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Set Up Accounting Sync for Float Charge

  • Updated

Float Charge provides you with a credit limit for flexible spending that's paid down at the end of your cycle. Since this is money owed to Float, your accounts set up for your accounting system integration should be set up as a Liabilities account.

Please review this guide to learn how to configure your accounts in your accounting software for Float Charge card transactions.

 

Step 1: Create a Clearing Account for Float

Create a new account in your Chart of Accounts within your accounting software.

Please review the steps below, depending on your accounting system.

Please note: Float directly integrates with QBO, Xero, and NetSuite only.

QuickBooks Online (QBO):

  1. Head into Transaction > Chart of Accounts
  2. Press "New" to create a new bank account in your chart of accounts
  3. Here is how you can configure the account:
    • Account Type: Credit Card
    • Detail Type: Credit Card
    • Name: Float Clearing Account (Can be anything that you prefer)
    • Currency: CAD
  4. Hit "Save and Close" to save

Please note: You will need to create both CAD and USD accounts if you're on Float Charge for both currencies.

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Xero:

  1. Head into Accounting > Bank Accounts
  2. Click "add without a bank feed" > click Continue
  3. Type in the following details:
    • Bank Name: Float Bank Account (or any name you prefer)
    • Account Name: Float Balance CAD (or any name you prefer)
    • Account Type: Current Liability
    • Account Number: It can be any number (e.g., 123456)
    • Currency: CAD (Canadian Dollar)
  4. Click "Save and Close" to save

Please note: You will need to create both CAD and USD accounts if you're on Float Charge for both currencies.

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NetSuite:

  1. Head into Lists > Accounting > Accounts > New > click Continue
  2. Type in the following details:
    • Bank Name: Float Bank Account (or any name you prefer)
    • Account Name: Float Balance CAD/USD (or any name you prefer)
    • Account Type: Credit Card
    • Account Number: It can be any number (e.g., 123456)
    • Currency: CAD/USD
  3. Click "Save and Close" to save

Please note: You will need to create both CAD and USD accounts if you're on Float Charge for both currencies.

 

Step 2: Move your Float pre-funded balance to your new clearing account

*This step is only applicable to you if you are a new Charge customer who was previously on the pre-funded model. If you are a brand-new Charge customer and weren't previously on our pre-funded model, then please skip to Step 3.

For Float pre-funding customers, you should have been using a Bank (Asset) account to represent Float in your accounting software. When migrating to Float Charge, you will view Float as a liability account on your books.

To migrate, you will need to create a manual journal entry to move any remaining balance from your original Float asset account to the liability account created in Step 1.

QuickBooks Online:

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Xero

Instructions: https://tv.xero.com/detail/video/5127824467001/manual-journals-in-xero

 

NetSuite

Instructions: https://docs.oracle.com/en/cloud/saas/netsuite/ns-online-help/bridgehead_N1469070.html#Related-Topics 

 

Step 3: Select or change your Float Clearing Account

In the Float accounting settings, select the clearing account to be the new charge card account you created in Step 1.

  1. In Float, go to Settings > Accounting Sync
  2. Click the Sync button and wait for the button loading icon to finish
  3. Select your new Charge account in the Clearing Account dropdown menu

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