Float Bill Pay offers a seamless integration to QuickBooks. Automatically sync bills and payments with Float's QBO Accounting Sync. This overview will guide you through how Bill Pay works with QuickBooks, including how to connect your accounts, sync vendors, and export bills and payments.
Step 1: Connecting QBO
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Follow the steps outlined in this article to connect QuickBooks to Float. Note, you can do this for both CAD & USD.
Step 2: Syncing Vendors from QBO
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Once you have connected QuickBooks to Float, all your vendors will automatically sync to Float! You can manage your Bill Pay vendors by navigating to the Bill Pay page > Select "Manage Vendors".
- The vendor's currency in QBO will determine its currency in Float. Only bills in that currency will be payable to the vendor. If you need to pay bills for this vendor in a different currency, you should create a second version of the vendor in QBO using the other currency (eg. "AcmeCo - USD" and also sync that to Float.
Step 3: Setting up QBO Accounts for Bill Pay
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Once QuickBooks is connected and synced to Float, navigate to Settings > Bill Pay
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At this stage, you will need to set the following for CAD & USD, respectively:
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Select your accounts payable accounts and clearing accounts from your accounting system that will be used for record keeping and month-end reconciliation of Bill Payments on Float.
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The Accounts Payable account must be the type "Accounts Payable (A/P)" (account class "Liability") and in CAD.
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The Clearing Account must be the type "Bank" and subtype "Chequing".
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Note - The clearing account can be the same account used for cards
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- GL Codes will be enforced for each bill once you have connected your QBO Accounts to Bill Pay.
Step 4: Exporting Bills to QBO
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Once a bill is added to Float, submitted for approval and approved (see: Understanding the Bill Approval Process in Float), the Bill will sync to Quickbooks as an unpaid bill, impacting the defined Accounts Payable account.
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In the "Unpaid" section of bill pay, the sync status will be visible in the "Sync" column.
- The date of export from Float to QBO will be applied as the bill date in QBO.
Step 5: Exporting Payments to QBO
- Once a bill has been paid (authorized and released, see: Authorizing Funds Release) from Float, the bill will sync to QuickBooks as a paid bill, impacting the defined Clearing account. The payment method that will display in QuickBooks for all bills synced through Float will be "Cheque".
- In the "Unpaid" section of bill pay, the sync status will be visible in the "Sync" column.
- If the bill is manually Marked Paid in Float, the payment status will not be automatically updated in QBO.
Step 6: Completing Sync & Identifying Errors
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If the sync is successful, the current status of the bill will be reflected in Quickbooks, and the Sync column will show a green status indicator.
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In case of any errors, the sync column will turn red, and an error message will be displayed.