Reconciliation is the module within Neo1 where Finance and Administrator users can extract the transactions which have completed their workflow within Neo1 where all required approvals and audit checks have taken place. At this point, the spend will be in the Process stage of the Neo1 workflow as this spend is ready to be extracted and posted into your own internal finance system.
We know that every customer manages their finances differently. This guide is written to provide an overview of how this feature works in Neo1 so you can decide how best to use the features within your own business.
This guide will cover:
- Understanding the reconciliation module
- Steps to running an extract
- Working with integrated finance systems (Sage Accounts Online, Quickbooks and Xero Accounts)
- Working with extract files for non integrated finance systems
- Tips for dealing with errors as part of the extract process
- Sample Extract and Accruals file
Understanding the Reconciliation Module
You can access the Reconciliation screen from the modules area in the left hand menu:
The screen is designed to give you an instant overall view of our Company spend position for all Corporate card and Personal Cash (out of pocket expense) programs you have activated in Payment Types. The payment type is the main focus of each block, followed by the statement period, and then the neo1 workflow stage where transactions currently reside.
There is a lot of information presented on this screen, but as soon as you are familiar with the layout and the terms used it becomes an invaluable resource to understand where spend currently sits within the neo1 workflow, and a tool to understand your financial position on a monthly basis.
The columns are:
|Billing Account||Details either the corporate card program or the cash expense program|
|Billing Period Start - End||Either the Corporate card statement periods (allowing you to reconcile your statement) or the monthly period for the cash expense program|
|Justify - Approve - Review - Process||The Neo1 workflow stages. These columns show the value and number of transactions at each stage currently in Neo1.|
|Actions||Hover over action button to generate an extract or an accrual file|
|Total Extracted||The total amount already extracted for the particular Billing Period (and Billing Account). When spend is extracted either to your finance system or a file it will be totalled up in this column.|
Extracts & Accruals
The top menu includes a tab called Extracts. Select this to see the extract files and accrual files generated when running an extract for a selected billing period.
This screen presents the Extract File and an Accrual (both a CSV file for every billing period). If you run the extract process multiple times for same billing period (this is normal, as you may want to extract some spend whilst some users & approvers still have actions with them), you will see multiple lines and files against a billing period and the date the extract process was run, as shown below.
An Extract File is CSV of all spend which in the Process stage. This represents the finalised transactions that are ready to leave Neo1. The total of these files will be included in the Total Extracted column shown above.
An Accrual File includes all of the transactions not yet ready to leave Neo1. This will show the transactions in Justify, Approve and Review. This file is intended is to facilitate you storing balances in suspense accounts in your finance system and is useful for Card Programs where you need to settle a statement period with the Card Issuer but the transactions are not yet ready in Process to be fully extracted.
Note: These files are generated regardless of whether you have integrated your finance system, or have manually set up your finance settings.
3 Steps to Exporting Spend
Running an Extract
When you wish to run an extract, you will open the Reconciliation Module as described above, choose the statement period you wish to extract for and hover your mouse over the corresponding Actions commn.
One of two things will happen:
1. The Run Extract button will display
This will extract all spend currently in the Process stage of Neo1. The extract file will contain all transactions in Process. Once this is complete, the transactions will move from the Process column and into Total Extracted.
An accruals file will also be generated with all spend NOT in process.
2. The Get Accruals button will display
This means there is no spend in Process, so there is nothing to extract. A blank extract file will be generated in the Extracts tab, and all spend in other Neo1 stages will be available in the Accruals file.
Working with integrated finance systems (Sage Accounts Online, Quickbooks and Xero Accounts)
If you are using one of out integrated finance systems with Neo1, great news, you don't need to work with Extract Files! When you run an extract with the above process, the spend will be transferred into your finance system automatically.
If you still need a file to reimburse employees via a separate Payroll system, you can download this from the Extracts tab as described above.
Working with extract files for non integrated finance systems
If you have manually set up our Accounting Segments and Values, you will need to click onto the Extracts tab, locate and download the CSV files containing your extracted transactions (and optionally accruals).
You will need to research the import format for your finance system as everyone is different. Your IT department may be able to help here, as well as creating a transformation routine which will take the Neo1 CSV file and convert this automatically into format which can seamlessly be imported into your finance system.
If you need any help and advice on this process please contact us at email@example.com, providing a copy of the file format your finance system can accept for importing transactions.
Tips for dealing with errors as part of the extract process
Neo1 has built in error checking when working with our integrated finance systems. At the point of extract, Neo1 will check if the financial and tax codes used for the transaction are still live and acceptable by your finance system and in the event that something has changed (for example, you have changed an account code or closed a project code) Neo1 may display an error message.
Hover over the Actions column to select View Errors
The next screen will detail exactly which transactions and coding are blocking the extract.
Neo1 will automatically resolve this issue by clicking Resume extract for transactions with no errors. The transactions causing the block will be sent back to the submitting user for correction, and the remaining good transactions will be exported.
Sample Extract and Accrual FIle Template
Downloadable sample extract and accrual files are downloadable from this help article to help you to map your own finance system import file specification with the Neo1 standard file format.