The ability to import transactions from financial institutions into QuickBooks Online is definitely one of the best things about the site. You may have even signed up for that very reason. By now, you\u2019ve probably already set up at least one connection. But are you using all of the QuickBooks Online\u2019s account tools? There\u2019s a lot you can do once you\u2019ve imported in data from your bank or credit card provider.\u00a0Quickbooks online bank feeds makes entering transactions faster, more accurate and increases efficiency.
We\u2019ll explore these features in this column and the next.\u00a0
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First Steps<\/strong><\/p>\n\n\n\n If you\u2019re a new subscriber, you may not have established these critical links yet. It\u2019s an easy process. Start by clicking the Banking link in the left vertical navigation pane. In the upper right corner, click Add Account and enter the name of your financial institution if it\u2019s not pictured. Then follow the instructions you\u2019re given on the screen. These can vary depending on the bank or credit card provider, but you\u2019re always at least asked to enter the user name and password that you use to log into each online.\u00a0 Viewing Your Transactions<\/strong><\/p>\n\n\n\n Other Options<\/strong><\/p>\n\n\n\n
Need help with this? Let us know.\u00a0
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Once you\u2019ve made a successful connection, you\u2019ll be returned to the Bank and Credit Cards page. You should see a card-shaped graphic at the top of the screen for each account you\u2019ve linked. Click on one. The table that opens is not your account register. The view here defaults to For Review, which refers to transactions you\u2019ve downloaded. The All tab should also be highlighted; we\u2019ll get to Recognized transactions later.\u00a0
When you first download transactions into QuickBooks Online, before you\u2019ve done anything with them, many will appear under For Review.\u00a0
There\u2019s a lot going on here, so don\u2019t be surprised if you\u2019re confused. Review each transaction by clicking on it. QuickBooks Online will have guessed at how it should be categorized, but you can change this by opening the list in the category field and selecting the correct one. It\u2019s critical that you get this right, since it will have an impact on reports and income taxes. If you need to Split it between multiple categories, click on that button found to the right. If the transaction is Billable, check that box and choose a customer from the drop-down list. If you don\u2019t see this box, click the gear icon in the upper right and select Account and Settings | Expenses. Check to see that Make Expenses and Items Billable is turned On (click on Off, then check the appropriate box to turn it on).\u00a0
Next, determine how you want to process the transaction by clicking on one of the three buttons at the top of the transaction box. Do you want to accept it and Add it to that account\u2019s register? Do you want QuickBooks Online to Find (a) Match for it (like a payment that matches an invoice, for example)? Or, do you want to Transfer it to another account? Once you\u2019ve made one of these three selections, the transactions that you\u2019ve added or matched will move under the In QuickBooks tab (where you can still Undo them) and will be available in the account\u2019s register.\u00a0
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You can save time by using QuickBooks Online\u2019s Batch Actions tool.\u00a0
Say you run a cross some duplicate or personal transactions that you don\u2019t want to appear in the current account\u2019s register. Check the box in front of each, then click the arrow in the Batch Actions box. Select Exclude Selected. They\u2019ll then be available under the Excluded tab. You can also Accept or Modify multiple transactions simultaneously by using this tool.\u00a0
So far, you\u2019ve been viewing All your transactions. Click on Recognized to the right of it. These are transactions that are already familiar to QuickBooks Online because they\u2019ve appeared before and\/or have been matched, or because you\u2019ve created Bank Rules for them (we\u2019ll address that concept next month). You\u2019ll need to address these the same way you did the transactions in the For Review section; you can either Add or Transfer them.\u00a0
If you\u2019re new to QuickBooks Online, this may all sound pretty complicated. It can be at first. But once you\u2019ve worked with downloaded transactions for a while, you\u2019ll understand the flow much better. If you\u2019re not clear on the process from the start, it can lead to trouble. Contact us at your convenience. We\u2019d be happy to sit down with you and go through it all using your own company\u2019s data; the familiarity may help.\u00a0
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