Once you connect your QuickBooks Online account to your Vault account, you will see all historical transactions appear in the Accounting tab in Vault.
Initial Balance
We do not set an initial balance for any of the Vault accounts that you created or linked from the chart of accounts during connection.
In order to match your Vault balances and transactions with your QuickBooks balances and transactions, you will need to sync all historical Vault transactions through the Vault app. If you've already synced them directly on QuickBooks at an earlier date, you are able to exclude these transactions on Vault's accounting tab.
Transaction Types
Vault has 6 main types of transactions:
Account Loads
Inbound bank transfer
Outbound bank transfer
Card purchase
Cashback
Currency conversion
Each type is handled differently when you sync the transaction to QuickBooks.
New Vendors
A new Vendor will automatically be created for outbound or inbound transaction where we’re unable to match with one of your existing Vendors on QuickBooks. This is usually because you don’t have one created yet.
When creating a new Vendor, we will also specify the currency since Vault is a multi-currency platform that enables spending in different currencies with the same vendor.
For example, if you spend your Vault card on Amazon Canada, and we don't find an "Amazon - CAD" in your Vendors list, we'll create "Amazon - CAD" for you. This new Vendor will be used to identify and record all your future transactions with Amazon Canada. If you then spend on Amazon US in USD, we will create "Amazon - USD" as a vendor.