Here is a quick overview of how QBO exports work in Float
Transaction exports Float into QBO
- Expense records are created on the export of every transaction
- The expense record contains all of the details of the transaction such as categories, tax, receipt, and the follow-up purchase labels the invoice as paid
- The transaction amount gets debited to the appropriate GL account and credited from the Float Clearing Account in QBO account as described in pre-requisites #2
Diagram of the entire flow
How to assign a payment on Float to a bill
If you paid a bill via Float, you will need to show that the bill is no longer outstanding. You must do this via a bill payment record.
- Export all transactions over to QBO (as per the normal export process at the end of the month). This will move the transaction in Foat over to an “Exported” status.
- Record the bill and bill payment record in QBO. Ensure that the bill payment record is configured to show payment from the Float Clearing Account on the date that it was paid in Float.
- There now exists a duplicate record of payment (one is an expense from step 1, the other is a bill payment from step 2). Delete the expense records, as the bill payment record is the preferred transaction.
Note: This process is more relevant to bills and bill payments that fall in different reporting months. If the bill is paid within the same reporting month, then an expense record is likely sufficient and these steps can be skipped. Please consult your accountant or bookkeeper if you’re unsure which record type is most appropriate.
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