Convert statements or ledgers to invoices
Purchase and sale invoices are the most common documents to record a purchase or sale transaction. However, these documents are not always available for small businesses, and some users need to record their business purchases and revenues using alternate documents, such as supplier/customer statements or ledgers. Receipt Bot can extract transactions from your supplier /customer statement and transaction ledgers and record each transaction separately. After extraction, each transaction is available as a sale or purchase invoice and can be exported to your accounting software.
You can configure Receipt Bot to choose one of the following three options for processing supplier statements or transaction ledgers:
- Option 1 – Create a purchase/sale transaction for every line in the statement.
- Option 2 – Extract a simple grid from the document.
- Option 3 – Process statements without extracting any data.
Option 1 – Create a purchase/sale transaction for every line in the statement.
You can extract each invoice from a supplier/customer statement as a separate transaction using this option. The original supplier/customer statement or ledger is attached to each transaction as evidence.
Note the steps described below are explained for extracting purchase invoices from supplier statements/ledgers. The same steps can be performed to extract sale invoices from customer statements/ledgers.
You can follow these steps to enable this feature in Receipt Bot
Step 1 – Navigate to the Data Extraction tab.
Step 2 – Enable the toggle switch for ‘Supplier statement to invoices’.
Step 3 – If a statement was processed without line extraction, select ‘Yes’ to extract transactions from those documents.
Step 4 – Choose the default transaction type to be applied to each extracted statement transaction.
Note: By default, it is set as “Learn based on history”, meaning the system will improve its assignment for each transaction based on your updates to processed documents.
The supplier statement extraction will now be enabled. The system automatically extracts a transaction from each line when you upload a new statement as a Purchase or Sale invoice.
Once the documents are processed, you will notice multiple copies of the supplier statement on the Purchase invoices page. Each copy will hold data for a different transaction. The system stores the line number in the description field so that you can reference the transaction details with the lines on the statement.
Option 2 – Extract a simple grid from the document.
If you do not require each transaction extracted separately as a purchase/sale invoice, you can use this option to extract the grid, as it is in the PDF statement.
You can follow these steps to enable simple grid extraction.
Step 1 – Navigate to the Data Extraction tab.
Step 2 – Enable the toggle switch for ‘Extract Simple Grid’ for supplier statements or sales ledgers.
Note: ‘Extract Simple Grid’ and ‘Supplier statement to invoices’ features cannot be enabled simultaneously. If the ‘Supplier statement to invoices’ is enabled, disable it first.
The “extract simple grid” feature will now be enabled. The system automatically extracts the grids from the PDF when you upload a new statement as a Purchase or Sale invoice.
Once the statements are processed, you can expect your supplier statement and ledgers to be processed in the “Other Documents” module. You will find an Excel download button on the top right to download the extracted grid data.
Note: Receipt Bot extracts grid in Excel format for documents uploaded to the “Other Document” module. If you have enabled option one above but uploaded the statements as ‘Other Document’, the system will still extract the grid data in Excel.
Option 3 – Process statements without extracting any data.
The default system setting in Receipt Bot is to process statements without extracting data to avoid charging unnecessary credits.
Suppose neither of the above two options is enabled, and you upload a supplier statement or ledger as a purchase or sale invoice. In that case, the system will return the document with a processing error and remarks to enable the ‘Statement to Invoices’ function.