Once you have connected your Volopay account with the accounting software, it becomes super easy for bookkeepers to sync Reimbursements 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 includes the reimbursements.
The accounting process majorly goes through two different stages (Pending to verify and Pending to sync).
The Pending to verify tab will show all the Approved Claims. When a claim is approved on Volopay, it creates a Bill in your Accounting Software. This is how it would show up in your Xero/Quickbooks:
For Xero, please go to the Business--> Bills to pay --> Awaiting Payment on Xero to see all Approved Bills on Xero.
2. It is important to enter the Chart of Accounts to all the transactions in the Pending to Verify Tab .
Once completed, the transaction needs to be Verified to proceed to the next stage.
You can also select multiple transactions to bulk verify them.
3. The Verified transactions will now move to the Pending to Sync stage.
a) If you have availed only the Reimbursement module form Volopay or an existing client planning to settle reimbursements without Volopay (manually like cash, payroll etc)
To sync a transaction, open up the transaction and click on Sync. You can also select multiple transactions to bulk Sync them.
Note: Syncing reimbursements will update the Bill on your Accounting Software as Paid and also create a debit transaction in your bank account.
A Paid Bill on Xero:
Transaction on your bank account:
b) If you are an existing client of Volopay availing its full package of services, and will settle Reimbursements using Volopay Bill Pay.
To sync a transaction, open up the transaction and click on Sync. You can also select multiple transactions to bulk Sync them.
Note: Syncing reimbursements will update the Bill on your Accounting Software as Paid and also create an entry in Volobank SGD/USD based on the Bill pay balance used to settle the claim.
A Paid Bill on Xero: