 QuickBooks Desktop 2023. Bank feeds add remaining transactions and bank rules. Let's do it within to it. QuickBooks Desktop 2023. Here we are in QuickBooks Desktop Bank Feed Practice file. We started up in a prior presentation going through the setup process we do every time in the view drop down. We've got the hide icon bar the open windows list checked off open windows open on the left reports drop down company financial the pop profit and loss the P and the L change in the range mode 101 22 to 1231 22 and then customize it fonts numbers they need to go up to 14 why because I that's the way I like it doesn't have to be at 14 yes it does 14 reports drop down again company and financial this time the balance sheet standard customize it range change mode 101 22 to 1231 22 fonts and numbers this has to match it has to otherwise people go crazy so we're going to make that 14 okay yes and okay then we're going to go into the banking drop down bank feeds we're looking at the bank feed center which would only be set up if you turned on the bank feeds which we've done in a prior presentation so now we're in the checking account we're in the unrecognized we've gone over some of the rules and some examples of entering data now we're just going to go through and enter the data and rules as we go which you might basically do in your normal kind of process of setting up the bank feeds remembering that the first time you turn on the bank feeds you want to make sure that you go through it more meticulously and add all the rules that will be applicable so that the next time you go through it you will have to do less and less of that more and more of it being automated so I'm going to sort it this way one way you could do it is to sort by your items over here so that you can possibly think about the related vendors and customers and then set up rules that would be applicable to them as we go so this amazon item here so we'll add amazon I'm going to say amazon we'll just keep it there I'm going to say this is going to go to amazon we called it amazon income amazon let's make let's make this go to the book sales amazon book sales I'll set up a rule for that so I'm going to assume this time I'm not going to distinguish between all the amazons I'm just going to pretend that this is a standard transaction that I see instead of just a normal rule so we're going to add the details and I'm going to say this is going to be just a rule and I'll just call it an amazon rule and then we'll say that this will say all or any I'm just going to choose one this time so I don't need either one will fit and I'm going to say that this will be the description and I'm going to say it contains amazon.com let's say I don't need the whole rest of it and if it does that I want you to apply it to the amazon income account that we had set up and then we'll just say save it and close it boom save it and close it and that then should be pulling in I won't go to the balance sheet because we know the checking account is going to go down on the income statement side of things it should be going into our amazon book sales I believe was the deposit side of things closing that back out going back on over to the bank feeds and I'm just going to sort it this way again note that the sorting gets kind of jumbled every time you do something which is kind of annoying like you would think it would be nice if it kept the sorting the way it was even after you enter something but it typically doesn't so you got to re-sort every time these are all coming from audible I'm going to assume that that's like an an income account so I'll just make a rule for it and I'll say and I already had a rule before but I deleted them all so I'm going to say this is audible and then we're going to say this is going to be an audible income account noting that I'm making the income accounts by in essence the vendor I mean the customer that's paying us due to the fact that we're making our income recorded from the bank feeds so so that means I don't have the added detail I would have if I was using invoices or sales receipts so I'm going to then say let's add the rule details I'm going to make a make a rule for it and just call it audible rule audible and all that's good description let's just say description and let's just say contains I don't need this whole thing if they change some of that stuff as long as it's got audible in it I think the rule should apply so we're going to say save it save it that pulls over that transaction and then the recognized transactions are here which I could add this way or just select them both as they are here and hit the drop down which is a rise up and actually rise up and then add confirm Roger that Roger out transaction recognized so if I go to the profit and loss then we should have those items in here I believe so that looks good let's go back to the bank feeds I want to get these all in there because then we need them for the bank reconciliation component I believe so I'm going to then sort it this way we'll do another one Verizon telephone so if this was the first time entering that we just say Verizon make the vendor we're going to put this to a telephone account I'll just make a rule for that so I don't have to do it every time let's automate this process let's scale it up man let's do it so we can do everything fast so it's going to be Verizon rule description is going to contain let's just make it contain Verizon that's all I need man that's all I need and then it's going to go to the telephone okay confirm the other one pulls into recognized and I could just say yeah I see you there Roger that at it and then we'll go back on over here and do it again circle K so I'll just care all right circle circle K now I don't know I probably went in and bought a you know a sandwich or something I got a coke so what am I going to do that what's going to go to miscellaneous obviously or something I'll call it miscellaneous expense and we'll set that up and we'll say set it up now if it was a