RECONCILING BILL.COM IN QUICKBOOKS

Introduction To Bill.Com

Bill.com is a cloud-based payment company that provided a solution for all digital payments. This cloud-based payment platform is integrated with almost all major accounting software like Xero, Quickbooks, Netsuite, etc. Bill.com is proving to be very effective for online payment as it integrates all your bills, automate payment and processes it within minutes.

Introduction to Quickbooks

Quickbooks is a cloud-based accounting software that is designed by Intuit. This software is specifically designed for small and medium-sized enterprises. Quickbooks offers various features like:

• Creating and sending customized GST compliant invoices.
• Syncing and importing all your data from excel spreadsheets
• Syncs and imports bank transactions automatically
• Track cash flow along with other accounts.

It also creates access privileges, that means, access of data can be granted to specific individuals like an employee or an accountant.

Integration Of Bill.Com With Quickbooks

Follow the steps given below to sync your bill.com account from your accounting software, Quickbooks:

• In bill.com, go to the ‘sync menu icon’ on the head of the page, then, click on ‘set-up Quickbooks online’.
• Now, click on ‘connect to Quickbooks online’.
• You have to now enter your Quickbooks online login details.
• Select the type of your company in Quickbooks online in order to sync it with bill.com
• Add Lapp to firm
• Recheck all the details, then click ‘Authorize’. ‘Authorize’ will securely sync all your data to bill.com.
• Your sync to Quickbooks is completed now.

Clearing of Bill.com clearing account

Clearing accounts are temporary ledger accounts. They are created in order to carry those amounts that have not to be transferred to another account.
In bill.com, clearing account is created to manage bills paid through a bank account. All the payment made is transferred to clearing account and wholly deducted from as a bank transaction. This makes sync less mess free as you need not keep an eye on every pity transaction.