How to record an outbound transfer on QuickBooks / Xero using Venn "Accounting"?

You may record funds you've sent from your Venn account in a few ways depending on the needs of your bookkeeping.

How to create a ledger account in QuickBooks / Xero?

Step 1: Go to the Accounting section

Step 2: Select "Chart of accounts"

Step 3: Select "New account"

Recognize funds sent as a Bill Expense Paid

Note: You need to have created a Bill and an Expense ledger account on QuickBooks / Xero.

Step 1: Go to Venn "Accounting"

Step 2: Select the appropriate expense account to categorize the outbound funds transfer for this paid bill

Step 3: Select “Existing bill” since the bill was imported from a vendor already created in QuickBooks or Xero

Step 4: Select the specific vendor the bill was originally imported from

Recognize funds sent as an Asset Reduction (Internal funds movement)

Note: You need to have created an Asset ledger account on QuickBooks / Xero.

Step 1: Go to Venn "Accounting"

Step 2: Select the appropriate asset account (i.e., to where the funds were sent) to categorize the outbound funds transfer you have sent from your Venn account

Step 3: Select "Sync"

Recognize funds sent as an Asset (Prepaid expenses)

Note: You need to have created a Bill and an Asset ledger account on QuickBooks / Xero.

Step 1: Go to Venn "Accounting"

Step 2: Select the appropriate asset account to categorize the outbound funds transfer for this prepaid bill

Step 3: Select “Existing bill” since the bill was imported from a vendor already created in QuickBooks or Xero

Step 4: Select the specific vendor the bill was originally imported from

Recognize funds sent as a Loan Repayment (Reduce debt obligations)

Note: You need to have created a Liability ledger account on QuickBooks / Xero.

Step 1: Go to Venn "Accounting"

Step 2: Select the appropriate liability account (i.e., to which loan you've repaid) to categorize the outbound funds transfer you have sent from your Venn account

Step 3: Select "Create new bill"

Step 4: Select "Sync"

Recognize funds sent as an Income Refund (Refund customers)

Note: You need to have created an Income ledger account on QuickBooks / Xero.

Step 1: Go to Venn "Accounting"

Step 2: Select the appropriate income account (i.e., to which you're refunding a customer) to categorize the outbound funds transfer you have sent from your Venn account

Step 3: Select "Create new bill"

Step 4: Select "Sync"