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.
Steps to Configure Direct Payouts for QBO Integrated Accounts
-
Go to Settings:
- Navigate to Settings > Reimbursement Settings in your Float account.
- Navigate to Settings > Reimbursement Settings in your Float account.
-
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:
-
Direct Payouts:
- After setting up these accounts, you’re ready to start paying out spenders who have added their bank details!
Please note:
- CAD Only: Currently, direct payouts are only supported for CAD bank accounts. Non-CAD accounts (e.g., USD) need to be paid outside of Float and marked as paid manually. If you are interested in joining our beta for direct payouts for USD bank accounts, reach out to Support!
- Float Balance: All payouts are made from your pre-funded CAD Float balance.
- Charge Card Customers: Direct payouts are not supported for customers using Float's Charge Card product. If you are interested in joining our beta for direct payouts for Charge Card customers, reach out to Support!