Brooke: We're actually so excited about the receipts app that we've launched over the last year. I can show you exactly how that works. Basically, we've implemented this into our Suite of tools because we really want to help our users get rid all of that paper clutter; like the George Constanza Wallet, you don't want to have that. You want to be nice and organized. You don't want to end up with a huge shoe box of receipts at the end of the year. So these are really the problems that we're aiming to solve with this app. Of course, we know that a lot of our users are on the go and they're super busy so we turned it into a mobile app as well so that you can snap pictures while you're on the go, out and about and really keep track of all your expenses. So you can download the app either on an Android or iPhone device.
Brooke: If you don't want to use the mobile app, you can totally just scan images of your receipts and email them to firstname.lastname@example.org. Now, the way that that works is it will actually recognize your Wave accounts. So you do have to have that email matching up with your Wave account log.
Jimmy: Right. Okay. This is great!
Brooke: Yes! This is so cool. I'm actually going to upload a receipt that I snapped a picture of with my phone. So I have the receipt here. Let me actually just show you a picture of that receipt so you can see.
Jimmy: That definitely looks like a receipt.
Brooke: That's a receipt. It's all crumpled. I'll get back to our business here. Okay, we're on.
Jimmy: Okay. So we've snapped a picture. We're uploading it.
Brooke: Right now, the receipt is in the uploading process.
Brooke: You can tell there's an orange on the left hand side. This could actually take anywhere from one minute to 10 minutes. It's hard to know but it's processing. I will explain what's happening behind the scenes.
Brooke: We're using a really cool technology here called optical character recognition. It's OCR for short. That technology is basically scraping off all the data from the receipt and it's going to fill it out into a nice, organized way and it will allow you to verify all of that information.
Jimmy: Okay. What it's doing is it's reading all the letters and numbers on the receipt and it's going to create a transaction I imagine, maybe?
Brooke: Exactly. Once this is processed, I'll show you exactly how to verify that receipt and I can also show you how it will lose onto the transaction screen and will then be categorized with the rest of your transactions.
Jimmy: Yeah. This is definitely something that's hyper useful.
Brooke: Oh, for sure. While we're waiting for that to process, there's is one thing you should know on the Transactions page about receipt and this is actually a great tip if you want to let your accounting professional know that we do have a bank reconciliation tool honor transaction's page. It's a little bit difficult to find, but the way to activate the bank reconciliation is by selecting a bank account. All you have to do is click on one of your accounts.
Brooke: And you'll notice that the bank rack has now popped-up on top of your transaction's screen. Now, just to give everyone an idea of why you would need a tool like this; it's so that you can keep track of duplicates in your account or anything that may not have cleared the bank yet, like a check. So you don't want to be having any lost or duplicate information in your Wave account. Yeah, the best way to do a bank reconciliation and the reason why I'm kind of meshing this in with receipt is because that's often a common scenario where people have a duplicate transaction. They snap a picture of their receipt and then it flows in through their bank as well. So this will kind of help you determine if there are any discrepancies like that. So the way it works is you have your verified balance which essentially is anything that you checked off manually.
Brooke: You're going to want just to compare that to your online bank balance and try and get the difference to be zero. As you verify each transaction, you'll notice that the numbers will change and then you can also drill down into the back to see more details.
Jimmy: Okay. It's very nice.
Jimmy: And it's also very easy to understand. It's very clear.
Brooke: Very simple but very important as well especially to the accounting professional.
Jimmy: Can we check out the progress on our receipt?
Brooke: Of course. Let's go check out that receipt and it has been processed now. So it's now in a blue state and when I click on that, I can see the image…
Jimmy: That was the merchant? Okay.
Brooke: It got the merchant correct. It got the date. It got the total. I actually did purchase this in the US I believe. It's selected Canadian probably because of my business settings.
Brooke: Make sure you keep an eye on that. And then you're going to want to select your category and a payment account. I will let everyone know that once you verify the details on a receipt, it will then flow into your transaction page. So you can't make changes to those details after you verified it. You want to make sure that you either verify the receipt on your mobile device or on your computer and that all those details are perfect. And now that I've verified it, it turns green and I can go back to my transaction's page. Here's the receipt.
Jimmy: And there it is!
Brooke: There's the attachment.
Brooke: And that's how it works.