Customer FAQs

Yes, you do. The download link can be found here or within the Equility platform.

Simply go to the ‘All Companies’ page within the application and click the ‘Add Company’ button. After you click that button, simply enter your QuickBooks Online credentials, you’ll be able to choose the company that you’d like to add to your Equility dashboard.

Simply go to Team > Click ‘Invite a team member’.

Once you add their email address, you’ll be able to choose their member role and the companies that they are able to access.

Once you’ve chosen your company, you simply need to click the ‘Financial Review’ button and then answer a few questions about the business, as well as the date range of compliance check.

Once this information is entered, simply click the ‘Start’ button and Equility will do the rest!

Each business entity type has specific rules associated with the types of asset, liability, and equity general ledger accounts that they can and cannot utilize.

For example, you cannot be a ‘Corporation, one or more shareholders (Form 1120), and still utilize the ‘Owner’s Equility’ general ledger account detail type. By choosing the correct entity type, we are able to find and flag errors like this, to ensure that the business’ financial statements stay compliant.

Absolutely. Under the rules section of the financial review module, you can create any custom rules or KPIs that you would like to monitor.

A few good examples of this:

- Creating a rule to monitor your gross margin percentage.

- Creating a rule to ensure that ‘Banking Fees’ do not go over a certain percentage of your revenue each month.

Yes, you can. You can do this by clicking on the ‘Details’ button on the row that has a failed status that you would like to override. You can then add a comment to explain why you clicked ‘override’, so that your team stays informed.

First, start a reconciliation within QuickBooks Online and then click the ‘Reconcile with Equility’ button, which will be in the top right of your reconciliation page.

This will open up the reconciliation module within Equility. A walk-through video can be found here.

This toggle tells Equility how specific to be when choosing matches.

For example, you might mark a customer invoice as paid on January 4th, but it might not clear your bank account until January 7th. In this example, you’d want to have our ‘Auto Matching’ toggle at a minimum of 3 days to ensure that our application recognizes this match, even though their is a three day differential between the transaction in QuickBooks Online and the transaction on your bank statement.

If you have yet to add a QuickBooks Online company to Equility, you can do so by going to the ‘All Companies’ page and then clicking the ‘Add Company’ button. You will then be able to connect your bank and credit card accounts as part of ‘Step 3’ of your onboarding process.

If you already have a company added to QuickBooks Online, you can connect a related bank or credit card account by going to that companies ‘Settings’ page and clicking on ‘Bank & Credit Cards’. From there, simply choose your bank and enter your online credentials to link the account to Equility.

Yes, you can. Since we’re unable to directly connect with every banking institution, we added the ability to upload your banking transactions via CSV.

Simply go to the Reconciliation > Run page and click the green ‘Upload’ button on the right side of the screen. From there, you will be given instructions on how to format your CSV file in order to properly upload it into our application.

The most important thing is to ensure that you get the difference to equal $0.00 within the ‘Results’ page.

Once this amount is $0.00 you will be able to click the ‘Done’ button, which will return you to the QuickBooks Online reconciliation page, where the application will be able to automatically match all of your reconciled transactions.

Yes, it can. Once you’ve used our reconciliation module to get your difference to $0.00, you might notice that are are still some unmatched QuickBooks transactions.

If you’d like to delete one or more of these transactions, simply apply the green checkmark that is on the left of the transaction’s row, so that it is selected. Once you’ve selected all of the transactions that you’d like to have deleted, simply click the ‘Delete’ button.

Yes, you can. If you notice that there are missing bank transactions that you would like to add to QuickBooks Online, simply apply the green checkmark that is on the left of that transaction’s row, so that it is selected. Once you’ve selected all of the transactions that you’d like to have added, simply click the ‘Add to QuickBooks’ button.

From here, you will be able to choose the GL account (general ledger) and customer/vendor name for each transaction. Once you’re done, click the ‘Done’ button and the transactions will be added back to QuickBooks Online.

If Equility flags any issues with your QuickBooks Online account that you’re unsure of how to fix, it is recommend to schedule an advisory call with our team. You can do this by going to the ‘Help’ section and clicking the ‘Book Meeting’ button.

During this call, we will use the time to explain why the issue was flagged and to help you come up with a process to ensure that these issues do not occur in the future.