XBert Type: Standard
Accounting Software: Xero
Country Restriction: All regions
Risk Type: Bookkeeping Risk
Business Function: Purchases
Overview
The "Different Account Name Detected for an Expense Transaction" XBert identifies expense transactions that have been allocated to an account different from the usual one for the same supplier. This may indicate a misallocation or a change in expense categorization.
What it does
This XBert:
Monitors expense transactions for consistent account allocations.
Flags transactions where the account name differs from the usual allocation for that supplier.
Provides details of the current and predicted account names for review.
How it works
XBert analyzes expense transactions and compares the account name used with the historical allocation for the same supplier. If a discrepancy is found, it triggers an alert with the following details:
Contact Name: @[CompanyName]
Created Date: @[DateCreated]
Posted Date: @[EventDate]
Current Account Name: @[AccountCode]
Predicted Account Name: @[TotalResult]
This helps in identifying potential misallocations that could affect financial reporting.
Example/Use Case
You usually allocate expenses for the supplier Office Works to the account "Office Equipment." For three months, expenses have been allocated to "Equipment Hire," which has a different tax status. This misallocation could lead to incorrect financial reporting and tax implications.
Accounting software
This XBert is compatible with:
Xero
Which countries it supports
All countries where Xero is used.
Processes
This XBert falls under the Bookkeeping – Purchases (AP) category.
To action:
Click on the transaction link in Xero to review the expense transaction.
Verify if the current account allocation is correct.
If incorrect, reallocate the transaction to the appropriate account.
If this is a new allocation, XBert will learn over time and won't alert for similar future transactions.
Regularly reviewing account allocations ensures accurate financial reporting and compliance.