 QuickBooks Online 2022 bank feeds matching receive payment form. Get ready because it's go time with QuickBooks Online 2022. Here we are in our bank feeds practice file we set up with a 30-day free trial holding down control. Scroll it 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 accounting view changing to the accounting view something you can do by going to the cog up top and switch to the accounting view on 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 accounting view. Going back to our bank feed practice file go to open a few tabs to put reports in by going to the tab up top right-clicking on it and duplicating it back to the tab to the left right-clicking again and duplicating again as that is thinking let's just see where the reports are located back on over here in the accounting view which is on the left-hand side under the reports. If I jump back on over to the business view in the second tab in our bank feed practice problem it's under the business overview on the left-hand side and then in reports closing up the hamburger and then we're going to go down to that balance sheet the big balance sheet we're going to do a range change up top from 010121 to 123121 and run and then go to the right and do it again by going to the business overview once again reports closing the hamburger going down to the P and L the profit and loss the ranges are changing by going to 010121 to 123121 and run again let's go to the first tab now and look at our bank feed information which happens to be in the business view in the bookkeeping area on the left-hand side then under the transactions up top then under the banking information if you were to be in the accounting view it would be located under the banking tab on the left-hand side and then under the banking information so we're gonna then see here we've got our bank feed information we pulled in from our bank feeds we have these left in bank feed limbo meeting they need a little bit of information a little love a little bit more stuff a little guidance including at least the account possibly the vendor and the customer we've been now looking at kind of a cash basis system one on which we're not only cash basis but reliant on the bank now we're gonna deviate from that and try to use a basis where we're not completely reliant on the bank we're looking at the invoice type of process if we had an accrual system that we needed to collect invoices so let's take a look at the flow chart this is the flow chart for the desktop view but it just gives us a good idea of the process as we go through it in the same basic format names so when we're looking at the bank feeds on the customer side of things or the deposit side of things we're really looking at when the deposit happens as it clears the bank all the way to the right of the process if however we need to issue an invoice because we're in that type of business where we got to do the work first issue an invoice then track the accounts receivable we have a couple different areas where the bank feed can be put into place last time we looked at a process where we enter the invoice increasing the accounts receivable increasing sales and then we try to connect the bank feed after it already clears the bank to the invoice which would basically record the receive payment for us as we use the bank feed transaction decreasing accounts receivable putting it into the checking account with the receive payment form now we're going to imagine a situation where we're entering the invoice accounts receivable goes up the other side of sales and then we collect on it we receive the payment and we record it into the receive payment now this component is a little bit tricky at this point because with this form you could deposit it directly into the checking account at this point in time or you could put it into undeposited funds and then deposit it into the checking account taking it out of undeposited funds putting it into the checking account the reason you might do that second option is because you might have multiple payments for example that are going to be grouped together as you deposit them into the system possibly if you have cash payments or possibly if you have some kind of credit card system that has multiple payments so then when it clears the bank you might have multiple basically payments that you have then received and therefore would need to take kind of that added step for the deposit into the bank so that means that how could the bank feeds fit into it well if we if i have the receive payment and i put it directly into the bank at this point in time then i've already recorded the increase to the checking account on our end and on the bank's end when it clears it's just going to be matching so we'll use the matching thing it won't record anything new it would just match or if i put this into the undeposited funds or whatever they call it now the clearing account before then depositing it in i could then do that and then wait till it clears the bank on the bank feeds at which point i can then take the bench feeds and match it up to the received payment that is currently in the clearing account which used to be called undeposited funds and then it would take it out of undeposited funds and actually recorded in the checking account with the use of the bank feeds so let's look at that scenario so i'm going to go back on over here let's take a look at it and go back on over to our bank feeds and we're going to kind of work this backwards again we're going to look at the deposit and then imagine we're going kind of back in time entering the invoice and the receive payment now i'm going to use this interest payment as the example i know it's a small it's a small amount 20 cents or whatever just for an example so this is the thing that we're eventually going to match out so what i'd like to do then is then add another tab up top so i'm going to go up top where there's the 20 cents i'm going to go up top right click up top i'm going to duplicate this tab duplicate the tab and then we'll go through the same kind of invoicing process so i'm going to open up the plus button and let's make an invoice so we're going to imagine now we're invoicing we did work we're going to invoice and send it the bill in essence to the customer that we're going to hope to get payment on in the future and let's say up top we've got customer customer number customer number what am i on here i've been numbering them number five customer number five and hold on get this out of here customer number five messing me up man they're messing me up and then i'll say tab and set that one up so we're going to say save it and then i'm not going to enter an email address for the mock problem here i'm going to make the day 228 uh 2021 and then this day sales tax rate didn't mix so i'm going to say okay tab through on that i'm not going to have a sales tax applicable here i'm going to use the service item one and i'm going to put it in place for that 20 cents the same 20 cents that we saw clearing the bank feed because we're going to try to match it out eventually to the bank feed what's this going to do well it's an invoice so it's going to be increasing the accounts receivable and it's also going to increase the sub account for the customer number five the other side going to revenue for the big 20 cents let's go ahead and save it and close it double check that so now we'll go on over to the balance sheet we're going to the balance sheet to see if that is in case indeed what happened by going to run in the report going into the accounts receivable the a to the r the r and then we're going to see there's the 20 cents right there so that's increasing the a r going back up going back to our balance sheet let's go to the income statement side of things tapping to the right and then run it again holding control scrolling up a bit in the services area going into the services to see that 20 cents that big 20 there it is 20 cents has been increases make sure that cleared that one we're going to go on back over and then let's open up another report to check the sub ledger right click it on the tab up top i'm going to duplicate it because i want the sub ledger