An accounting period is the time range during which business transactions are accumulated into financial statements. An accounting period is generally considered to be a month when it comes to internal reporting. In such cases, the expenses and income made in a particular month are taken into account by the end of the month or by the beginning of the next month, and the books are closed.
In case an expense incurred in that particular month is not accounted for before closing the books, then it needs to be carried forward to the next month and accounted for. Otherwise, the expense goes unaccounted resulting in an inaccuracy in the balances.
For example, if the current accounting period is June 1- June 30 and there’s an expense from May 1 that didn’t get posted on the accounting system before its actual accounting period (e.i. May 1 - May 31), the accounting system might throw an error while trying to add an entry in the current accounting period. In order to avoid this error, Fyle export will carry the date of the first of the current month to add it to the current accounting period that’s open to entries.
If an expense needs to be exported from Fyle to QuickBooks Online once the accounting period is closed, kindly follow the steps below to export the expense to the first of the current month.
Log in to your Fyle-QuickBooks Online Integration using your Fyle Admin credentials.
Head to Configuration > Advanced Settings.
Enable the Post entries in the next accounting period toggle.
Once this option is enabled, expenses from the previous month(s) that were not exported during their respective accounting periods will now get posted on the first of the current month.
For example, if the current accounting period in QuickBooks Online is June 1- June 30 and the admin is trying to export an expense from May 1, the export will carry the date of the first of the current month, i.e the May 1st expense will be exported as a June 1st expense.
If you need assistance in setting this up, do not hesitate to contact us at [email protected]