Overview
Our integration with QuickBooks sets Volopay apart by offering enhanced functionality that can greatly improve your financial workflows. This integration features an automatic bank feed connection that can save you significant time each month. It also boosts reporting accuracy by enabling expense data matching, which allows for easy pushing of receipts and memos to QuickBooks. Furthermore, you have greater control over selecting the specific data you wish to transfer from your Volopay dashboard to QuickBooks. This integration is designed to streamline your accounting processes and enhance your overall financial management.
Setup
To integrate Volopay with QuickBooks, follow these steps:
1. Navigate to the "Accounting" -> "Integration" section on your Volopay dashboard.
2. Click the "Connect" button next to "QuickBooks."
3. You will be redirected to QuickBooks, where you need to enter your sign-in credentials and authorize Volopay to access your data.
4. Once permissions are granted, you will be redirected back to Volopay.
5. Choose the organization you wish to link with Volopay.
6. After selecting the organization, the integration process will be complete, and your chart of accounts, tax codes, and vendors will automatically synchronize.
Cards Transaction
Transactions made with a Volopay card appear as Expenses in QuickBooks.
When you access a specific transaction, you'll see various details that were synchronized from Volopay. The information displayed will depend on the fields you have enabled in your QuickBooks instance.
Steps for Syncing Card transactions:
Ensure the transaction is settled by checking if it has a ledger date.
Choose the appropriate QuickBooks category and verify the transaction.
Once verified, proceed to sync the transaction.
You have the option to bulk select and verify/sync multiple transactions at once.
Note on Sync Dates: When syncing a card transaction, it is done using the transaction date. You also have the option to select an accounting date, which is the date you want the transaction to be recorded on in QuickBooks.
Reimbursements
Reimbursements are processed as bills in QuickBooks, with a bill payment being generated if paid through the Volopay account. If the reimbursement is paid externally, the bill will be synchronized with the default Accounts Payable (AP) Account in QuickBooks.
Here's what happens when we synchronize a reimbursement:
If marked as "Manual Pay," a payment will be made debiting the default account selected.
The vendor is listed as the reimbursed employee's "first name last name," and any additional merchant information is included in the description field within QuickBooks.
Regarding Sync Dates:
Reimbursements are synced using the transaction date. Additionally, you can choose an accounting date, which is the date on which you prefer the transaction to be recorded in QuickBooks.
Steps for Syncing Reimbursements:
Choose the appropriate QuickBooks category and confirm the transaction details.
After verification, proceed to synchronize the transaction.
Alternatively, you can select multiple transactions in bulk and verify/synchronize them together.
Bill Pay
Invoices are processed as bills in QuickBooks, with a corresponding bill payment being generated if the payment is made through a Volopay account. The bill is then synchronized to the Volopay Account in QuickBooks.
Here's an overview of the bill synchronization process:
If the bill is set as "Manual Pay," no payment will be debited from the AP account.
The vendor associated with the bill in QuickBooks will be the one selected from Volopay. If the vendor does not exist in QuickBooks, a new vendor will be created automatically.
Steps for Syncing Bill Payments
Choose the appropriate QuickBooks category and confirm the transaction details.
Once the transaction is verified, proceed to synchronize it.
For efficiency, you can also select transactions in bulk and verify/synchronize them all at once.
Activating Continuous Bill Sync
To enable Continuous Bill Sync during your setup with QuickBooks:
Find the "Continuous Bill Sync" option in the integration settings and turn it on.
Bill Creation and Synchronization
With Continuous Bill Sync activated, any new invoice created in Volopay will automatically be synchronized with your accounting software.
The initial synchronization will capture key details such as bill number, invoice date, due date, line items, and the total amount.
Managing Changes to Bills
If there are any modifications to an existing bill, such as changes in amount, due date, or line items, these can be updated in your accounting system once the bill is paid.
To update a bill, go to the "Bill Payment" section under Accounting, find the bill, and click on the "Resync" button next to it.
After resynchronization, the revised details will be updated in your accounting software, keeping both systems aligned.
Others
Other transactions such as top-ups, invoice payments, adjustments, and other credits or debits can be synchronized with QuickBooks as a bank transaction.
To Sync other transactions:
1. Choose the appropriate QuickBooks category for the transaction.
2. Confirm the details of the transaction.
3. Once verified, proceed to synchronize the transaction.
4. You also have the option to select multiple transactions at once and verify/synchronize them in bulk.