Claim Expenses with IRD, Xero or HNRY
If you have signed up for Prosaic directly via our website, there are a few ways to ensure any expenses are claimed during tax returns, to ensure you receive tax deductions and credits on income tax or GST
If you use an accountant
we recommend sharing your expense claim directly with your accountant, who will be able to review, adjust and include expenses in any GST or annual tax return.
Even if you haven't been invited into Prosaic by your accountant, you can still send them a read only expense report at anytime, but clicking the 'Share with your accountant' button.
If you submit GST or Tax Returns via IRD website
If you complete your GST returns on the IRD website, there wil be a section asking for expenses incurred during the period.
You can copy and paste expense summary figures directly into the online form/ In Prosaic, expenses are summarised by those with and without GST. Where the IRD asks for GST-inclusive items, you can include this figure directly
If you use Xero
If you use Xero accounting sofware, you can post expense claims to Xero either manually, or instantly using our integration
Manually exporting to Xero
Open the export window to review options
- Detailed Summary: This is like a bank statement but includes all your bank accounts and transactions marked as expenses.
- Xero Bill Format: This can be downloaded and imported to Xero as a draft bill.
- Xero Journal Format: This can be downloaded and imported to Xero as a draft bill (recommend for accountants only)
Follow guidelines on the Xero help center for how to import either a bill or journal into Xero. Some tips
- You can directly import bills at this link https://go.xero.com/app/bills/import
- On the import bill screen, set the UnitAmount field to Tax Inclusive
- Assign expenses to the correct category in Xero, (eg "Motor Vehicle Expenses")
- You can pay the bill using an owner drawings account, or simply transfer money from your business account to personal accounts
Always check with an accountant on the best approach when importing and categorising expenses in Xero, or reimbursing or crediting for expenses
Automatically posting expenses to Xero
By integrating Prosaic directly with Xero, you can instantly post expenses as a bill or journal.
Read this doc on how to set up and post expenses into Xero
If you use HNRY
If you use HNRY to manage your income and expenses, it is possible to automatically post expenses from Prosaic into HNRY, via our beta Zapier integration
There’s a slightly different workflow from Xero. HNRY doesn't support expense 'claims', each individual eligible transaction needs to be synced with HNRY, and then reviewed and a reciept attached
Read this doc on how to set up and post expenses to HNRY