As a user of both QuickBooks Online and Float, our aim is to make forecasting and managing your cash flow simple and easy by syncing the data from your QuickBooks account daily through to Float. However, there are certain situations where the complexities of the relationship between Float and QuickBooks can lead to irregularities in the data you see in Float.
We wanted to share with you some best practice tips on managing things in your QuickBooks account in order to get best results in Float.
When moving cash between bank accounts in QuickBooks it is important to record these transactions as ‘transfers’.
Where there are transfers between bank accounts in QuickBooks which are marked as ‘expenses’, Float will not pick these up and they won’t sync through to your cash flow.
Transactions types of TaxPayment and SalesTaxPayment are not yet supported by QuickBooks api, but users can create this by using the built in 'Taxes' section in QuickBooks.
If you are a user of QuickBooks payroll feature, you might have noticed a difference in the way payroll transactions sync through to Float. QuickBooks does not allow us to directly import payroll.
What you will find instead is a bank account called ‘Direct Deposit Payable’ in your bank accounts list in Float. This account must be toggled ‘on’ at all times as it contains all payroll related transactions.
These transactions won't show against the specific expense accounts, and will instead show against a Float created account called 'Payroll'. So rather than see the split between taxes and wages that he mentions, the full amount will show against “Payroll”.
Recurring Invoices & Bills
The best way to handle recurring income / expenditure in Float is to set recurring cash budgets rather than creating recurring invoices and bills in QuickBooks. Currently QuickBooks doesn't make it possible for these to sync to Float.
Paying off Credit Cards
When handling credit cards in QuickBooks, we recommend you avoid using the recently added ‘pay down credit card’ function, and instead choose another method for this. Although this can be useful in QuickBooks, this is not currently supported in Float and so you might end up with inaccuracies in your cash flow if you use this method.
While it is possible in QuickBooks to bundle items together and then add a bundle to an invoice, support for bundles is not available in Float. If you are using bundles in QuickBooks, these won’t pull through to your cash flow, meaning you will find line items missing where Float is unable to gather all the detail. The best way to ensure you have all the information you need in Float is to avoid using bundles in QuickBooks wherever possible.
Direct Deposit Items
When using deposits tied to estimates or sales receipts in QuickBooks, you may notice that these sync through to Float slightly differently. You can find these in your cash flow table in a Float-created account called ‘Direct Deposit Items’.