Direct payouts in Float allow you to easily reimburse your employees directly to their bank accounts. If you are not integrated with QuickBooks Online (QBO), no additional setup is needed. If you are using QBO, a few steps are required to configure your account settings.
Please Note: You can only enable direct payouts once you have been approved for Payments as part of the Business Validation process during registration.
- If the option to enable direct payouts is greyed out, you haven't been approved yet
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To check your status, click the Bill Pay tab - if you see the below message, your approval is still pending
- If you'd like to expedite the approval process, please reach out to support@floatfinancial.com
Steps to Configure Direct Payouts for QBO Integrated Accounts
- Login to app.floatfinancial.com
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Navigate to Settings > Business Settings > Reimbursement Settings.
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Configure Your Accounts:
- You need to set up two accounts:
- Accounts Payable (CAD): Select a General Ledger (GL) code that corresponds to a "Liability account" with the subtype "Accounts Payable" in your QBO Chart of Accounts.
- Clearing Account (CAD): Choose a GL code that matches a "Bank" class with the subtype "Checking" in QBO. This allows Float to create payments in QBO when reports are paid through Float.
- You need to set up two accounts:
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Enable Direct Payouts:
- Toggle "Direct Payouts" to Enabled
- Once Direct Payouts is enabled, you will need to enable the selected currencies that can access direct payouts. Float currently support CAD and USD direct payouts (USD on Professional plan only).
- Toggle "Direct Payouts" to Enabled
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After setting up these accounts, you’re ready to start paying out spenders who have added their bank details!
Please Note: All payouts are made from your Float CAD or USD Cash balance