How does the reconciliation process work?

Core to managing your company's finances is reconciliation and ensuring that spend amounts are correct and in agreement between your expenses and your company accounts. One benefit of Yokoy is that our software automates this process for you. Whereas previously, transaction statements and expense receipts would have been compared by hand, Yokoy designed this process on a virtual level to review your company card transactions more systematically.

For example, let's say you have a client dinner, and pay with your company card. Once you've paid, you snap a photo of the receipt, mark it as a Company card expense and upload it into Yokoy.

On the financial side, the moment you pay with your company card, your account provider charges the amount to your account, to be paid to the restaurant. It records this transaction in a booking statement. The booking statement, integrated with your company's Yokoy account via a transaction live feed, is imported into Yokoy as a transaction.

Once you submit your expense report, the company card expense will automatically be compared to the imported transactions and matched once the details of both sides can be reconciled. This happens as soon as both the expense report and transaction are available in Yokoy.

Once the Manager has approved the card expense and you as a Finance user have reviewed the card expense as well as checked and verified the matching, the transaction can be exported to your ERP system for booking. Notably, the amount exported is the transaction amount, as certain card fees may not be reflected in the expense report. The one-line export of the transaction then allows for a payment to be made into your company card account, in the same amount as was charged to it.

Overall, the process of reconciliation runs automatically in Yokoy as soon as an expense report has been submitted. As a Finance user, your role in the process is to ensure that all relevant information is uploaded into Yokoy, and regularly reviewing transactions to ensure all have been matched.