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Expenses Overview

This section explains how Fiskl's expense tracking system helps you record, categorize, and manage business expenses with automated data extraction and reconciliation.

Why Track Expenses in Fiskl?​

Fiskl's expense management system eliminates manual data entry by automatically extracting information from receipts and invoices. Combined with bank reconciliation, you get accurate expense records with minimal effort.

Key benefits:

  • AI-powered data extraction from receipts
  • Automatic expense categorization
  • Seamless bank transaction reconciliation
  • Multi-currency expense support
  • Tax-ready expense reporting
  • Mobile and web access

Two Expense Systems​

Fiskl provides two expense tracking methods to accommodate both modern and legacy workflows.

Modern AI-powered expense processing with automatic data extraction.

How it works:

  1. Upload receipt or invoice image
  2. AI extracts vendor, amount, date, and line items
  3. Expense saves automatically to Accounts Payable
  4. System reconciles with bank transactions automatically

Key features:

  • Automatic OCR data extraction
  • No manual data entry required
  • Intelligent expense categorization
  • Automatic bank reconciliation
  • Multi-document batch processing
  • Original document storage

Best for:

  • All new expense processing
  • Receipt and invoice scanning
  • Automated workflows
  • Teams wanting efficiency
  • Businesses of any size

Learn more: AI Expenses Overview

Traditional Expenses (Legacy)​

Original expense tracking system for historical records.

Current status:

  • View, edit, and delete only
  • Cannot create new expenses
  • Maintained for historical records
  • Still appears in reports

Use cases:

  • Managing existing pre-AI expenses
  • Viewing historical expense data
  • Editing legacy records
  • Cleaning up old data

Learn more: Traditional Expenses Overview

AI Expenses Workflow​

The modern expense workflow eliminates manual entry through automation.

1. Upload Documents​

Upload methods:

  • Drag and drop files on web interface
  • Select files from your computer
  • Mobile app camera capture (coming soon)
  • Batch upload multiple receipts

Supported formats:

  • PDF documents (multi-page supported)
  • JPEG images (.jpg, .jpeg)
  • PNG images (.png)
  • HEIC photos (auto-converts to JPEG)

2. Automatic Data Extraction​

AI extracts all relevant information:

  • Vendor name and details
  • Transaction date
  • Total amount
  • Tax/VAT amounts
  • Line items and descriptions
  • Payment method
  • Currency

Processing time:

  • Simple receipts: A few seconds
  • Complex invoices: Up to 1 minute
  • Batch processing: Background processing

3. Review and Confirm​

Automatic actions:

  • Expense saves to Accounts Payable
  • Category assigned automatically
  • Vendor created or matched
  • Original document attached

Manual review:

  • Verify extracted data accuracy
  • Adjust category if needed
  • Add notes or tags
  • Assign to client if billable

4. Automatic Reconciliation​

When bank transaction imports:

  • System matches expense automatically
  • Reconciliation completes without action
  • Expense appears in financial reports
  • Transaction marked as categorized

Expense Categories​

Organize expenses with customizable categories for accurate reporting.

Default categories:

  • Office Expenses
  • Travel and Transportation
  • Meals and Entertainment
  • Professional Services
  • Utilities
  • Rent and Facilities
  • Equipment and Supplies
  • Marketing and Advertising
  • Insurance
  • Taxes and Licenses

Category features:

  • Create custom categories
  • Map to Chart of Accounts
  • Tag for tax reporting
  • Track by project or department
  • Multi-level category hierarchy

Learn more: Expense Categories

Expense Management Features​

Expense List and Filtering​

View options:

  • All expenses (AI and Traditional)
  • AI Expenses only
  • Traditional Expenses only
  • Unreconciled expenses
  • Billable expenses

Filter capabilities:

  • Date range selection
  • Category filtering
  • Vendor filtering
  • Amount range
  • Reconciliation status
  • Client assignment

Search functionality:

  • Search by vendor name
  • Search by amount
  • Search by description
  • Search by reference number

Expense Details​

Information displayed:

  • Vendor information
  • Transaction date and amount
  • Expense category
  • Tax/VAT breakdown
  • Original document images
  • Bank reconciliation status
  • Notes and tags
  • Client assignment (if billable)

Actions available:

  • Edit expense details
  • Change categorization
  • Assign to client
  • Download attachments
  • Delete expense
  • View reconciliation

Billable Expenses​

Track expenses that should be billed back to clients.