personal thing I probably should be putting it to draws right but I'm going to expense it that was an an essential business thing so we'll say okay business expense boom and then let's make a rule for it add more details make a rule it's going to be the circle K rule strange things or a foot at the circle K circle K and we're going to say description that's in Bill and Ted's adventure no one knows that any it's an old okay whatever no one cares so it's gonna it doesn't need to match just contain that and that should be good so we'll save it save it that's the only one we have there so that's good on the profit and loss we got a miscellaneous now you got to be careful with that miscellaneous expense because if you put everything in there it's going to look funny and if you report that on your taxes that with a bunch of funny stuff and miscellaneous they might get suspicious they might get get paranoid over there these are going to be transfers we'll say that's 75 dollars let's say that's a draw I'm going to assume that's a draw so I'll say the owner and then it's going to be a draw making sure this is an equity account because this is money that's going from the business to the owner so I'm going to say equity type of account and it's going to be a draw boom and then I'll set a rule for it we need a rule add more details rule and then set a rule and this is going to be anytime it has I'll say it's a draw rule description if it contains that that that should be good and then I'll save it boom bam pulls the other one over recognize you better recognize I recognize it okay then we're going to go back to the balance sheet we've got the cash going down the other side this time going to the draws it's a contra equity account we've talked about it in the past so I won't go into it in detail here we'll go back into the bank feeds back to the unrecognized so we can recognize more stuff this is going to I think we put this in this is google I put it into just the youtube account we'll set up a rule for that add more details rule this is going for this is the google rule google already rules why do they need another rule they already rule everything this is going to contains maybe just google and then boom save it okay and so then I'm going to sort this way again and we're going to say so cal gas company so I'll call it so cal gas this is going to be I just put it under util utilities I believe and then I'll make a rule for that as well a rule for the utilities and so we'll say rule and we'll just call it so cal gas and we'll say all or any either description contains as long as it's got so cal gas that's good don't need the paid what not that should be a good indication that pulled over another one over here so I'm going to say let's add let's recognize add that profit and loss should have the gas pulled over into the utilities account boom done back to the bank feeds what else we got we've got the transfer here which I'm going to add now this transfer normally would be connected to the paypal if I had the paypal set up but let's just imagine this one because this was before that so let's just imagine we're using the other method that this pulls in from paypal into your checking account and you're going to wait till it hits your checking account before you record the income as opposed to getting the detail from the paypal account which we talked about in the past so you might call this either like paypal income or you might call it the income of the source that you're getting the money from like like let's just say teaching let's say video content or something video video content and so and then that's going to be the generic well first of all let's make it from I'll just say paypal as the generic vendor and then if I knew one vendor that I'm getting paid from you might have that one vendor but you might have multiple vendors paying you through paypal and then you might put it to just like to just like video income or whatever a generic income account that can encompass everything you're getting paid from through paypal noting that when you do this you're not going to have the breakout of the different people that paid you that you might then be able to apply to different accounts as we talked about when we set up the paypal account so this is be a more simplified way to do it depending on your circumstances so I'm going to set it up it's going to be an income type of account so income account save it and then we're going to say add more details which would have a rule and then you can just easily set up your rules just to pay pal it's got money in rule and the description has paypal transfer that's it it could match or just contain and then boom save and close and then profit and loss now note obviously my books are these are just made up kind of things I'm just entering the data entering data so so now you've got that separate account we would imagine video income here that that would just be coming through as a generic account that comes through the platform of paypal if you had a system where you're just using paypal to get basically collect the income and then transfer it in over to your your bank account so then we've got let's do another one we'll say primarica so let's say this is primarica and we'll say notice there's there's life insurance versus the other primarica here so you might if these were two different things name two different vendors for like insurance versus versus something else let's make sure let's pretend these are two different types of insurance so let's say it was primarica life I might make a different vendor even though maybe I have the same company for two different types of insurance because then I can sort by the two different vendors for the two kinds of transactions so let's try that I'm going to send then say the account let's say that this is going to be insurance I'm going to set up a couple accounts and I'll do it this way I'm going to go into the list drop down here chart of accounts let's imagine we have multiple