Revolut Business is often chosen for its team cards: every employee gets a card with limits, and spending appears instantly in the app. For bookkeeping, that means many small transactions from many people, each needing a receipt, a category and the right VAT treatment.
How Revolut gets into Nexbal
Revolut statements reach Nexbal by upload. Each Revolut account (main account, sub-accounts and currency accounts) is set up as a manual bank account, and you upload the monthly statement. Nexbal analyses each line and suggests the counter-account. Lines it can match to an account in the selected month are posted automatically, and the rest are listed for your review. The statement’s closing balance is checked against the ledger so nothing goes missing.
Capturing the receipts is the other half. Ask cardholders to forward each receipt to the company’s document reception address straight after paying, so the document is waiting when the statement line is reviewed.
Nexbal is launching in the UK and taking beta users now. Join the Nexbal beta and bring card spend and receipts together.
Structuring the accounts
| Revolut feature | Treatment in the books |
|---|---|
| Main GBP account | bank account |
| Sub-accounts or pockets (tax savings, payroll) | separate bank accounts, or one account with transfers recorded; either way, transfers are not income or expense |
| EUR or USD accounts | separate bank accounts in their currency, revalued at period end |
| Team cards | spending posted to the expense account for each item; card holder recorded for approval |
Team card spending
For each card transaction you need: the receipt (or a valid VAT invoice for VAT recovery), the business purpose and the person who spent it. Common problems:
- Subscriptions paid by card from overseas providers: no UK VAT on the receipt, so the reverse charge may apply.
- Personal spending by mistake: post it to the employee’s advance account and recover it; never leave it in expenses.
- Refunds: match them to the original purchase, including VAT.
Plan fees and currency exchange
Revolut’s monthly plan fee is a bank charge. Currency exchange inside Revolut is a transfer between your own accounts; any markup or fee is a cost, and the difference between the booked rate and the exchange rate is an exchange gain or loss.
Example: one card line
A team member spends £96 including £16 VAT on tools at a UK supplier.
| Account | Debit | Credit |
|---|---|---|
| Small tools and equipment | £80 | |
| Input VAT | £16 | |
| Revolut GBP | £96 |
Without the VAT receipt, the whole £96 goes to the expense and no VAT is reclaimed.
Month-end routine
- Remind cardholders to submit outstanding receipts.
- Download and upload the statement for each Revolut account.
- Review suggested postings, especially subscriptions and refunds.
- Confirm closing balances and record transfers between pockets.
For card spending policies, see company card expenses in bookkeeping; for capturing documents, receipt and invoice capture.
Close the month without chasing card receipts. Join the beta.