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Here we are in our bank feeds practice file we started up in a prior presentation using the 30-day free trial we also have open the free QuickBooks Online sample company if you want the to open at the same time we suggest using the incognito window or another browser to open the sample company you can open incognito if using Google Chrome by selecting three dots in the browser select incognito window type into the search engine QuickBooks Online test drive we're using the sample company to compare the accounting view the one the bank feeds practice files in and the business view the one the sample companies in you can toggle between the two by going to the cog up top and switch the view down below we're gonna be duplicating some tabs like we do every time right click on the tab up top to duplicate it and then we're gonna right click again to duplicate it it's going fast because we do this every time back to the tab to the middle we're gonna open up our financial statements reports on the left-hand side the first one of course being the balance sheet the balance sheet and then if you're in the business view by the way the reports are in the business overview on the left and then the reports so that's where they are at there tab into the right go into the reports down on the left this time the profit and loss the P and the L close in the hand boogie let's change that range we're going from 010122 tab 123122 tab running it to refresh it to the middle close that burger scroll up to the top change the range 010122 tab 123122 tab run to refresh then open up the bank feeds we're gonna go to the tab to the left to do so we're in the banking we set up the bank feeds in a prior presentation banking tab if you're in the business view by the way the bank feeds are in the book keeping transactions bank transactions okay so now we're just we've been adding all of our transactions we're just gonna finish up and do some more kind of random of the transactions and add them in a way that you might do instead of focusing in on one particular rule or one particular kind of transaction so we'll go for the rest of them here and just kind of add them and we'll add the rules as we go so that we can then do the bank reconciliations related to the checking account so if you add a bunch of data like if you add if you're adding the data as you go then of course once you set the rules up more of the items will either be populating on their own as time passes because you've trained the system to be smart you've given it kind of an AI component I guess so it can like take things out of bank feed limbo and make them into the financial statements automatically or you're gonna have a lot of stuff in here that already has basically the rules applied to it and then you can apply out the rules if you're making a new account or you're entering a lot of data at one time then of course you're gonna want to sort the data possibly by date which is the default but maybe more so by the bank detail because that will then give you the types of transactions that are lined up together so that you can then go through here and basically just pick up these these transactions and make the relevant rules kind of as you go so that's what I'm gonna do here I'm just gonna try to pick up some of the rest of these so we've got the Amazon service items so I'm gonna go into that and say there's an Amazon item I think I already had an Amazon a couple Amazons up top now if this was for the same kind of Amazon income I could use the same Amazon customer in this case but if it's something slightly different maybe I say okay this is gonna go into Amazon and a different I'm making a different vendor for it and maybe I'll put it into a different income account so I'm gonna save it and I'm not gonna put a class on these ones you can add the class we turned on the class tracking in a prior presentation and then just basically add the rules as we go it's gonna be a money in and the bank text if I want it to be distinguished from the other Amazons I'm gonna pull in the information from the bank test text that will be distinguishing it that means we're gonna have the services apply to it there's only one item it's gonna apply the rule to because that's the only one we have here and then it's gonna be going to not the category of cost to goods sold but I think I have an Amazon income so we have Amazon book and Amazon Prime so maybe we have other Amazon like affiliate marketing Amazon or something so let's go to let's go to say we have an income account and let's say it's an other income and let's call it Amazon affiliate marketing I can't spell affiliate I can't spell affiliate what do you think I am a genius that's a crazy hard word so let's save it and then that looks good so we'll save that I can kind of check it so that looks good I'm gonna add it so that of course if I go to the balance sheet we'll have an increase to the checking account if I run it here and the other side's going to the income statement where we have now having another item for Amazon affiliate marketing now these three Amazons you might make them sub accounts of like up heron account of Amazon if you have these three down here as sub accounts so if you wanted to do something like that I go to the tap the right right click let's duplicate it pull in this to the left and you could say maybe I should have those in the accounting tab down below and chart of accounts closing up the hand boogie by the way the chart of accounts in the business view as we all know at this point is under the bookkeeping and then the manage and the chart of accounts but I'm just pointing it out just so we can practice just for practice I know you know where it is okay I just wanted to practice so I'm gonna make a parent account just called Amazon an income account let's make those subs of them I think that would look better in our financial statement we're gonna get picky now so now you're getting picky is that it yes I'm getting picky I wanted to look good so this is gonna be maybe other primary income I'm just gonna call Amazon and there it is so let's save it and then all the other Amazons I'll go in here and make them subordinate subordinate to the primary Amazon because that's how the Amazon people work they got they've got the primary leader Amazon lady you know like like I don't want to talk about what he just do the do stop talking just do the thing this is gonna be Amazon parent account that's what I'm trying to do like Wonder Woman Wonder Woman's an Amazon person lady isn't she anyways this is gonna go into the next one this is gonna be Amazon and then the next one is Amazon Amazon's and there we go okay so now there'll be sub accounts so let's check out what that does what does that do let's check it out I'll show you so now we've got this sub account activity so we can collapse say do I need do I really need to break out the $9 I got from the affiliate marketing maybe I should just call it you know all Amazon it doesn't seem very significant to break it out but whatever so then we've got the circle K circle K random random stop most likely for a coke or something so I'm gonna say right circle K strange things or a foot at the circle K that's a vendor that's in Bill and Ted's excellent adventure by the way in case you're wondering it's an old movie so we're gonna say this is gonna be I don't know this might be draws that I took out of there because it might have been for personal personal stuff so maybe meals and entertainment I don't have meals and entertainment or draws let's make an account called meals and entertainment the classic meals and entertainment so we're gonna say this will be an expense type of account let's call it entertainment I like to say meal so now for taxes they might have broken this out a bit so if you're trying