Preparing your company’s books for year-end and tax processing can seem overwhelming. When multiple systems are involved in your accounts payable (AP) workflow, even small inconsistencies can create month-end stress and year-end delays. To support accurate recording of activity, many businesses have turned to systems such as Bill.com to streamline their AP processes. Bill.com syncs directly with accounting platforms such as QuickBooks Online (QBO), making it a popular tool for automating approvals and recording payments. However, even with the Bill.com QBO sync in place, discrepancies can occur, especially during month-end or year-end close, that make AP reports between the two systems unreliable.
Three Common Bill.com QBO Sync Issues
There are several common causes for variances between Bill.com and QBO, and most of them are avoidable with consistent review. Below are the three most common Bill.com QBO sync issues businesses encounter:
1. Incorrect Payment Recording
An invoice may be entered into Bill.com, but paid via credit card, thus not needing payment to be issued through Bill.com. If the invoice in Bill.com is not “marked as paid” it will remain in the AP aging report, even though the payment was already made
2. Unmatched or Unreconciled Transactions
Once a payment is made through Bill.com and syncs into the accounting software, there should be a transaction “matched” from the bank to the bill payment. Some businesses that choose not to sync their bank account data with QuickBooks Online may never see the match, causing the payment to be recorded as an expense, leaving the bill in an “unpaid” status.
3. Vendor Credits Not Synced Correctly
Bill.com allows the recording of vendor credits and can easily apply them to vendor invoices. But if these credits are only entered in QBO and not synced correctly, the systems will continue to show different balances and open invoices. To reduce these types of variances in the Bill.com QBO integration, businesses should review key reports monthly rather than waiting until year-end. For best practice, an AP aging summary report should be run monthly in both systems. The last day of the month offers the best insight into current activity and provides the easiest opportunity to address existing issues. It is also recommended to use a password to “close the books” in your accounting system once you are done with your month-end close cycles. This will prevent any changes from taking place and prevent bills being entered into closed months, avoiding sync issues.
Keeping Bill.com and QBO aligned throughout the year helps avoid surprises during the close process. If discrepancies continue month after month, it may be a sign that your AP workflow needs deeper review or additional support.
Author: Kristen Celona | [email protected]
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