New QuickBooks Online Edition Feature

Last night we released new functionality that improves integration between Bill.com and QuickBooks Online Edition!

It is now easier to post offline payments directly to credit card accounts or multiple bank accounts in QuickBooks Online. 

If you make an offline payment in Bill.com and are synchronizing with Quickbooks Online you can now specify a credit card account or any bank account to post the offline expense. You will no longer have to select a single bank account to post all offline payments and then reconcile to other accounts. It is also possible to set the default account for posting offline payments in your import/export preferences.

This means that if you pay bills with a credit card and download individual charges directly from your credit card provider into a credit card account in QuickBooks Online those downloaded charges will be automatically matched with the offline payments exported from Bill.com.

Here's an example of how it works... 

• If you pay your phone bill with an credit card, when you first enter the bill in Bill.com you should indicate the appropriate chart of accounts (e.g., 'communications').
• At this point, the bill can be approved through normal bill workflow. You can pay it using your credit card when appropriate. 
• When you indicate that the bill was paid in Bill.com you specify that you paid it offline and select the appropriate QuickBooks Online credit card account as the "Bank Account".
  
• Export transactions from Bill.com to QuickBooks Online as normal. This will result in an entry being posted for the phone bill in the QuickBooks Online credit card account. 
• When you download charges from your credit card provider into QuickBooks Online, the phone charge will be matched with the entry that was exported from Bill.com. 
• When the time comes to pay your credit card bill, simply enter it in Bill.com specifying the credit card account as the expense account and pay online using the appropriate cash/bank account.
• The end result is that your credit card account will reflect all the charges and payments without any manual journal entries!