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The dangers of the "ok" button

Writer's picture: Hannah ChivrallHannah Chivrall

Have you been clicking "ok" to reconcile all those transactions in your Xero bank feed?


You could be losing out on hundreds of pounds of expenses or mis-claiming VAT!


One of my recent clean-up jobs resulted in over £8,000 worth of reclaim from HMRC for VAT... why? Because the "ok" button had been used to auto code DHL spend transactions to "shipping expenses" when actually they were VAT expense collected through e-commerce transactions and drop shipping!


Always make sure you are checking and including the source documents such as receipts and invoices to avoid making these sorts of mistakes. AI is great in some instances but it is no replacement for knowing the details of all transactions and conducting periodic checks on coding against suppliers documents.


Clean bookkeeping processes can eliminate these problems because they keep ahead of the bank feed with the correct input of bills, expenses and invoices.




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