types of insurance so I might say okay let's add a new account and make a parent account of insurance expense type of account continue I'm going to call it just insurance and then save and close and then we might have multiple types of insurance underneath it so you might say okay new for example expense account and let's say this is liability liability insurance and save and close oh hold on a second let's edit that edit that hold on hold on and make it a sub account of insurance boom and then you might have other like auto insurance add new and let's say expense account continue auto insurance and then make it a sub account of insurance now auto is kind of confusing because you have tax implications that might use a mileage method versus a specific identification insurance could go under auto or under insurance so it gets a bit confusing but we'll just have those two and that's one way you can break them out on the income statement so if I go back to my profit or my bank fees let's imagine that this one this one was liability insurance and the other two are auto insurance let's just imagine so this is going to be uh primarica now primarica life i'm going to make a different vendor for it i'm going to say that this is going to go to uh liability insurance i'm going to make a rule for that drop down more details and say we want a rule i'm going to call the rule primarica life notice i have a distinguishing factor here and that i have life involved in it so i don't really need two separate lines to make that rule i just distinguish in the description between primarica something else and primarica life in the one rule so i want it to have a description and i'm just going to say contains but i want to make sure it contains that last bit on the life to distinguish between the other one which i'm going to pretend is another kind of insurance i'll say okay set the rule i'm going to sort like this again let's do the other one let's make this primarica i'm going to make it primarica primarica o one to make it different i made a different vendor you don't need to make it a different vendor you can have them both called primarica and still distinguish the rules but if you make different vendors you can sort them differently in the vendor center so that you'll have the different items that will be applicable to what you're the accounts you're paying for okay so i'm going to say it says quick add vendor i'm going to say okay boom this is going to be auto auto insurance making a rule for it and we'll say this is going to be then the rule of i'm going to call it primarica o one and it's going to have contains i just want to make sure it's got that o one which is a distinguishing factor from the other one which was life at the end so i'll say okay save it pulls that in we've got one that's recognized i'll recognize it let's go to the profit and loss so now you've got that those sub accounts on the expense of insurance down here so we've got auto insurance liability insurance which collapses into the insurance total notice that that gives us the capacity to put those two things which would otherwise be if not under the subtotal ordered by alphabetical order so this allows us to put them next to each other although it does add a significant amount of space when i expand it because now i've got two added lines as opposed to just having two separate line items the other way you can order your accounts is by account numbers but then you got to turn account numbers on and that becomes its own tedious thing which we we have courses on if you want to look at that let's go back to the bank feeds and let's go back to the unrecognized so now we've got the safe deposit box so let's just put this under you know the bank and we'll say that this is going to be i'll just call it miscellaneous expense and i'm not even going to make a rule for it i'll just add that i'm getting lazy skill share i'm going to call this skill share tab tab account we made a skill share uh income account skill share income so i'm just going to quickly add that to to save some time and then the so cal gas so i thought we made a rule for that already any case i'll just add that that's going to the utilities account and i'm just going to add that so that we have everything uploaded and we can go to the next point which is the bank reconciliation notice when i got lazy on those last three that that could cause me problems in the following month because now now those don't have a rule set up for them and i'd have to kind of do a little bit more work at that point so that's that's what happens when you get lazy so so now again these are just generic numbers so obviously they're you know we're just using data and recording them so that these aren't like accurate or anything but these are just the examples of how you might be breaking off the income accounts note again the income accounts are way too expansive now for most businesses because we're using like a gig work kind of setup and putting all the actual customers as an account which you would not do if you were using the invoices and sales receipts to record income because you would have the sub accounts but here it might be appropriate because we don't have the sub reports which would be in the reports drop down sales sales by customer sales by item so so we have that there and then we've got our expenses notice the use of the sub accounts here making the income statement a lot longer but giving us that that breakout which can be a useful tool so next time we'll talk a little bit about okay we still have this issue with the beginning balance issue and the bank reconciliation kind of situation on the checking accounts will touch in on that how the bank feeds kind of fit in and tie into the reconciliation and the problems with that first bank reconciliation that are often there due to the fact that you started the bank feeds at some point and you already had transactions before that meaning there's a beginning balance that will need to be reconciled