 QuickBooks Desktop 2023. Bank feeds, credit card data setup. Let's do it with Intuitz QuickBooks Desktop 2023. Support Accounting Instruction by clicking the link below, giving you a free month membership to all of the content on our website, broken out by category, further broken out by course. Each course then organized in a logical, reasonable fashion, making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems, PDF files and more like QuickBooks backup files when applicable. So once again, click the link below for a free month membership to our website and all the content on it. 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 dropdown, we got the hide icon bar, open windows list checked off, the open windows, they're open on the left. Reports dropdown, company and financial. Let's look at that P to the L, the profit to the loss, the income to the statement. Range to the change 010122 to 123122. I'm going to stop doing that here. Customize the reports. We're going to fonts and numbers. Change the font. We'll bring it up to 14 as has been our custom closing it out. Okay, yes and okay. And then reports again, company and financial this time the balance sheet. Let's customize it first, change the range 010122 to 123122 and then fonts numbers change 14. Oh, yes. Okay. Then let's go to the banking dropdown and go to the bank feeds and we've got our bank feed center. So we'll go into the bank feed center. So we've been entering data thus far with relation to one account, a checking account. Note that we might have multiple kind of checking accounts or that we're going to be connecting to possibly even multiple financial institutions and we might have credit card account. So that's what we'll focus in on this time. We're going to add a credit card account that credit card account is typically through a bank of financial institution. And therefore we have a similar capacity with the bank feeds. Now setting them up. There's a couple ways you can do that. One, you can add another account here using this button. You can go to the banking dropdown. Even if you had not set up any bank feeds, go to the banking, set up a new bank feed account. As we saw in the past, I'm going to close that. I'm not going to go into it at this time. You can also then go to the lists dropdown chart of accounts. And we noted that we set up the checking account last time and had the bank feeds connect to it. You could set up another account making sure that the type of account is a credit card account this time. We're going to hit the rise up new account. And I'm going to say that this is going to be it would be a credit card type of account. You got to make sure it's a credit card type of account because only the credit card account and the bank accounts have the capacity to be connected to the bank feeds. Now, once we when we connect to the bank, we can make an automatic kind of connection. Let's check that out. Let's do it. I'll do it this time. We're going to go to the banking dropdown, go to the bank feeds and then set up. I'll say yes, closes all the windows, which is what I was trying to avoid, but it's okay. Then you can go here and type in a credit card American Express American Express, for example, and it should have many of the popular credit cards. And you go through the similar kind of set a process noting that the financial institutions as we saw with the banking side of things might have different kind of security measures or protocols, passwords, IDs that you're going to have to use to verify that it is indeed you might have to actually contact the credit card company on occasion. But usually it's a pretty smooth process to set up. Like with the bank feeds for the bank accounts, you might also download the data from the institution. You might do this for a couple of different reasons. One, when you're setting up the credit card accounts, maybe you're going further back than you can get from the connection directly to the bank. So if you want to go like a whole year or two years, sometimes there's limitations on how far back you can go. If you go and take the data first from the institution, then sometimes you can go a little bit further back and then you can connect the bank feeds going forward from that point. Or if you just don't want to connect to the bank and you'd rather just download the data and upload it, then you can use that method as well. And once you upload the data into the system, just like with the bank feeds, it'll be in Bank Feed Limbo, meaning it'll be in the system but not used to connect or create the financial statements and then we'll create the financial statements with them. So I'm going to use the system where I downloaded the information from the bank. And usually if you go to your financial institution, it would be something like this. You'll find something like download account activity, and then you're usually going to have a range that you're going to enter in. You want to make sure that you download the QuickBooks file. That's the one you're going to need, not the Quicken, but the QuickBooks. Like it'll look something like this. So if I close this out, we're going to say minimize, minimize. So here it is. Now it looks like the software file, but this is actually a cube, and it's called a QBO, which is a little confusing because it sounds like an online kind of thing. If I right click and I go to the properties, then you can see here that it is a data file, QuickBooks OFX data file. So that's the thing that we're going to use to upload. Now there's a couple of ways you can upload it into the system. If I went to the banking dropdown, bank feeds, and I said import web connect, then we could try to connect in this fashion or wait a second. However, the system often recommends that I actually close up the QuickBooks file and then just double click on the data file and it'll open up the software and then open up the bank feeds. Now, so I'll close this up. I'm going to make sure that I had this file as the last file I had open and note that I didn't create an account for the credit card down here, which would be a liability account, a credit card, account type. And I'll create that as I connect to the banks. I'm going to have to connect that. I'm going to be aware of that. So I'm going to say, okay, let's close this out. And are you sure you want to exit? I'm sure QuickBooks. Thanks for checking up on me, but that's what I want to do. And then I'm just going to double click on this file, which should open up QuickBooks and then bring in the data from here, which is the data that I downloaded from financial institution for just our mock data here. And so I'm going to say one, two, there's our password in order to get access. And so the verification has been thrown down, throw down the verification. So then it says QuickBooks has received new transaction data. Please indicate whether you want to import this data or save the file for import later. We're going to import it. We're going to do it right here right now. So it gives us the information on where we got the data from. And then we've got the choice down here, use an existing QuickBooks account, which we don't have one because we didn't set one up. So it's grayed out here. So we're going to have to create an account. Notice it doesn't give me an option for the account type, because it can see that it's a credit card account. So it's going to set it up as a credit card type of account, which is required. It can't be, in other words, other current liability type of account, because the credit card account is the one that has the capacity to connect to the bank feeds. So we'll just call it credit card here. Note that you might want to put the credit card like the name if it was American Express or whatever, or the last four digits of the credit card possibly. But you want to be careful with that kind of stuff as well, because internally you kind of it would be nice to have the name or the last four digits of the card or something like that. But when you have external reports, then you might not want to give that information externally. So sometimes you might make a parent account so that it will open up and you can then collapse it into just credit card and then have your credit cards as sub accounts underneath it. But I'm just going to make a credit card account. So we'll say continue. Let's do this. Your web connect data has been successfully read into QuickBooks. You can view the downloaded data in Bank Feed Center by selecting your financial institution. So I'm going to say OK. And then it usually opens right up to your Bank Feed Center here. So but I'm going to close it out and go back into it. Sometimes this bar always pops up for me. If that happens to you, you can go to the view dropdown, top icon bar, and then I go back down to hide the icon bar and it moves it away. Go away thing. And then I'm going to go to the banking dropdown Bank Feed Center. And now we've got the two tabs atop. We've got the checking. We've got the credit card info as well. So if we go into the unrecognized area, then these are the these are the ones that we can use to then enter the data for the credit card, which we will continue on doing in a future presentation. From this point, it's similar to the checking account. It's a little bit more confusing to think about the credit cards because when we have the the amounts that we're paying for instead of a decrease to the checking account, it's increase in the liability. And then we're going to have those inter company or inter Bank Feed transactions we have to deal with because when we pay the credit card, it will most likely be coming out of the checking accounts. So now you're going to have, you know, a transaction that is impacting both sides being a Bank Feed kind of situation. So we'll talk about that kind of situation with these as well in future presentations.