This review summarizes all your expenses By Payee, Account, and Month. It makes it super easy for you to review all your expenses.
Xenett understands and analyzes the transactions trend. Accordingly, it flags the abnormality. There are below three types of abnormalities that Xenett identifies and flags.
GL Misclassifications
This flag represents possible errors in GL Account. For Example, suppose a Verizon bill has been recorded under Telephone expense for the last six months, but suddenly, it's posted to Internet Account. In that case, it will show a flag on the Internet Expense Account.
In this case, you should resolve the flag by following any of the below ways:
If the account is wrong, click on that particular month's amount where the wrong GL is selected. It displays the list of transactions, and then you can edit it. Once the transaction is edited, the flag will disappear.
If you're okay with the flagged account (in this case, an internet Account), you should click on the flag and select the 'Add this GL to configuration' option. Once you do that, Xenett will not show the flag for this account in the future.
Amount Inconsistencies
This flag represents the possible errors in the amount of GL Account. For Example, you pay Dropbox $ 9.99 every month. In one of the months, the amount of $ 99 is unusual as compared to previous months. Xenett will flag such amounts.
In this case, you should resolve the flag by following any of the below ways:
If the amount is incorrect, click on that particular month's amount where the flag shows. It displays the list of transactions, and then you can edit it. Once the transaction is edited, the flag will disappear.
If you're okay with the amount flagged (in this case, $99), you should click on the flag and select the 'Accept this discrepancy' option. The flag will disappear.
Missing Entries
This flag represents the possible Missing entries. Let's say you get two monthly bills from Verizon for two locations. In one of the months, there was only one bill. Xenett will show the month's flag as it is a missing entry.
In this case, you should resolve the flag by following any of the below options:
If the entry is missing, you should record it in the accounting system and initiate sync to see the latest changes in Xenett. Once added, the flag will disappear.
If you're okay with the missing flagged entry, you should click on the flag and select the 'Accept the discrepancy' option.
Configuration and Flag
If you want to see that configuration, you can see that by clicking on any name. It will show the configuration, which can also be edited.
Suppose you don't want to see the flags for the particular Payee. You can turn On/Off the configurations with the button.
Xenett automatically sets three configurations by analyzing the data. You can also change it.
Expected Entries per month - Whatever number you configure here, it will expect that, and if it doesn't find it, it will show the flag.
Expected account - Whatever account you configure here, Xenett expects that account for the selected payee/name. If it finds any other account, it will show the flag.
Expected Amount - Likewise, it will flag whatever amount you configure and if it finds something else.
