Using Float with QuickBooks Online: A User Guide


As a user of both QuickBooks Online (QBO) and Float, our aim is to make forecasting and managing your cash flow simple and easy by syncing the data from your QBO account daily through to Float. However, there are certain  situations where the complexities of the relationship between Float and QBO 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 QBO account in order to get best results in Float. 

Transaction Types

When moving cash between bank accounts in QBO, it's important to record these transactions as ‘transfers’. 

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Where there are transfers between bank accounts in QBO 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 the QBO api, but users can create this by using the built in 'Taxes' section in QBO.

Payroll

If you are a user of QBO’s payroll feature, you might have noticed a difference in the way payroll transactions sync through to Float. QBO 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 QBO. Currently QBO doesn't make it possible for these to sync to Float.

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Paying off Credit Cards

When handling credit cards in QBO, 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 QBO, this is not currently supported in Float and so you might end up with inaccuracies in your cash flow if you use this method. 

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Direct Deposit Items 

When using deposits tied to estimates or sales receipts in QBO, 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’.

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GroupLineDetail

While it is possible in QBO 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 QBO, 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 QBO wherever possible. 

 


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