After a Batch Payment has been paid using ApprovalMax Pay Wallets, the Bill payment and any associated fees must be reconciled in QuickBooks Online.
This involves importing a Bank Feed report from ApprovalMax and matching the resulting transactions in QuickBooks Online.
Once your Batch Payment has been paid in ApprovalMax, for each Bill, you can click the Link button to open the corresponding Bill in QuickBooks Online.
This takes you directly to a Payment record created in QuickBooks Online against each Bill:
To create the imported transactions required for reconciliation:
Step 1: Generate a Bank Feed report in ApprovalMax
Open the Reports tab in Wallets, then click +New Report.
Select Bank Feed as the report type.
Select the required date range.
Select the currency.
Click on Download.
When the report is ready, its status will change to Completed. Click the Download icon at the end of the row to download the report.
Please note: You must generate and download a separate Bank Feed report for each currency.
Step 2: Import the Bank Feed report into QuickBooks Online
In QuickBooks Online, go to Accounting > Bank transactions.
Open the Wallet bank account for the currency you are reconciling.
Click the Arrow next to Link account and select Upload from file.
Upload the Bank Feed report downloaded from ApprovalMax.
Select the appropriate QuickBooks Online account from the dropdown list and click on Continue.
Review the file format settings and field mappings, then click Continue to proceed with the import.
Tick the boxes next to the transactions you want to import, then click Continue.
Click Yes to confirm the import.
Once the import is complete, click Done.
Step 3: Reconcile the imported transactions
The imported Bank Feed report creates two types of transactions in QuickBooks Online:
A Bill payment transaction, which is automatically matched to the approved Bill
A Payment fee transaction
After the import is complete, QuickBooks Online displays the imported transactions in the Pending tab.
To reconcile the Bill payment:
In the Match/Categorize column, verify that the correct approved Bill has been automatically matched to the transaction.
Click Match in the Action column.
The Bill payment is now reconciled.
To reconcile the payment fee:
In the From/To column, select the vendor associated with the Bill from the dropdown list.
Click Post in the Action column.
The payment fee is now reconciled.
Once both transactions have been reconciled, the Bill is fully reconciled in QuickBooks Online.