Reviewing expenses with the “Prepare” tab
When the month-end closing time arrives, you need to review all expenses before exporting to make sure they’re correct. Thanks to our new "Prepare” tab, you’ll be able to easily group expenses, check whether the information is correct, and even edit multiple payments at once before sending them to your accounting software!
Before you review your expenses
It’s up to you to set up and filter the information you want to review before exporting. Spendesk allows you to sort and filter your expenses according to the following options:
- Smart sorting
- View expenses by receipt status: receipt provided; no receipt provided; receipt cannot be provided. Send custom reminders to team members where necessary.
- Group by:
- - Expense type: (claim, card purchases, invoices, etc.)
- - Supplier
- - Expense Account
- - VAT rate
- - Time frame:
- - Select the time period of expenses you wish to review.
- - Additional filters:
- - Team, Spender, Amount, Analytical code, etc.
When you’re happy with your settings, it’s time to review your expenses.
Bookkeeping in 3 simple steps
1. Check and edit
Check that the information provided is correct for the grouped expenses you selected (supplier, VAT rate, type of payment, analytical code, etc), and edit in bulk or one by one if necessary.
2. Mark as ready to be exported
Once you’ve reviewed the information, click on the [Mark as ready] button to proceed. You can no longer edit the information, and the expense falls into the export tab.
Should you need to make changes to an expense you’ve previously reviewed, simply go to the “Export” tab and hover above the “Validated” button. Click on “Undo” to edit the information.
Good to know: If you have previously validated or exported a payment missing an invoice, the person who made the purchase can still add it later. 😉 Spendesk will send you a notification of this change and mark the payment as unread.
To save time on bookkeeping, Spendesk lets you export validated payments in a .csv format. Once the payments are validated (all of them or only some), export them by clicking on the "Export" button.
Select your preferred time period. For example, if you’re doing monthly closing, you can select “last month” as your export period.
The export folder contains several files:
- - A bank journal in .csv format. It contains all the transactions for the selected period, regardless of whether they were validated or not. For each payment line (or two lines if a conversion fee applies) you will find the related information: team, expense description, amount, currency, VAT, expense account, etc.
- - A purchase journal in .csv format. It contains all the validated payments for your selected period. Each payment is broken down into several debit and credit lines:
- Pre-tax amount on the debit account - charge account (600XXX)
- VAT amount on the debit account - VAT account (445XXX) (where applicable)
- A credit line - bank account (512XXX)
- - A bank statement
- - All of the invoices renamed according to your naming convention, organized in a dedicated folder.
- - Exported payments appear in the "Exported" tab of the interface.
- - If any invoice is added after export, a small blue banner will appear at the top of the screen.