 QuickBooks Online 2022. Credit card, bank feed, add data. Get ready because it's go time with QuickBooks Online 2022. Here we are in the bank feed practice file we set up with a 30-day free trial holding down control, scrolling up a bit to get to the one to five percent currently in the home page otherwise known as the get things done page. In the business view as compared to the accountant view changing to the accountant view is something you can do by going to the cog up top and switch to the accountant view down below. We will be toggling back and forth between the two views either here or by jumping to the sample company file currently in the accountant view. Going back on over we're going to then open up a few tabs to put reports in right-click in the tab up top to do so and duplicating it back to the tab to the left right-click and again and duplicating again. As those are thinking let's see where the reports are located in the accountant view by going to the sample company in the accountant view and they'll be located on the left-hand side. Let's go back on over to the business view and the second tab within it and then we're going to go to the business overview to find those reports and then into the reports closing up the hamburger we're going to open up our favorites you know what they are at this point you know what we're going to open it's going to be the balance sheet first that's our starting point changing the range 0101 123121 and run tab to the right and then we're going to go down to the business overview again reports again closing the hamburger the second one yes indeed it will be the profit and loss the P and L changing that range in 0101 123121 and run so there's our two reports let's go to the first tab now open up our bank feeds that we've been importing into the system we're going to go to the bookkeeping on down below we're going to then go to the transactions up top banking to find the bank feeds if by the way you were in the accountant view it would be located in the banking on the left-hand side and then on banking up top all right so I'm going to close the hamburger now that we're in there and we've got the two items to be dealing with at this point in time we've got the checking account and the credit card account so we're going to be moving over to the credit card this time and don't worry about this beginning balance you're going to have that same kind of issue with the credit cards that you have with the bank account in that if you're starting the first time you import the items there's going to be a beginning balance if there was a time frame before that point that you'll have to be dealing with and we'll have to basically figure out what that is and deal with that when we do it like a bank reconciliation or credit card reconciliation having that initial beginning balance issue so I'll deal with that later just realize that when you first import the credit cards that might try to kind of like put in some kind of beginning balance based on the data so you got to be kind of mindful of that that's just what you got to deal with when you first set up we'll talk more about that when we get into the reconciliation type of component then often people will kind of forget about the credit cards in terms of bank feeds because mostly when we think about bank feeds we think about like the checking account and the transactions there but remember the credit cards are from a financial institution as well we can basically pull those in they're very similar in nature often times because we're going to be paying for things that are business related if it's a business credit card and we also have the same kind of problems with the business credit card or business transactions as with the checking account that being that we would like to have two separate accounts one with a business credit card the other for a personal credit card not be commingling those things however if you do happen to co-mingle them you could try to break them out just like we talked about with the checking account with the use of class tracking which I won't get into here but you could we have some material on that if you want to dig into that and you can also possibly set them break them out by basically reporting them as draws if you have personal kind of activity on your business credit card just some things to consider their same kind of issues the thing that will differ of course is that instead of increasing or decreasing a checking account you're going to have an increase to a credit card so in other words if I go to the balance sheet then as we pay for things like normal expenses utilities expense telephone expense and so on and so forth we're not going to have a decrease to an asset account which would be a checking account generally but instead have an increase to a liability account down here which is going to be somewhere down here called a credit card type of account and it will go up as we make those charges the other side going to expenses typically if we're paying for expense type of items and then when we pay it off we're going to have that inter company transaction I'm sorry inter bank feed transaction meaning we're going to have a decrease to the credit card liability account and a decrease to the checking account two activities on two accounts that both have the bank feeds turned on so sometimes the system will actually be able to see that match it out for us but if not we're just going to have to deal with how are we going to deal with that kind of inter company bank feed type of transaction so we want to keep that in mind for the first thing let's go back to the first tab we're just going to record the transactions just like we normally would in a similar fashion as with the checking account and we'll just record those out so nothing really new here so we'll go through this fairly quickly we only got a little bit of data down here so I'm just going to have these Costco items and assume that the Costco items are going to be for supplies note that in practice if you were going to something like Costco like a store that has a bunch of stuff in it you might be purchasing small items and large items some of it might be going to supplies some of it might be equipment you might set say a rule that if it's below a certain dollar amount possibly it goes