I am having some issues linking receipts emailed to the hub to my uploaded bank statements. I click ‘tag me!’ on a receipt i put in the correct amount which should correspond to an untagged item in my uploaded bank statement but it isn’t coming up with anything. I have successfully done it before, but it was a while ago. Is there some step I’m missing? I don’t remember it being this frustrating before.
The Receipt Hub matches to purchase invoices not bank entries. If you first tag your bank entry to create a purchase, the receipt scan can then be linked to this.
Thanks! that makes sense! I thought i was missing something but couldn’t fathom what.
For years until now I’ve managed my accounts manually using a proprietary account book.
Now forgive my lack of understanding here but I’ve never issued an invoice. Why does every purchase need an invoice? I’m a taxi driver. I don’t invoice the petrol station every time I fill up. I simply file away the paper receipts for my records. So why can’t uploaded receipts be linked to it’s corresponding bank entry (minus invoice)?
@RoyD - I wouldn’t necessarily say you need an invoice, it depends on your own circumstances.
If you have the paper records, then you wouldn’t necessarily need to record each one individually. Some people do it (myself included) so everything can be traced quickly and easily. But if you have £100.00 worth of fuel costs in a week and you have a receipt for each, there would be nothing wrong with bulking these together as one purchase invoice at the end of the week - as long as you have the individual receipts to back it up.
Always consider - if HMRC asked you to prove something, could you in the best way possible?
You could very well link straight from the bank to a nominal code if you prefer, but this doesn’t take into account VAT (if you’re VAT registered), and by creating a purchase invoice for it, you could probably find out more details quicker. An example would be:
You can do the same with sales too. There’s an article on that here
Ah right I see. Thanks for the swift reply.
I have been linking bank transactions straight to a nominal account which is why the receipt hub won’t react when I enter receipt totals. I’m not VAT registered. Guess I’ll have to decide whether to carry on that way or to do the invoicing method as you describe.
I only have a few transactions so far - would I need to de-tag them & re-tag to produce invoices?
I’d advise the invoice route where possible just to make life a bit easier in the long run. And, as you’ve discovered, you can also use the receipt hub with them too. With the example above of the 5 fuel costs, you would need to enter the full invoice value into the receipt hub for it to show when searching, or you can just upload them from the invoice preview screen directly - whichever you prefer.
I hope that helps
That’s great. Thanks very much for your help