Marking expenses billable:

  1. Open expense details
  2. Assign to client
  3. Save expense
  4. Expense becomes available for invoicing

Adding to invoices:

  1. Create or edit invoice for client
  2. Add unbilled expenses
  3. Expenses appear as line items
  4. Mark up if needed
  5. Send invoice to client

Billable expense tracking:

  • View unbilled expenses by client
  • Track billable expense totals
  • Monitor reimbursement status
  • Report on billable vs. non-billable

Multi-Currency Expenses​

Support international business expenses seamlessly.

Currency handling:

  • Record expense in original currency
  • Automatic conversion to base currency
  • Exchange rate captured automatically
  • Multi-currency reporting
  • Currency-specific expense tracking

Best for:

  • International travel expenses
  • Foreign vendor payments
  • Multi-country operations
  • Currency arbitrage tracking

Integration with Banking​

Expenses integrate seamlessly with Fiskl's banking features.

Automatic Reconciliation​

How it works:

  1. AI Expense created from receipt
  2. Bank transaction imports from connection
  3. System matches expense to transaction
  4. Reconciliation completes automatically
  5. Both marked as reconciled

Matching criteria:

  • Amount match (within tolerance)
  • Date proximity (within days)
  • Vendor name similarity
  • Transaction description
  • Payment method

Manual Reconciliation​

When needed:

  • Automatic match doesn't occur
  • Multiple possible matches
  • Amounts differ slightly
  • Split transactions
  • Complex categorization

Manual process:

  1. View unreconciled expenses
  2. Find matching bank transaction
  3. Select match option
  4. Confirm reconciliation
  5. Verify in reports

Learn more: Reconciliation

Expense Reporting​

Generate comprehensive expense reports for analysis and tax preparation.

Available reports:

  • Expense by category
  • Expense by vendor
  • Expense by date range
  • Billable expense report
  • Unreconciled expense report
  • Tax-deductible expense report
  • Profit & Loss (includes expenses)
  • General Ledger

Report features:

  • Custom date ranges
  • Category filtering
  • Multi-currency support
  • Export to Excel/CSV/PDF
  • Drill-down to transactions
  • Visual charts and graphs

Learn more: Financial Reports

Tax and Compliance​

Maintain tax-ready expense records throughout the year.

Tax tracking:

  • Mark expenses as tax-deductible
  • Track VAT/GST on expenses
  • Categorize by tax type
  • Generate tax reports
  • Original receipt retention

Compliance features:

  • Audit trail for all expenses
  • Original document storage
  • Modification history
  • User action tracking
  • Export for accountant review

Best practices:

  • Upload receipts immediately
  • Review extracted data
  • Maintain consistent categorization
  • Keep notes on unusual expenses
  • Regular reconciliation checks

Common Use Cases​

Small Business Owner​

Typical workflow:

  • Upload 5-10 receipts daily
  • AI extracts data automatically
  • Review expenses weekly
  • Reconcile with bank monthly
  • Generate reports quarterly

Common categories:

  • Office supplies and equipment
  • Travel and mileage
  • Client meals and entertainment
  • Software subscriptions
  • Professional services

Freelancer or Consultant​

Typical workflow:

  • Upload receipts as incurred
  • Mark relevant expenses billable
  • Add billable expenses to invoices
  • Track home office expenses
  • Report for tax deduction

Common categories:

