payables' page?

  • 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”)

What data is available on the 'All payables' page (short extract)?

  • Payable date

  • Accounting date

  • Total amount

  • Payment status

  • Bookkeeping status

  • ...

Extract audit reports from Bookkeep 2.0

Account statement - go to documents for audit purposes and balance verifications

  • 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

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