When a merchant is added in Fyle, the expense gets posted to the respective vendor on QuickBooks Online if there's a match and to 'credit card misc' if a match is not found. Since employees make purchases from merchants who may not be in the vendor list you're maintaining in QuickBooks Online, some expenses may be posted to 'credit card misc'.
If your accountant is interested in running vendor-based reports to track expenses made with a particular merchant, the accountant may not be able to do so with the expenses getting posted to 'credit card misc'. Auto-creating a new vendor in QuickBooks Online whenever a new merchant is added in Fyle will help track expenses made with merchants outside the vendor list you're maintaining in QuickBooks Online.
Following are the steps to auto-create newly added merchants in Fyle as vendors in QuickBooks Online when exporting corporate credit card expenses in Fyle as Credit Card Purchases in QuickBooks Online.
Note: Fyle will not auto-create vendors in QuickBooks Online while exporting credit card expenses in any module other than 'Credit Card Purchases'.
Auto-Create Fyle Merchants as Vendors in QuickBooks Online
To enable this feature,
Log in to your Fyle-QuickBooks Onlibe Integration using your Fyle Admin credentials.
Head to Configuration > Advanced Settings.
Enable the Auto-Create Merchants as Vendors toggle button.
And click Save.
With this setting enabled, when the merchant added in Fyle does not have a corresponding match in the QuickBooks Online vendor list, the integration will auto-create a new vendor on QuickBooks Online and assign the respective transaction to the vendor. If not enabled, the transaction will be recorded as 'Credit card misc' when no match is found in QuickBooks Online for a merchant added in Fyle.
Note: This feature is unavailable when you Import Vendors from QuickBooks Online since it restricts employees from adding new vendors.
If you are already importing vendors from QuickBooks Online and would like to enable the 'Auto-Create Merchants as Vendors' feature, you have to disable 'Import Vendors from QuickBooks Online'. And, make sure you delete all the vendor records stored in Fyle by following the below steps.
Remove imported vendors/merchants from Fyle
Go to the Admin Settings in the Fyle admin page.
Go to Expenses > Form Fields > Merchant.
Select Delete all choices and click on Update Field.
Your employees will be able to add new merchants (vendors) in the expense form once you've removed the imported vendors from Fyle.
Contact us at [email protected] if you need assistance setting this up.