Once you have connected your Volopay account with the accounting software, it becomes super easy for bookkeepers to verify the expenses and sync into the accounting software.
Let's get started!
Go to the "Accounting" tab on the Dashboard. The transactions tab consists of all Volopay transactions which include card expenses, bill pay and others.
Cards
The cards tab includes all card expenses. The accounting process majorly goes through three different stages (Review pending, Pending to verify, Pending to sync)
Incomplete: All transactions will land in the Incomplete expense tab for review in case the mandatory fields are not completely filled. The Admin or Accountant can fill up the details or can override any mandates and can review it okay, not okay or need more details.
Okay: When the transaction is perfectly good to proceed further.
Not Okay: If the expense owner has attached wrong bills or wrong information. The expense maker will be notified.
Need details: When you require more detailed information about the transaction. The expense maker will be notified.
When the expense is reviewed as Okay, then it will move to the Pending to verify stage.
When marked Not okay, it will move to the Pending to verify stage as all expenses need to be accounted for bookkeeping.
When marked Need details, it will continue to be in the same Incomplete tab as the user has deemed it to be incomplete and awaiting expense maker action.
Review Pending: All completed transactions only will be available in this Tab. The Admin or Accountant can review it okay, not okay or need more details.[ When an expense at this stage is marked Need details, it moves to Incomplete stage.]
Note: It is important to note that the Review feature is by default disabled. In such a scenario, the Accounting process will only involve Incomplete, verification and Syncing. User might wish to keep it disabled to eliminate this step of additional review. Incase the option needs to enabled, the same can be done by going to Manage-->Settings
Pending to Verify: This is the second level of review. All Okay and Not okay transactions will be in Pending to verify stage, where you can verify all 'okay' expenses and you can make 'not okay' expenses as okay and verify later.
Here you can overwrite a transaction where you can make transactions with 'okay' status as 'not okay' and vice-versa just by clicking the 3 dots at the bottom of the expense
Incase you mark a Not Okay expense as Need details at this stage, it will be pushed back to the incomplete stage.
Incase you mark an Okay expense as Need details at this stage, it will be pushed back to the incomplete stage.
The Chart of Accounts field with respect to Xero/ QBO needs to be entered without fail. User can also choose a vendor which is synced from the accounting software or choose for the system to create a new vendor.
All verified transactions will show in pending to sync stage, here you won't be able to make any changes to any transaction but you can sync these transactions with your respective accounting software. At this stage you can revert any transaction to Pending to Verify stage.
Synced: Once verified transactions are synced, all of them will be available in the synced stage.
Using the blue arrow icon external link you can View the transaction entry in your accounting application if using Xero
You can apply relevant filters and also bulk select transactions and export them to your registered email ID as CSV or PDF which will include all receipts as well
Bill Pay
The Bill pay tab includes all the transactions through the Bill pay balances (Bill pay SGD & Bill pay USD). The accounting process majorly goes through two different stages (Pending to verify, Pending to sync)
Pending to Verify: This is the first level of review. All Bill pay transactions will be in Pending to verify stage, where it is mandatory to enter the Chart of Accounts and vendor details. If no vendor is selected from the list of synced Vendors, the system will auto create a Vendor with a name based on the beneficiary Alias name. The expense needs to be verified by clicking on “Verify”.
Pending to Sync: All verified transactions will show in pending to sync stage, here you won't be able to make any changes to any transaction but you can sync these transactions with your respective accounting software by clicking on the “Sync” button at the bottom. At this stage you can revert any transaction to Pending to Verify stage to edit any details by clicking on the “Unverify option” at the bottom right with 3 dots .
Synced: Once verified transactions are synced, all of them will be available in the synced stage.
Others
The Others tab includes all miscellaneous transactions through Volopay. They could be:
Adjustments- Adjustments are usually the difference that may arise between the billing amount and the settlement amount at the merchant's end for any transaction. It can also be a refund from a merchant. In case you were overcharged or cancelled an order, the amount is refunded after a few days that is reflected as Adjustments on the ledger in case it can't be reversed to the original transaction. See more here.
Declines: Incase the transaction gets rejected due to insufficient balances, VISA charges 0.5 SGD for those declines.
Credit- These transactions refer to the Volopay account getting funded/topups.
Internal credits- Incase there is an internal transfer between Bill pay and Cards.
Cashbacks- Eligible cashbacks for Card spends
Invoice charges- Any subscription charges of using Volopay
The accounting process majorly goes through two different stages (Pending to verify, Pending to sync).
Pending to Verify: This is the first level of review. All transactions will be in Pending to verify stage, where it is mandatory to enter the Chart of Accounts. For Internal credits, the COA is auto defined by the system. All expenses need to be verified by clicking on “Verify”.
Pending to Sync: All verified transactions will show in pending to sync stage, here you won't be able to make any changes to any transaction but you can sync these transactions with your respective accounting software by clicking on the “Sync” button at the bottom. At this stage you can revert any transaction to Pending to Verify stage to edit any details by clicking on the “Unverify option” at the bottom right with 3 dots .
Synced: Once verified transactions are synced, all of them will be available in the synced stage.
You can apply relevant filters and also bulk select transactions and export them to your registered email ID as CSV or PDF. PDF downloads will include receipts printed/embedded within it.
The bulk select option can also be used to bulk review/verify/sync for Card, Bill pay or Others transactions.
Please note that there may be updates on this topic from the time of publishing. We recommend reaching out to your account manager, or drop us a chat message, to clarify your concerns. Thank you!