to do this specifically for taxes you want to kind of differentiate possibly entertainment and meals if you can and then travel might be different but I'm just gonna call it meals and entertainment because it sounds cool because that's what I'm used to okay and then we're gonna say we can set a rule do I need a rule for that one do I go to circle K a lot maybe I won't set a rule this time because circle K I might do something different next time so then PayPal this is a transfer so this this should be matched out to our income over here in the cash account but let's just pretend like this one you're doing it the other way we're waiting until it comes through in PayPal and then we're recording it as income so then I would record it to whatever I got the income from in PayPal let's imagine this was like the YouTube revenue or Google YouTube it's not I don't think but let's just pretend because I need to put it somewhere so I'm gonna say category I'm gonna say hold on a second this is gonna be let's call it PayPal transfer and then category this is where I want to put the YouTube income boom all right so I'm gonna add that so it's gonna be YouTube income I'm not gonna make a rule for it but if that's what I do every time then I can make a rule for all those transfers that come in if they were all like YouTube money which they're not I'm just this is just making this up okay so these the life insurance so let's say this let's say this is insurance I'm gonna copy this and put this up top I'm gonna make it a different Primarica Primarica life and then I'm gonna say okay so this is it is it business or personal if it's a life insurance I'm gonna assume maybe it's personal so I'm gonna call I'm gonna put it into draws I'm gonna say this is something I took out of my business checking account but it's personal we'll say and so then I'm gonna say boom and I can make a rule for that make a rule and wait I'll tell you you have to do it this way quick books there's rules here you've got to do it the way I tell you to do it I'm the one making the rules I make the rules around here quick books dang it these quick books listens to me sometimes if I apply the rule it applies to that one okay so there it is let's save that one and boom adding it just to check that one out because it's a little bit different because we assigned it to a draw so checking account goes down but the other side went into not an income statement account but draws draw because we said it was for personal use and that was the rationale of putting it into the draws so there it is and so no impact on the income statement is my point that's what I'm trying to say and then the other Primarica let's say that this one let's say that this one was some kind of insurance let's say it was liability insurance or something so I don't have an insurance account so let's say insurance insurance let's say it's gonna be I'm just making this up so don't we're just gonna say it's gonna be insurance now you could have multiple different kinds of insurance so you might have a parent account called insurance and then like liability insurance and possibly auto insurance and other types of insurance or because auto insurance might be somewhere else so you might put auto insurance like under auto instead of under insurance that one gets a little bit tricky so you could have a or you could just have an account for general insurance liability insurance or whatever it is as a standalone I'm just gonna call it insurance as the generic here and then we'll create a rule rules and then we're gonna say text bank text contains Primarica 01 so we'll do that to distinguish it from any other and two of them have been applied so that that looks good good and so let's save it and something's not quite another rule already exists with this name so let's put a dot next to it or something why didn't it apply it out if another one already existed you might want to go clean up the rules over there but I'm not gonna do that right now I'm gonna select these two and then add them except boom they've been pulled in safe deposit box so we'll say that that's some kind of investing thing let's say that this is gonna be hold on safe deposit box as the vendor I guess and so we're gonna say it's gonna be investing let's just call it miscellaneous miscellaneous oh they're gonna make me spell that I know how to spell miscellaneous I'm gonna say this is gonna be expenses miscellaneous miscellaneous other other there it is and then I'm just gonna call it in this see now it gave me the the word so I don't have to prove that I could spell it but if they didn't give me the word right there I would have spelled it right anyways because I know how to I could do that it's not a hard word so you would save deposit box money out this is gonna be a bank text it's gonna be I'll just say safe deposit box as the rule name that's all I need it's only applying to one okay movie B to the end let's add it now this one looks like a rule has been applied so I'm good with that one it's over the dollar amount so that's fine I'm gonna add I'm gonna add this one hasn't been categorized so Cal Edison why isn't there a rule for that one why is this one not why is this not have been why is this not have been been added with the rule rules rules rule oh that doesn't make no sense I'm just I'm not gonna get into it right now I'm not getting into it right now just added so Cal so Cal oh this is Edison the other one was a gas company I get it all right see you get it all set for nothing okay okay so this is gonna be utilities let's say I already have a utilities account set up and then we're gonna let's create a rule for it and then we're gonna say it's a money out and bank text let's just say it just needs the Edison in there to make it happen making stuff happen test in the rule only applies to one all right let's do it then all right so there's that one's different than this one that's a gas company both so Cal let's add it add it add it and then this one is gonna be let's say that was draws draws come into our personal sides I'm gonna say category let's make this to the owner I don't really I could say owner owner didn't I thought I already had a vendor of an of an owner drawing it out I'm just gonna call it draws draws boom customer boom I don't think I really want a rule for that one because even though it's somewhat standardized I could make a rule let's make a rule for it could I make a rule I'm gonna say what hold on this is gonna be draws transfer rule it's a money out rule so to make this one specific because I really have a dollar amount that's kind of specific so maybe I say I'm not really reliant on the bank text so much as the amount so if the amount is equal to 75 and maybe the bank text has like robber in it then we'll apply it what what has to maybe it needs to be negative 75 no it has to be amounts equal to okay so I have it now to 75 and I put the two steel here and so that works I think it's the capital letters I didn't have all right to have been applied so that should be good let's save it and then these two are Verizon alright I'm just gonna select all of them and say accept so now we've cleaned out our stuff over here and if I go to my financials this is what we have constructed with mainly transactions from the bank feeds we'll take a look at the financial statements a little bit more later to just kind of look at what we've done drilling back down and more of an auditing kind of system going from what has been created drilling back down to the source documents that have been constructed mainly from the forums that have been made from the bank feeds and so and then here's you know the income statement so we'll go back in and kind of analyze this and then possibly do some bank rex and deal with that beginning balance issue in the checking account with that first bank reconciliation