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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

  • 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

Multiple expense accounts

  • You can split now payables over multiple expense accounts

  • This split will be reflected in your exports to Xero

Autocat for invoice payables

  • 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'

Bookkeep and export to Xero

Bulk export

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

Export card payments

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

Export expense claims

  • 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.

Export invoices

  • 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.

Accounting settings

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

Accounting software:

This page allows you to synchronize Spendesk to your Xero account. You can also refresh your accounting settings in order to pull the latest version of your chart of accounts from Xero to Spendesk.

Spendesk bank account

This code represents the Spendesk wallet in Xero.

Bank fees account

This code is used to record the FX fees in in Xero.

Expense accounts

In this section we display all the expense accounts that you have set up in Xero.

🎉 New: Accounts payable page

The new 'Accounts Payable' page is your new go-to page to manage suppliers, rules for expense accounts and banking details of all your suppliers (card and invoices payables). This new page replaces the Suppliers page displayed in the Invoices tab for customers who use the supplier invoices module.

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

  • Net amount

  • Tax 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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