What is a receipt?
A receipt is confirmation of a completed payment that you, a coworker, or a vendor has made.
For example, you get a paper receipt when you buy a liter of milk at the supermarket, or an email receipt when your phone subscription is automatically charged to your payment card.
How is a receipt different from an invoice?
A receipt differs from an invoice in that it has no due date - it only has a payment date. Broadly speaking, a receipt holds three pieces of information that Corpay One needs in order to process it:
The name of the creditor or the store
The payment date
The amount
Where an invoice is documentation of an upcoming payment, a receipt is documentation of a completed payment. In other words, no payment is made for receipts added to Corpay One, because the payment "behind" the receipt has already been completed.
In bookkeeping terms, a receipt is called a "financial voucher". If your accounting system distinguishes between invoices and financial vouchers, Corpay One also posts receipts as financial vouchers in your accounting system.
What do I need to do before I can add receipts to Corpay One?
Before you can start adding receipts to your company account, you need to complete the following two steps so that the receipts are handled and posted correctly:
1. Create a list of the payment methods that you and other coworkers in the company use for the payments you receive receipts for
đĄ If you use Corpay One's integration with Billy, a list called "Bank accounts" with payment methods/payment accounts is created automatically, so you do not have to do anything manually.
Since no payment is made for receipts in Corpay One, no payment method is selected in Corpay One either (as it is for invoices). That is why you have to create a list yourself of all the payment methods your company uses to make the payments you add receipts for. You then manually select a payment method for each individual receipt once you have added it to Corpay One.
1. Go to Settings > Lists, and click Create new:
2. Give the list a suitable name (e.g. "Payment methods for receipts"), and click Create:
3. Create a label for each individual payment method (e.g. "Cash", "Company card", "Personal reimbursement", etc.):
4. You will then be able to select the payment method you want on each individual receipt:
2. Update the integration setup for your accounting or ERP system so that receipts are synchronized correctly and so that contra accounts can be selected for receipts
đĄ If you use Corpay One's integration with Billy, a list of payment methods/payment accounts is created automatically, so you do not have to do anything manually.
Once you have created the list of payment methods as described above, you need to make sure that the integration with your company's accounting system is set up to handle receipts correctly. You do that in the integration setup itself.
For example, this may involve selecting a cash journal that journal entries for receipts are created in (if your accounting or ERP system does not use cash journals, the entry is created together with your other entries).
Read more about how to set up integrations so that they support receipts here.
How do I add a receipt?
See this guide!
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