Efficiently manage bill payments for multiple entities using Docyt and QuickBooks Online integration
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Set up unique accounts for each entity.
Ensure that each entity has its own dedicated QuickBooks Online account and a separate Docyt account. This allows for accurate tracking and management of bills specific to each entity.
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Creating multi-entity splits
When a vendor sends a bill that needs to be split among multiple entities, Docyt provides a feature to create multi-entity splits within the same invoice. Utilize this feature to allocate the bill amount accurately among the involved entities.
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Settling inter-entity transactions
Depending on the organization's settlement process (monthly, quarterly, or yearly), perform a money transfer or acknowledge an external settlement between the entities. Docyt will handle the accounting for this inter-entity settlement, updating the Due-To and Due-From accounts in the balance sheets for all involved entities.
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Optional advance settlement
Optionally, you can use the advance settlement feature to settle these invoices into a balance sheet liability account. This helps in maintaining accurate records and tracking liabilities.
QuickBooks Online Integration:
When integrating with QuickBooks Online, Docyt provides the following functionalities:
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Due-To and Due-From account updates: Docyt automatically updates the Due-To and Due-From accounts in the balance sheets for all the entities involved in the bill payment process.
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Invoice creation and settlement items: Docyt sends an invoice to the respective Docyt account of each entity. These invoices can be accessed under the Accounts Payable section in the Settlement Items category.
By following these steps and utilizing the QuickBooks Online integration, you can efficiently manage bill payments for multiple entities within Docyt. The integration ensures accurate accounting and streamlined processes, providing a comprehensive solution for multi-entity bill pay.