IMAGE of Settings tab; top section:
DETAILS AND EXPLANATIONS:
Days of transaction activity to sync -
Based on the "created date" in BIll.com and the edit date in BQE Core. Determine the number of days of activity to sync. This is for all data activity: modifications or additions to projects and phases, created or modified bills or vendor credits, bill payments, modifications or additions to lists such as payment terms, chart of accounts, vendor records, class modifications, etc. to sync between the two systems. Depending on the total number of transactions your entity has each month, SPRCHRGR recommends setting for at least 30 days. Once data syncs, it will not sync again unless it has been modified in the source of truth. Reminder: data is never removed. If data or a transaction is removed/deleted in one application, the sync tool will not notice to remove it from the other application. See the separate article regarding deleted transactions.
Create Journal Entries for Payments -
This setting is great for companies that use the Combined debits and credits option in Bill.com. Batching daily cash transactions provides a more streamlined approach when it's time to reconcile your bank account in BQE Core. Batches of daily payments posting to your general ledger, instead of individual vendor payment amounts, align with your bank account/feed. Here is how it works!
As syncs are done and payment transactions flow into BQE Core, the application checks to see if any new payment transactions are synced into BQE Core that have not yet had new reconciliation journal entries created for them. As a rule, it will only look for payments from previous days to the current one so there is a chance for the day to complete and all payment transactions to make it through before considered that day/batch closed and ready for the entry.
As the system finds any payments without these entries, it will total up the payment amount for all payments on that date and create a new journal entry in the BQE Core system that can be used for reconciling. The entry will have a reference # of Bill.com MM/DD/YYYY Payables Funding and will use the default bank account setting from the integration for the credit amount and the default clearing bank account for payments setting from the integration for the debit amount.
Sample journal entry to the cash account in BQE Core:
When it's time to reconcile your bank account in BQE Core, you'll have fewer debits to reconcile!
However, individual payments are still captured in BQE Core to relieve Accounts Payable and apply directly to Vendor Bills.
In this example, four (4) separate EFTs were sent to vendors and four (4) separate Bill Payments were recorded in BQE Core. The batch total is $14,458.00. Sample list from Bill.com Money Out Clearing Account Register:
This BILL.com article explains the options for having separate or combined debits and credits from your bank accounts. https://help.bill.com/direct/s/article/11679714424333
If you are using the combined debits and credits, be sure to set up a Bill.com Money Out Clearing Account on your chart of accounts.
Note: If you have opted for separate debits and credits from your bank accounts in the Bill.com settings, you will not need the Bill.com Money Out Clearing Account.
Best Practices: Reconcile the bank account to the bank statement at the end of every month. Reconcile the Bill.com Money Out Clearing Account to zero at the end of every month.
To easily keep track of the journal entries generated by the sync, the SPRCHRGR Sync Tool includes a tab labeled Journal Entries to easily see a list of the entries, along with dates and amounts, that have been generated as syncs are being done.
Sample of journal entries tab: See additional information regarding this tab on a separate page.
Enable Sync Queue - Activate this setting if you would like to review data and select what syncs to the other software. Please refer to a separate article regarding Sync Queue specifics.
Default BQE Core bank account for payments - Use the dropdown menu to choose the appropriate bank account from your chart of accounts.
BQE CORE clearing bank account for money out from BILL - If you are using combined debits and credits for BILL.com payments, use the dropdown menu to choose the appropriate general ledger account.
Default AP account for bills - Use the dropdown menu to choose the appropriate Accounts Payable account from your chart of accounts. This will add a default A/P account in BQE Core in the Vendor record on the Rates & Options tab:
Default AP account for vendor credits - Use the dropdown menu to choose the appropriate Accounts Payable account from your chart of accounts.
Bill location for BQE Core Extra flag - Use this dropdown menu to choose the appropriate Class for extra items so it is understood what it is actually being used for (where if the bill has the selected location set it will set the extra flag in Core).
Save Settings - Be sure to click the Save Settings button to save all settings changes!