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Deep Dive: Expensify Card and QuickBooks Online Auto-Reconciliation: How it works!

Nicole TrepanierNicole Trepanier Expensify Team Posts: 497 Expensify Team
edited September 7 in Deep Dive Docs

If you are using both QuickBooks Online and the Expensify Card, we will automatically reconcile your expenses daily in QBO.

How this works:

  1. First, select your existing QBO bank account for reconciliation (in Expensify) under Settings > Domains > Company Cards > Settings. This account will need to be the same account as the daily settlement business bank account. 
  2. During the very first sync after the card is set up, we will create the Expensify Card liability account and the Expensify clearing account in your QBO general ledger.
  3. In the same sync, if there are pending transactions, we will then create a journal entry with the total of all pending transactions for the day. This will credit the bank account selected and debit the new Expensify Clearing account.
  4. Once the transactions post and the expense report is approved in Expensify, the report will be exported to QBO with each line as individual credit card expenses and an additional journal entry will credit the Expensify Clearing Account and Debit the Expensify Card liability account. 

Example:

We have card transactions for the day totaling $100, so we create the following journal entry:

The current balance of the Expensify Clearing account is now $100

The transactions Posts in Expensify so we create the second Journal Entry:

We then reconcile the matching amounts automatically which clears the balance of the Expensify Clearing account.

You will now have a debit on your credit card account (increases the total spent) and a credit on the bank account (reduces the amount available). The clearing account has a $0 balance. 

Each expense will also create a credit card expense exactly as we do today, exported upon final approval. This will debit the expense account (category) and contain any other line item data.

This process will occur daily during the QBO Auto-Sync to always keep your card reconciled.

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