The
system contains a
scanner, an apparatus for scanning receipts into a computer and a unique
software program which automatically processes, organizes and saves expense information that can be viewed in various formats, namely, tabular statements, pie-charts, etc. The
scanner, which accommodates paper of differing sizes, is used to input bills, receipts,
bank statements, etc. The
scanner is usually connected to a computer through a Universal Serial
Bus or a
parallel port for easy installation. The
software program creates a
text file of the scanned data by inclusion of sorting, categories, etc., and automatically saves the information in Quicken Interchange Format, allowing it to be imported into any financial management
software for further
processing. Each
receipt is treated as an individual transaction. Multiple items in the
receipt are used to create a “split” transaction with proper customizable categories added. Further, the software also allows for
record keeping, budgeting and budget balancing.