for the accounts receivable to check that one out which is going to give us who owes us money by customer something important if we're tracking that kind of information so i'm going to go back on to the reports on the left hand side i'm just going to type it in up top and look for the customer balance detail customer balance detail poor father closing the hamburger and then we see down here there's the 20 cents for customer number five so we're tracking the customer that owes us the money we can also track that of course by going let's check it out in the second tab over here going to the second tab we could go on down to the get paid and pay area and take a look at customer numero cinco number five customer and we can see they owe us 20 cents and we have that overdue item here that needs to be then paid which we could do with the receive payment so that's the next step we're going to do is here so we're not going to hit the bank feed yet that's what we did last time now we're going to say we're going to enter the receive payment and then connect the bank feed to the receive payment form instead of depositing it so we could go into the receive payment here we can also go into it up top here i can say receive payment invoice and then receive payment the more natural way might be just to click on this receive payment so i imagine the payment has been received we're going to go into it and say we've got the payment from customer number five let's say it happened on like three one and i won't put it on a mount there i'm just going to say now here's the tricky amount we could put it directly into the checking account if we put it directly into the checking account then that would that would mean that we already recorded it on our end in the checking account before we looked at the bank feeds so when i use the bank feeds i'm still going to see it come in from the bank but i'm just going to match it out to what we have done and that will help us with the bank reconciliation process but the bank feed will not be recording anything new or we can put it into the payments to deposit which used to be called the undeposited funds account which is going to be useful if you have multiple deposits that are going to be combined together that are going to be then put in the bank at one lump sum or you can kind of use it as like a double check here so in other words if i'm going to have the deposits clear for the same that match out to this payment maybe i put these into the payments to deposit and then use the bank feeds as a kind of like a double check so that when i match them out to the bank feeds they will record a transaction it will take them out of this undeposited funds used to be called now called payment to deposit this clearing account and put them into the the checking account so that's what we'll test out here so we got customer number five accounts receivable is going to go down because it's a receive payment form the other side's going to go into a clearing account which used to be called undeposited funds which they're calling now payments to deposit for the 20 cents so let's go ahead and record that save it and close it hold on my voice is going don't go voice don't go i need you i'm going to run this we're going to the balance sheet i'm going to run it and then we're going to go down and say we have the clearing account payments to deposit right there payments to deposit now if i go into that let's run this again did i run it because i would think there'd be something in that one i know why hold on i'm going to go in there and i think i have a date issue so let me let me change my date range i'm going to make this go up to 2022 and run it 2022 and i want to pull this back into 2021 so let me fix that i apologize for that i'm going to go back into it and do a little date ranging adjustment let's bring that on back to 2021 that's where we're working we're working in 2021 save it and close it transaction okay i'm going to say yes save it and close it there it is now it's in now it's in 2021 okay now i'm going to go back and so now we've got our 20 cents in that payment to deposit form 20 cents in there we need to get that to the bank stat somebody run it run this out to the bank we're going to go tab to the right nothing's on the income statement from this one tab to the right and i'll update my my report here it takes it out because we no we no longer have customer five because they made the payment i'm going to add more detail customizing it and see the filters and i want to see more details so i want to see paid amount i want to see all the stuff all of it i want to see all of it that's what i'm talking about going in here to be hiding stuff so then we're going to say there it is so now we got the invoice and and the payment that's not the one invoice and the payment down here for customer number five okay so we can also see that in the first tab or the second tab in the customer detail information where now we got the payment and the invoice for customer number five and the payment is closed and everything so now what's going to happen when we do the bank feeds i'd like to match out the bank feeds and the bank feed will record a transaction taking it out of the 20 the payment to deposit so now i'm in flowchart terms i'm here now and i put it into undeposited funds and instead of me doing this last step taking it out of undeposited funds putting it into the bank account i'm going to wait till it clears the bank and then i'll have the bank feed do that last step that's what we're doing now we're finally to the place where the bank feeds come into play this is where you shine bank feeds this is where we go so we're going to go back into the bank feeds you might need to refresh the screen to have it in place we're going to imagine then now this 20 cents clears the bank and we want to match it out to the bank feeds it might be it might not be able to do it as easily because it only has really the dollar amount to match out to the deposit so sometimes it would find it automatically and match it out but it would most likely be able to do that if you are matching it out to the deposit so if you were to do this you'd have to go into the match area most likely you know it might not automatically pick it up and then change the date range i'm going to change it back on over to one one and there it is there's the payment so i'm going to check it off and so now this payment went into the clearing account so when i record this now it's going to record the deposit into the checking account increasing the checking account and the other side's going to decrease the undeposited funds with a deposit form most likely so let's let's save it and see if that is indeed what it does is that indeed what it does let's do a run let's do a report and run it on the balance sheet and see if that is indeed what it does going into the checking account checking account check it out we're going to go down there's a 20 cent 20 cent deposit 20 cent isn't that like a wrapper 20 cent there's my 20 cent anyway i don't know what i'm talking about 20 cents increases i know that i know that much and then i'm going to go back to my report over here and the other side is in undeposited funds so we're going to go down not undeposited they changed the name to payment to deposit payment to deposit very literal payment to deposit i'm going to go into it and we see that it now has been reduced with of course the deposit form and so if i go into it it's not going to take me to the bank feed it's going to take us to the deposit form so that looks good and so that's the second way that we can see this if i go jump on back to let's go back up if i jump back on over to the flowchart then now we've entered the deposit at this stage no and no we could have tweaked it a little bit we could have we could have recorded this as a received payment and put it into the checking account and then matched up the deposit which wouldn't record anything new but give us kind of a double check help us with the bank reconciliation next time we're going to complete the process and actually make the deposit and then match out the deposit that we made to the deposit on the bank feeds