Sign Up
GUIDE

The anatomy of an expense export

The anatomy of an expense export
 

Introduction

This article will take through how Greenback will map your expense transactions to both QuickBooks and Xero's chart of accounts.


For QuickBooks users

Payee Field

The “Payee” field is the Contact (vendor, supplier, marketplace, seller platform, etc) that will be associated with the transaction. This mirrors the “Vendor” field in the QuickBooks UI on their own transaction form.

Greenback supports PO#s. If the expense transaction has one (associated with the vendor), it will appear in the text-receipt under details. Make sure you have an open PO and POs are turned on in your settings. Learn more about PO# Setup in QBO.

Bank/Credit Account Field

The “Bank/Credit Account” field is the payment method such as a bank account or credit card used to pay the vendor. The “Bank/Credit Account” field in Greenback is the “Payment Account” field in QuickBooks. Options for this field populate from all “Bank” and “Credit Card” types of accounts in your Chart of Accounts. Hints extracted directly from the receipt or ancillary transaction will display below the field to help you accurately decide the export destination. Ex: “You paid with Visa x-4242”, “You paid with Etsy Shop Funds-Acme Soap x-1200400".

Line Items Account

“The Line Item Account” field is the account to associate with the expense. Usually, you think of this as the “category” of what you’ve spent, but in double entry bookkeeping it’s possible it represents something else like an Asset. This mirrors the “Account” field in the QuickBooks UI on their own transaction line items. Select the default remembered from the last export or select from the dropdown. You should see the account name (Ex: Supplies), and the account type (Expense, Asset, etc). Ex: Material (Cost of Goods Sold), 601 Marketplace Fees (Expense), etc. If you need a new account, go to QuickBooks to add it and then start your export over again in Greenback. The dropdown is in CoA order and displays the right group to help you.

If Class Tracking and/or Location applies to this transaction, additional Line Item fields will display for each line item.

Billable Customer, and Billable Expenses features are for Greenback paid users only.

For Customer (Optional)

The “For Customer” field is for tracking expenses and items by customer/address/project that may not necessarily be billed to the customer. (If you start your workflow in QuickBooks, leave it unassigned to a customer. You’ll choose it here.) Make sure that “Track expenses and items by customer” is ON in your QuickBooks settings.

For Billable Expense (Optional)

The “Billable” field is for assigning a billing expense to a customer (ie: making expenses billable in order to be reimbursed by the customer). This mirrors the “Assign expenses to customer” link in the QuickBooks UI on their own transaction form. The expense was incurred by you on your customer’s behalf such as purchasing supplies. You can mark this expense as billable now and later apply it to their invoice or a different invoice. (If you start your workflow from QuickBooks instead, leave the expense unassigned or don’t click the “Billable” box. You’ll choose it here in Greenback). Make sure that “Make Expenses and Items Billable” is turned on in your QuickBooks Settings.

Pro-Tip: There are many ways to track expenses by job. QBO Pro Advisors recommend Class Tracking as a Job Costing workaround. See Job Costing Workaround.

Location (Optional)

Location tracking is for categorizing the entire transaction. Assigning a location lets you efficiently manage groups of transactions. Ex: location, office, region, outlet, or department for the same company. Also by business, division, property, store, territory, project, or any other criteria. (eg: Twelve Oaks Apts, East Store #1234)

Class (Optional)

Class tracking specifies a different class for each line item of your expense transaction such as the department, product, or a special event/project. (eg: Custom Orders, Electrical, Kitchen).


for Xero Users

From Field

The “From” field is the Contact (vendor (creditor), supplier, marketplace, seller platform, etc) that will be associated with the transaction. This mirrors the “From” field in the Xero UI on their own transaction form.

Type + Account Field

The “Type + Account” field is Greenback’s way of representing two concepts in one field. It represents both the type of transaction to create and which account it was paid with. Depending on how you have your Chart of Accounts set up in Xero, you may see “Bill”, “Bill + Payment”, and “Bank Transaction” types.

Bill

This will create an “unpaid” Bill (Purchase) in Xero.

Bill + Payment

This will create a Bill (Purchase) transaction and also create (apply) one or more Payment transactions in Xero. Greenback will display a unique “Bill + Payment” entry for every account you’ve flagged as “payable” in Xero. See Enable Payments to an Account

Bank Transaction

This will create a Spend Money transaction in Xero. Greenback will display a unique “Bank Transaction” entry for every bank account in Xero.

Pro-Tip: A deleted Receive Money transaction can not be restored. So re-export it from Greenback. See below.

Choosing the right method

Either Bill + Payment or Bank Transaction accomplish the same general goal. Depending on your Xero subscription, you may have limited “Bills” you are allowed to create. In that case we’d suggest you primarily use Bank Transactions. If you have unlimited Bills then we suggest you use Bill + Payment.

Hints extracted directly from the receipt or ancillary transaction will display below the field to help you accurately decide the export destination. Ex: “You paid with Visa x-4242”, “You paid with Etsy Shop Funds-Acme Soap x-1200400

Line Item Account Field

“The Line Item Account” field is the account to associate with the expense. Usually, you think of this as the “category” of what you’ve spent, but in double entry bookkeeping it’s possible it represents something else like an Asset. This mirrors the “Account” field in the Xero UI on their own transaction line items. Select the default remembered from the last export or select from the dropdown. You should see the account code, account name, and the account type (Expense, Asset, etc). Ex: 6000 Advertising (Expense), Material (Cost of Goods Sold), 601 Marketplace Fees (Expense), etc. If you need a new account, go to Xero to add it and then start your export over again in Greenback. The dropdown is in CoA order and displays the right group to help you.

Customer to Bill (Optional)

The “Customer to Bill” field is (Greenback premium only feature) for assigning a Billable Expense to a customer. This mirrors the “Assign expenses to customer” link in the Xero UI on their own transaction form. If you start your workflow from Xero instead, leave the expense unassigned or “Decide Customer Later”.

You can edit and/or not add outstanding expenses when prompted in Xero later.

Greenback will remember it for the next time.

Optional Title

Pro-Tip: Xero recommends “Xero Projects” to assign expenses to a project ie: job costing.

Tracking Categories (Optional)

The “Tracking Category” field(s) are (a Greenback premium only feature) for setting your configured tracking categories in Xero. If you’ve setup Tracking Categories in Xero then Greenback will display them as optional fields (paid users only). Ex: Division (Optional).

Ready to get automated?

  • Start your free trial
  • Easy set-up
  • Cancel any time