Company Settings

This page provides all the details related to company settings.

General

The company settings section of the application is where you manage all of the details related to each of the companies that you onboard, including business details and connected data. You can get to the Company Settings using the left navigation bar within the application.

Business Details

This section relates to all of the company-specific settings. These include:

• Business Name: By default, we use the name that is associated with your QuickBooks Online company, however, you can change this name to whatever you want, especially if you have a DBA (Doing Business As) name.

• Legal Entity Type: This section is where you choose your legal entity type that you use for tax return purposes. This information helps us to accurate run the financial review based on the compliance settings associated with your legal entity type. The options are as follows:

  • Sole Proprietor / Pass-through LLC (Form 1040)

  • Partnership (Form 1065)

  • Small Business Corporation (Form 1120S)

  • Corporation (Form 1120)

  • Non-profit Organization (Form 990)

• Accounting Method: This is where you choose the default accounting method for financial review purposes:

  • Cash-Basis

    • Cash-basis accounting is a simple accounting method where revenues and expenses are recorded only when cash is actually received or paid.

  • Accrual-Basis

    • Accrual-basis accounting is an accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when cash changes hands.

• Default Currency: If you're QuickBooks Online company has multi-currency enabled, then we will ask you what currency type that you'd like to use for display purposes within Equility.

• Company Logo: If you'd like to upload your company logo, you can do it here.

• Delete Company: If you ever need to delete your company you can do it here.

Accounting Settings

This section relates to all of the accounting-platform-specific settings (QuickBooks Online only for now). These include:

• Platform: This is where you connect your QuickBooks Online company. If the connection is active, you will see an 'active' banner in this section:

• Integration: As you can see in the image above, this section shows the name of the QuickBooks Online company that you connected to Equility. In the future, we will also be connecting to additional accounting platforms like Xero, so we put the name of the system in parathesis, as well.

• Settings: In this section we ask for you to choose any general ledger accounts within QuickBooks Online that you use as clearing accountings to house your uncategorized transactions. During the financial review process, we review all of these general ledger accounts to ensure that there are no transactions left in these accounts that did not get classified properly.

E-Commerce Settings

Once we launch our e-commerce integrations, you will see all of the initial setup details here.

Payroll Settings

Once we launch our payroll integrations, you will see all of the initial setup details here.

Bank & Credit Card Settings

This section relates to all of the banking-specific settings. These include:

• Connect your banks and cards: In this section, you can enter your banking credentials in order to connect these accounts to Equility. Once your account is connected to Equility, we will be able to pull your transaction and balance details. This will allow us to automate the reconciliation process, as well as to assist with verifying your accounting accuracy as part of the financial review module.

• Connections: This is where we show all of your connected accounts and ask you to map them to the general ledger account associated with them within QuickBooks Online. It also allows us to automatically confirm that the balance in QuickBooks Online matches that of your bank statement at the end of the financial review period.

Some frequently asked questions surrounding the bank & credit card settings are:

• What banks do we support?

  • We are able to connect to any banking institutions that are currently supported by Plaid. In the future, we will be expanding our banking integration partnerships with MX and other institutions, in order to cover a larger amount of banking institutions.

• What if my banking institution is not supported by Plaid?

  • Accounting Reconciliation Module - In this case, you will need to upload your transactions via CSV file, in order for us to automate the matching and reconciliation process.

  • Financial Review Module - In this case, we will not be able to verify your accounting accuracy within our financial review module.