Best Practices for Month-End Reconciliation with Accounting Integrations

This guide explains how to complete a clean month-end close when using Float Business Accounts. It covers everything Float exports automatically to your accounting system, what must be added manually, and how to use your monthly statements to reconcile your Float Clearing Account.

The goal is to give you a simple, repeatable workflow that helps you keep your general ledger accurate each month.

If you are a customer who uses both Float Business Accounts (i.e., Cash accounts) and Float Charge, please review the article below for best practices on reconciling both Cash and Charge:

Best Practices Guide for Reconciliation with Charge & Cash Accounts 

Please review the guides below for your specific accounting system that integrates with Float:

Best Practices Guide for Month-End Reconciliation using QuickBooks Online (QBO)

Best Practices Guide for Month-End Reconciliation using Xero

Best Practices Guide for Month-End Reconciliation using NetSuite

Understanding your Float Business Accounts

Your Float Business Account (CAD/USD) is a pre-funded Cash account. When you spend, the transaction reduces your prepaid balance. Because this account acts like a stored-value wallet, all activity should reconcile back to a Float Clearing Account set up as an Asset in your accounting system.

Your Float Clearing Account should reflect all:

• Card purchases

• Bill payments

• Reimbursement payouts

• Funding top-ups

• FX conversions

• Credits or refunds

Your Float statements are the source of truth for all of these movements.

What Float Automatically Exports

Float exports compliant activity directly into integrated accounting systems (i.e., QBO, Xero, NetSuite). Automatic exports reduce manual work and help keep your Float Clearing Account in sync.

Card Transactions:

Float exports all compliant card transactions once you send them through Accounting > Transaction Export.

Each export includes:

• GL code

• Vendor

• Tax codes

• Custom fields

• Split lines

• Receipt attachments

Accounting Impact:

• Dr Exense

• Cr Clearing Account

Reimbursements:

Float directly exports:

• Reimbursement creations

• Reimbursement payouts paid from your Float Business Account

Entries appear as:

• Creation: Dr Expense / Cr Reimbursement Payable

• Payout: Dr Reimbursement Payable / Cr Float Clearing Account

Please note: Only reimbursements paid through Float will export automatically. Reports "Marked as Paid" do not automatically export and must be manually marked as paid in your accounting system.

Bill Payments:

If you use Float Bill Pay, the following export automatically:

• Bill creation

  • Dr Expense

  • Cr Accounts Payable

• Bill payments made using your Float balance

  • Dr Accounts Payable

  • Cr Float Clearing Account

Please note: Only bills paid through Float will export automatically. Bills "Marked as Paid" do not automatically export and must be manually marked as paid in your accounting system.

What Float Doesn't Export

Some activities are not exported and must be added manually to your accounting system. Your Float Business Account statements capture all these items and should always be used as the source of truth.

Items that require manual recording:

• Funding transfers (top-ups into Float)

• Withdrawals from Float

• FX conversions

• Refunds, merchant credits, or inbound payments

• Reimbursements and bills marked as "paid"

• Transfers between Business Accounts (CAD ↔ USD)

• Funds received in Float Business Accounts

Using Your Float Statements for Reconciliation

Your monthly Float statements include any balance-changing movement affecting your cash balance. Use them to assist you with reconciling your books:

• Opening balance
• Closing balance
• All card transactions
• All bill payments
• All reimbursement payouts
• Non-exported items (funding transfers, withdrawals, funds received in Float Business accounts, FX conversions)
• Running balance

For more information on Float Statements, please review the articles below:

Statements Overview

Downloading a Float Account Statement

Recommended Month-End Workflow

Step 1: Download Statements

1. Navigate to Accounts > Statements
2. Decide between CSV or PDF download > select the month > click Download CSV/PDF

Please note: Statements are available per currency, per account. If you use both CAD & USD, you will need to download these statements separately.

Step 2: Review & Export Transactions

1. Navigate to Accounting > Transaction Export
2. Review transactions and ensure all required information is included before exporting (i.e., review coding, check for missing receipts, validate tax codes, confirm vendors and custom fields)

For more information on transaction exports, please review this article: Transaction Export Overview

Step 3: Record Non-Exported Items

1. Using your Statements, manually record all movements that don't automatically export:
   • Funding/Top-Ups
   • Withdrawals
   • FX conversions
   • Funds received in Float Business Accounts
   • Reimbursements/Bills "marked as paid" in Float and paid outside of Float

Step 4: Reconcile the Float Clearing Account

Match the balance in your accounting system to the closing balance shown on your Float statements.

Step 5: Confirm Your Closing Balance

Once all exports and manual adjustments are recorded, your Float clearing account should match the closing balance on your statement exactly. 

If there are discrepancies, check for the following:

• Missed funding entries
• A refund or credit not added
• A transfer only recorded on one side
• FX movements not reflected

Example: Reconciling Your Float Business Account

Statement Summary:

• Opening Balance: $50,000.00
• Card Spend: -$18,500.00
• FX Conversion: -$325.00
• Top-Ups: +$20,000.00
• Refund: +$120.00
• Closing Balance: $51,295.00

Your Float clearing account should show:

• Card spend exports: -$18,500.00
• Manul entries:
  • Top-Ups: +$20,000.00
  • FX Conversion: -$325.00
  • Refund: +$120.00

Expected Closing Balance: $51,295.00

• A mismatch typically means you're missing a manual entry item.

Tips for a Smooth Month-End Close

• Export transactions throughout the month to reduce backlog
• Use one clearing account per currency
• Rely on your Float statements as the source of truth of money movement
• If your clearing account goes into the negative, check for missing top-ups or manual entries