Steps:
Set Up a Clearing Account
Clearing accounts in Quickly are used to balance transactions during processes like vendor swaps or repayments, ensuring no impact on your financial statements. They act as temporary holding accounts for accurate bookkeeping.
To record entries related to early payments:Select a Clearing Account from your ERP system. If you don't have a clearing account in your accounting system, click here for instructions.
If Quickly is already set up in your accounting system, select Quickly from the dropdown list. If not, create Quickly as a vendor directly in Quickly.
Configure Payment Accounts
Choose where payments should be recorded in your accounting system:
For Bank Account Payments: Select the G/L account associated with the bank account you’ve connected (e.g., Chequing).
For Credit Card Payments: If you’ve connected a credit card, select the G/L account linked to it.
Set Discount and Fee Accounts
Early Payment Discounts: Choose the G/L account to record your early payment discounts (e.g., Trade Discounts Account).
Transaction Fees: Select the G/L account to record payment transaction fees (e.g., Bank Charges).
Automatically Pull Bills
Toggle Automatically pull bills into Quickly if you want bills to sync automatically from your accounting software.
Save Changes
After configuring your transaction settings, click Save Changes to finalize.