Written by Shannon Warawa, CPA, CA on Sep. 24, 2019
If you would like to spend less time organizing your records and more time growing your business, you should automate your document retention with Receipt Bank.
Receipt Bank is a website application that extracts key information from your invoices and receipts and publishes it directly into Quickbooks Online (QBO).
Integrates with QBO
Some of the benefits of using Receipt Bank are:
- More timely information.
- Instant receipt scanning with the mobile app. All receipts are usually captured within days or hours. Depends on you.
- More accurate capturing of information.
- Ability to easily designate receipts to specific classes or projects and also easily add notes to a receipt.
- Integrates with QBO
You can submit invoices and receipts to your Receipt Bank account in multiple ways including mobile apps, email, computer upload, DropBox and more.
Extracts all key information
Mobile app: (As easy as 1-2-3)
Using either the iOS or Android app
1) Open the app
2) Take a picture
3) Tap to submit the photo of your receipt for processing.
Receipt Bank will extract all key information including the item type (invoice, receipt or credit note), date, supplier, invoice number, total, sales tax and payment method. You can also add information including client, description, currency and project to your receipts before submitting them.
If you don’t have an Android or iPhone, items can be submitted by email. Every user is automatically provided with a unique, personalized @receiptbank.me email address. Invoices or receipts sent to an @receiptbank.me email address upload to your Receipt Bank account as separate items. Regular invoices from suppliers or providers that are received via email can be emailed directly to your @receiptbank.me email address.
For information on other submission methods, click here.
Once all the key information from your receipt has been extracted, your receipt will be transferred to the ‘Ready for Export’ section of your ‘Inbox‘ in your Receipt Bank account. From here, all the data can be downloaded as a CSV file, or published to Quickbooks Online (QBO).
When you submit a receipt for a supplier for the first time, Receipt Bank will make a best guess and assign the receipt a default category it thinks is most appropriate, for example office expenses. You can change the default category and it will remember this for all future receipts from this supplier.
As a client of KWB, Receipt Bank is included free of charge as part of the package of services that you receive from us.
If you would like more information on Receipt Bank or have any questions, please feel free to contact us at 780-466-6204 or email us by clicking here.
Thanks to Shannon Warawa of KWB Chartered Accountants for providing this content.
Shannon Warawa, CPA, CA
Shannon Warawa joined KWB in September 2005. She received her Bachelor of Commerce from the University of Alberta in 1999. After articling with PricewaterhouseCoopers for three years, she was employed with Howard Kirkpatrick Associates during which time she obtained her C.A. designation. Shannon is the first point of contact for the majority of clients handling the affairs of a deceased parent or spouse and would be happy to answer any questions and assist in the preparation of their final personal tax return.
In 2017, her name was added to the coveted Bunnock trophy when her team took 1st place in KWB’s 10th Annual Bunnock Tournament. In 2018, she defended her title with her office partner Haley.
Shannon works part-time, is married and has 3 children. Away from work, she enjoys camping trips with her family, reading, cheering at basketball, hockey and lacrosse games, book club and her weekly boot camp classes. She served as Parent Council Treasurer for many years at her children’s elementary school and continues to volunteer in her children’s schools whenever possible.
Shannon's Contact Information
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