  • Home office expenses
  • Internet and phone
  • Professional development
  • Equipment and software
  • Travel to client sites

Agency or Team​

Typical workflow:

  • Team members upload receipts
  • Manager reviews and approves
  • Batch processing daily
  • Client expense assignment
  • Project-based tracking

Common categories:

  • Contractor and freelancer costs
  • Software and tool subscriptions
  • Office space and utilities
  • Marketing and advertising
  • Team meals and events

Product-Based Business​

Typical workflow:

  • Upload vendor invoices
  • Track COGS expenses
  • Inventory-related costs
  • Shipping and logistics
  • Equipment maintenance

Common categories:

  • Raw materials and supplies
  • Packaging materials
  • Shipping and freight
  • Equipment purchases
  • Warehouse expenses

Best Practices​

For AI Expenses​

Document capture:

  • Upload receipts immediately after purchase
  • Take clear, well-lit photos
  • Include all receipt information
  • Batch upload similar receipts
  • Use PDF for multi-page invoices

Data verification:

  • Review extracted data for accuracy
  • Correct any OCR errors
  • Verify vendor names match existing records
  • Confirm category assignments
  • Add notes for context

Organization:

  • Process expenses weekly at minimum
  • Maintain consistent categorization
  • Tag expenses by project or client
  • Keep billable expenses separate
  • Archive completed expenses monthly

For Reconciliation​

Bank connection:

  • Connect all business accounts
  • Enable automatic transaction import
  • Review imported transactions daily
  • Confirm automatic matches
  • Manually match remaining items

Regular reviews:

  • Reconcile weekly or bi-weekly
  • Don't let unreconciled items accumulate
  • Investigate matching failures
  • Update vendor names for consistency
  • Close reconciliation periods monthly

For Tax Preparation​

Throughout the year:

  • Upload all business receipts
  • Maintain accurate categorization
  • Note deductibility status
  • Track vehicle mileage separately
  • Keep personal expenses separate

At year-end:

  • Generate full year expense reports
  • Review all categories for completeness
  • Verify tax-deductible expenses
  • Export data for accountant
  • Maintain digital and physical backups

Getting Started with Expenses​

Begin expense tracking with this prioritized approach:

Step 1: Set Up Categories (5 minutes)

  1. Review default expense categories
  2. Add custom categories if needed
  3. Map categories to Chart of Accounts
  4. Configure tax settings per category

Step 2: Upload First Receipts (10 minutes)

  1. Gather recent receipts
  2. Go to AI Expenses
  3. Upload 3-5 receipts to test
  4. Review extracted data
  5. Verify accuracy

Step 3: Connect Banking (15 minutes)

  1. Connect business bank accounts
  2. Connect credit cards
  3. Import recent transactions
  4. Test automatic reconciliation
  5. Verify matches

Step 4: Establish Routine (Ongoing)

  1. Upload receipts daily or weekly
  2. Review AI-extracted data
  3. Reconcile with bank transactions
  4. Generate monthly reports
  5. Adjust categories as needed

Migration from Traditional Expenses​

If you have existing Traditional Expenses, follow this approach:

For new expenses:

  • Use AI Expenses exclusively
  • Stop creating Traditional Expenses
  • Train team on new workflow
  • Update processes and documentation

For existing expenses:

  • Keep in Traditional Expenses
  • No need to migrate unless desired
  • Both systems appear in reports
  • Edit or delete as needed

Reconciliation completion:

  • Finish outstanding reconciliations
  • Match unreconciled Traditional Expenses
  • Clean up duplicate records
  • Archive completed periods

Need More Help?​

Start with AI Expenses: AI Expenses Overview

Upload receipts: Uploading AI Expenses

Manage expenses: Managing AI Expenses

Reconcile expenses: Reconciliation

Configure categories: Expense Categories

Connect banking: Banking Connections

View legacy data: Traditional Expenses

Available Guides​