New look for accounting table
Introducing the new revamped accounting tables to make your accounting simpler and much more efficient.
Scroll from “Left to Right” to view the entire transaction. You can also click on the scroll arrows which will be visible when you hover over the accounting tables.
Add and edit the accounting fields like “Xero Vendor”, “Xero Tax Codes” etc. in the Pending to Verify section of the tables in addition to the earlier way of updating them from the slider.
Add receipts and note from the table itself.
You can Verify & Sync an “Incomplete” and “NOT OK” Status transaction.
New look for Accounting Integration and Settings
You can integrate Volopay with Accounting software like Xero, Quickbooks, Netsuite or Deskera.
Once integration is complete, you can click on the Settings icon to manage settings, eliminate manual work and make your accounting simpler.
In Settings, you will find the following options:
Default bank account
This is the default Credit and Bill pay account. Once you select a bank from the dropdown, all the Card & Bill pay transactions will be linked to this bank account records.
Bank account for reimbursement
Once you select a bank from the dropdown all the Reimbursement transactions will be linked to this bank account records.
Set a periodic sync process of accounting tags from your accounting software to Volopay. You can choose a sync frequency of Daily, Weekly, Monthly or None if you don’t want automatic sync of these tags. Example, if weekly is selected, we fetch the ‘Chart of Accounts' and “Vendors” on a weekly basis.
You can automatically reconcile the matched transactions with the bank statements. It eliminates the reconciliation work for each transaction in the accounting software.
Auto sync expenses
Transactions which are completely selected through triggers will be synced automatically i.e. if all the fields in the transaction are filled automatically through triggers, the transaction will be auto synced to your accounting software.
We also provide you with an option to sync accounting fields manually from your accounting software. When clicked on the sync button, The buttons ‘Chart of Accounts’, ‘Tax codes’, ‘Tracking category’ and ‘Vendors’ are displayed.
Once you have synced accounting tags from your accounting software, the list of categories, tax codes and vendors will be available at a single click. Example, if you click on Xero category, a list of all the Xero categories will come which were synced from your Xero.
Set an alias for any Xero category
This alias will be shown on the Volopay platform but when the transactions are synced to your software, the original value will be synced and not the alias.
Enable or Disable any specific xero category from the display
Once a category is disabled, it will not show up anywhere on the Volopay platform and will not be available in dropdowns. This is provided to clean up your accounting fields.
We are introducing the concept of triggers in Volopay which will eliminate the manual way of selecting the Xero category, Tax codes etc. each time for every transaction, it auto fills if a trigger is set. You can set a trigger in two ways :
From the Triggers section under Accounting You can set a trigger for a particular vendor, card, user or Budget. The trigger values are fetched from this table to the transactions table for auto fill of each accounting transaction.
For any transaction, the order in which a trigger is picked up follows this rule -
First it goes through the vendor then cards followed by the user and finally the budget.
From the accounting tables through pop-up notification
In the GIF below we are taking an example from the Bill Pay tab. When an empty accounting field for a transaction is filled, a pop up appears with a “Set Trigger” CTA. If you decide to set a trigger, a slider opens up where you can set accounting fields for a specific trigger. The slider has following options :
Set trigger for - You can set a trigger for a particular vendor, user, card or Budget.
Set trigger values - Here you can specify the values that you want to be automatically filled for all the transactions that follow the specific trigger. Example - If you chose to set triggers for a specific vendor ‘google’, all transactions made to ‘google’ will be filled with these values.
Once you fill all the details and save it, these values will be updated in the Triggers page table. So each time a transaction appears in accounting transactions, the relevant fields will be auto-filled. The user needs to refresh the page to view the updated auto-filled tables.
Triggers in Others Tab
Triggers in Volopay which eliminates the manual way of selecting the Xero category, Tax codes etc. each time for every transaction is now available for transactions in ‘Others Tab’ as well.
From the integrations section under accounting,one can access the settings. Inside the settings one can set a trigger for transactions under the others tab.
How to set trigger for transactions in Others Tab:
First go to the accounting section and click on ‘integrations’, click on ‘settings’.
Under the ‘Default accounts for miscellaneous transactions’ one can see the different types of transactions in the ‘Others Tab’
One can select any type of transaction and set the trigger by clicking the down arrow and selecting the category and the tax code, as required.
The type of transactions where ‘Not Defined’ is mentioned, are empty and one can set the trigger, once the trigger is set the phrase will disappear.
After setting a trigger for ‘Decline’ one can go to the ‘Others Tab’ under Accounting and click on any decline transactions, there they can see the trigger set in the left slider.
Please note that the trigger which was set will only appear for new and upcoming transactions, the older transactions will remain the same provided they are unverified and not filled.
All the new transactions for which you have set up a trigger will be automatically populated with the correct accounting fields.