After enabling auto bookkeeping, you may get a message that your Fundbox liability recorded in your QuickBooks account doesn't match your current outstanding balance.
There are a few reasons this might have happened.
If the amount currently recorded is lower than Fundbox’s calculation:
- The interest portion of the repayment was recorded as a reduction to the liability. Solution: the interest should be reclassified as an expense.
- The advance was “matched” with an outstanding invoice. Solution: Make sure that Fundbox advances never mark invoices as paid. Your receivables should only be marked as paid when funds are received from your customer.
- Fundbox advances were not recorded in a liability account. Solution: Please adjust to the amount provided by Fundbox. Any interest associated with previous advances should be recorded as expenses.
If the amount currently recorded is higher than Fundbox’s calculation:
- Fundbox repayments were not recorded in a liability account. Solution: All repayments should reduce the liability amount by the difference between the cash paid and the interest expensed.
We recommend that you consult your accountant before making any adjustments.