to supplies if it's above a certain dollar amount possibly then it might be more likely that you're going to capitalize it as equipment will get into those rules later focusing specifically on the rules later so right here we'll just record you know a credit card type of transaction and save the general rule to supplies so let's take this first one it's gonna pick this one up open it up and we'll say okay the vendor is going to be Costco so it's the same we've got this information in the detail so I'm just going to call it Costco Costco and put that up here in the vendor that's who we're purchasing from I'm going to add a new vendor just like we would on the checking account side of things I'm going to save that there it's not going to be going to owner's draws it would if we're spending it out of the business account but it's for personal use I'm assuming we're buying business stuff here like supplies so I want to add a new account which is going to be supplies see more categories now I'm in the business view so it's not really the optimal way for me to basically add accounts so what I'm going to do I'm going to close this back out I'm going to make another tab here in the accountant view so that I can add an account that will be supplies without the business view driving me crazy so I'm going to right click duplicate the tab this is what I think is not exactly perfect within the business view I think they should make it make that component more like the accountant view that's my personal opinion into it doesn't care about my personal opinion I know but I give it anyways I give free advice so then I'm going to go down and switch to the accountant view down here and then we're going to go on down to we're going to go down to the accounting and into the chart of accounts into the chart of accounts so I'm going to close this up on the hamburger and let's go ahead and add a new account which I'm just going to call an expense type of account expense type of account and we're going to say this is going to be a supplies supplies materials something like that I'm just going to call it supplies without the materials just supplies just supplies that's how I like to see it so I'm going to say save it and close it and then let's go back to the first tab and see if that will then populate over here as I enter in supplies I'm gonna have to refresh the screen so I'll refresh the screen refresh in the screen up top that basically put me into the accountant view and then I'm going to go down and say okay let's do this again and go into this item this item on the costco payment Costco and then hit the drop down and there there's the view I like to see in terms of the breakout of the information and then I'm going to say the memo is good let's add a rule let's make a rule that does this stuff call it Costco rule I'm just going to make a generic rule for all of Costco although again we might have different things we purchase in Costco you might want a more complex rule than this we'll talk more about rules later apply this to the transaction it's a money out rule it's going to be in the credit card we could apply it to all of the accounts possibly if I saw something in the checking account go into Costco maybe I apply the same rule so I could do that all conditions or just some I'm going to say all conditions doesn't really matter it's going to be the description because there's only one condition and then if it contains Costco just Costco that's all we need then I want you to put it into the expense type of form which is like a check form without a check number the category otherwise known as the account of supplies the payee being Costco in other words the vendor and well we won't make it automatic so I have to actually click it to complete the process let's save it like that and now the rule has been applied looks a little bit different than the other view but notice the rule has been applied at this point so I'm just going to add all the Costco ones you could do it this way I could say this one and then this one and then this one and then that one I want you to apply those all those that one that one that one and that one okay so I'm going to say okay let's let's go ahead and accept those those have been accepted those are acceptable I'm I think those are acceptable I guess they could be better but I'll accept them let's go into the run report up top and then in the balance sheet check out what happened down here in the liability section down here in the liabilities we should have a credit card on the books there it is I'm going to go into the credit card and there's what happens to have a cash account going down we got the liability account going up they put it in with an expense type of form so if I go into an expense type of form same kind of form we use for the checking account going down but this time we're applying it to another type of payment format that being the credit card so here it is up top credit card instead of the checking account that we have up top going to close that back out looks good and then the other side go into supplies we don't have the beginning balance we only have the activity that we put into place at this point in time so when we reconcile we'll still have to deal with that beginning balance kind of issue with regards to the credit card same thing with the bank accounts because we got to record the activity it can't just pull in some number we'll talk more about that later the other side if I go to the income statement and freshen it up put it back in the oven warm it up please warm it up we're going to go down and then there's the supplies supplies has been added there as well just as just as we as we would have suspected it should have so then if I go back to the first tab then we've added those items in future presentations we're going to deal with these inter inter interbank fee transactions the amount going out of the checking account and then paying off the credit card we'll talk about that in future presentations and then we'll talk about that item of kind of like reconciling the beginning balance because you got to do a kind of similar to a reconciliation for a bank reconciliation credit card reconciliation we'll get into those issues in both the checking account and credit card accounts in future presentations it will be great