Setting up your Accounts Payable (AP) and Clearing Accounts in Float is essential for keeping your financial records accurate and making sure your payments are processed smoothly. These accounts help track outstanding bills and ensure payments are correctly reconciled once they are made.
What You Need to Set Up
QuickBooks Online (QBO):
- AP Account:This account tracks all unpaid bills. The Accounts Payable account must be the type "Accounts Payable (A/P)" (account class "Liability") and in CAD.
- Clearing Account: This account helps reconcile payments after they’ve been made. The Clearing Account must be the type "Bank" and subtype "Chequing".
Xero:
- Clearing Account: Xero uses a Clearing Account for both tracking unpaid bills and reconciling payments. No separate AP account is needed. The Clearing Account must be either account type "Bank" or have "enable payments to this account" switched on.
Note: At this current point in time, Bill Pay only supports QBO and Xero. All other accounting software can have data imported via CSV.
Steps to Set Up AP and Clearing Accounts
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Set Up Your Accounts:
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For QBO: Create both an AP account and a Clearing Account in QuickBooks Online. The AP account will track unpaid bills, and the Clearing Account will reconcile payments.
See: QBO Integration Guide - CAD or QBO Integration Guide - USD - For Xero: Create a Clearing Account in Xero. This account will handle both unpaid bills and payment reconciliation.
- See: Xero CAD Integration Guide or Xero USD Integration Guide
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For QBO: Create both an AP account and a Clearing Account in QuickBooks Online. The AP account will track unpaid bills, and the Clearing Account will reconcile payments.
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Link Your Accounts in Float:
- Make sure that the AP and Clearing Accounts you set up are linked correctly in your Float at Settings > Accounting Sync.
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Manual Reconciliation via CSV Export:
- If you prefer to manage your accounts manually or need to import data into another accounting software, you can export your bills and payments as CSV files from Float. This allows you to perform manual reconciliation or import the data directly into your accounting software
Setting up AP and Clearing Accounts in Float ensures that your financial data is accurately recorded and easily integrated with your accounting software. Whether you’re using QuickBooks Online, Xero, reconciling manually or importing CSVs into your accounting software, these configurations help keep your books in order and streamline the reconciliation process, making your financial management more efficient.