Are you looking for new ways in 2021 to save time and money? Maybe you are looking to make your company greener or streamline processes?
A great way to do all the above is with and integrated app called Dext Prepare, formerly known as Receipt Bank. If you are a current a Receipt Bank customer hopefully you have heard the news of their name change to Dext Prepare.
What is Dext Prepare?
A cloud-based data extraction software that integrated with QuickBooks and other accounting Software to help streamline and automate your bookkeeping process. It helps eliminate the daunting task of data entry. It helps prevent the “shoebox” accounting mentality where you collect receipts for a month (or even a YEAR!) and pass them along to your bookkeeper or accountant. Then you may have to guess what expenses are for or if they should be billed to a client or not.
Dext is a fusion of two words: the dexterity that accountants and bookkeepers bring to their clients’ challenges and the next generation attitude that so many have.
How Does Dext Prepare Work?
You can access Dext Prepare via the internet on your computer or by downloading an app on your phone. Once Dext Prepare is set up and a connection is established with your accounting software there are 3 ways to capture receipts. Receipts are submitted and Dext Prepare extracts certain elements within their software that can be easily reviewed by yourself or your accountant and published to your accounting software with just a few clicks of the mouse.
Ways to capture receipts:
- Mobile App – Download the mobile app on your phone. Once downloaded and you are logged in, open the app and simply snap a picture of the receipt of invoice.
- E-mail – Use your unique Dext Prepare e-mail address @dext.cc (do not worry if you were a Receipt Bank customer you can still use your @receipt-bank.me e-mail address) and forward receipts to this e-mail address. You can even set up this e-mail address with your vendors to send invoices or receipts directly to this e-mail. Dext Prepare will scan the e-mail for the invoice or receipt of extract from an attachment.
- Drag & Drop – On the Dext Prepare website you can drag and drop invoices or receipts to your dashboard by selecting the green “Add Documents” button on the top of the page.
Once an invoice or receipt has been captured there is no need to keep the physical copy of it. It will be stored on the cloud for a minimum of 7 years.
The main advantage of Dext Prepare from Receipt Bank is your receipts are immediately available within your workspace. Receipt Bank could take up to 90 minutes for your data to be extracted from an invoice or receipt and for it to appear within your workspace.
Here is a quick tour of what the Dext Prepare software looks like once you are logged in on your computer.
On the far left of the screen you will find your Workspaces in the black bar, within Workspaces are drop downs for inboxes.
Receipts or invoices that have been submitted to Dext but not published to QuickBooks will be in your “Costs Inbox” Workspace. A list of invoices will appear, and you can select the invoice you would like to publish to your accounting software.
Once you select an invoice or receipt it will appear in the middle of your screen.
On the right of the screen is where you verify the information that has been extracted is correct.
Dext will automatically split the tax amounts form the rest of the invoice.
You can also add additional information if needed. Additional information would include a customer, if the expense is billable, or a description if you want to highlight anything special about this transaction.
You can also add whether the invoice is paid or not. You can add all your payment accounts when setting up your account, so you would just select what account the invoice was paid from.
Dext gives you the ability to select how you would like the receipt to be published when it is brought into QuickBooks. It can be brought in as a bill, credit card charge, check or cash.
If you need to split the general ledger accounts, the invoice is being posted to you simply select “Create line items”.
Once finished you or your accountant can select “Publish”. This pushes the invoice into QuickBooks.
Once in QuickBooks if Dext invoices and receipts are published before you categorize your bank feed you will find them with a Matched classification to select and the invoice and payment will automatically be entered with little to no data entry.
Dext Prepare is a great way to streamline the Accounts Payable process by eliminating data entry. It also minimizes the chances of keying errors when you are manually entering invoices. All this allowing you to focus on what you really want to do, manage, and grow your business.
