 QuickBooks Online 2022. Bank feeds matching sales receipt. Get ready because it's go time with QuickBooks Online 2022. Here we are in our bank feed practice file. We set up with a 30-day free trial holding down control, scrolling up a bit to get to the 125% currently in the home page, otherwise known as the Get Things Done page. Here's the business view as compared to the accounting view. Switching to the accounting view is something you can do by going to the cog up top. Switch to the accounting 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 accounting view. Back on over to the bank feed practice file. Open it up a few tabs to put reports in. Right-click in the tab up top and duplicating it. Back to the tab to the left. Right-clicking again and duplicating again as those are thinking. Let's see where the reports are located over in the accounting view. They're on the left-hand side under reports. If we go back to the business view then in the second tab, let's see where the reports are located in the business view. They're in the business overview and then in the reports. I'm going to close up the hamburger. I'm speaking a little bit slow because I'm letting my computer think. As you can see it's got the little circle up here. It's thinking. It's thinking. I'm going to go down and then say we want the balance sheet opening up the big balance sheet. I know it's a shock. It's a surprise. I just chose it randomly this time. Let's look at the balance sheet this time. 0101212-123121 on the range change and run. Tab to the right. Tab to the right. What other report should we look at? I don't know. I don't know. Close in the hamburger. Let's do the income statement. The profit and loss. Let's check that one out. Range change up top from 0101212-123121 and run. Opening up the bank feeds. Let's go to the first tab to check that out. Our focus is the bank feed stuff going down to the bookkeeping on the left-hand side and the transactions up top to find the banking information where the bank feeds are located. If, by the way, you were in the accounting view, it would be located in the banking tab and then in the banking section. I'm going to go back on over. This is where the bank feed limbo is as I call it. QuickBooks doesn't call it that, but they should because that's a good name for it. But this is where the bank feeds have been pulled in from the bank account and they have not yet been added to the promised land of the financial statements. They need a little help, a little love, a little guidance, a little information, which includes at least the account that we would have to record as well as possibly a vendor and a customer. So we're now going to be jumping on over to our flow process. Let's look at our flow chart over here. This is the desktop flow chart, but we're just looking at it to see what the flow is. The forms will be the same so we can see what we're doing with the bank feeds. So we've talked about a situation where we're dependent on the bank. We looked at then the invoice situation and a cruel kind of component and put the bank feeds into every component along the way. Now we're going to look at a cash-based system where we are not relying specifically on the bank feeds and we're using instead what QuickBooks would like us to use, which is the create sales receipt, which is often good because that can give us a little bit more detail as we record, but it'll be a little bit more difficult, one more step than just waiting until something clears the bank to record it. Obviously you might need to be using the create sales receipt if you're at something like a register, you're collecting multiple sales and you would like to record the sales of multiple sales at this point in time, possibly then grouping those sales together and depositing them into the bank and one lump sum, which then you would basically make the deposit over here in such a way that you expect it to also be in the same amount on the bank statement. So there's two ways that we could basically fit the bank feeds into a use of the create sales receipt. One is that we can create the sales receipt here, for example, actually there might be three ways. We can create the sales receipt item here and then we can either put it at this point in time into the checking account directly into the checking account or we can put it into the clearing account which used to be called undeposited funds, now it's called something to be deposited or something like that. If you put it into the clearing account you would be doing that because generally you would then need to be grouping those deposits together possibly and then putting it into the bank at one lump sum or you might be doing that because you would like to then use the bank feeds to match out to the create sales receipt and basically have maybe a double check pulling the information out of hitting the journal entry taking it out of undeposited funds and making the actual deposit. So that's what we'll practice recording here at this point in time. We're going to create the sales receipt and we're going to put the bank feed in place to match up to the sales receipt. We're not going to deposit it into the bank as we create the sales receipt. We could do that and then match out the deposit to it. The deposit then not recording anything new at that point in time but matching out to what we have already done or we can create the sales receipt and put it into the clearing account. Used to be called undeposited funds now funds to be deposited or something like that and then we can create the deposit from the bank feeds matching it out to there which would basically record the deposit taking it out of the clearing account and putting it into the checking account. Now note that we're not going to do the other method right now which would be that you create multiple sales receipts then deposit them and then use the bank feeds to match out to the deposit. Why? Because we basically already saw that because it would be the same process as we saw with the create sales receipt and receive payments and then we have multiple receive payments that we put together and then make the deposit and then we simply match out the deposit to the bank feed at that point not recording anything new just simply verifying that we have made the recording of the deposit so we've seen a similar kind of thing there so this time we'll create the sales receipt we'll put it into the clearing account which used to be called undeposited funds and then we'll match it out the clear deposit on the bank feeds that is to move it from undeposited funds or whatever it's called now funds to be deposited the clearing account into the checking account with a deposit form that will be created with the bank feeds okay hopefully that made some sense I'm going to go back on over here we're going to use the amount of this one here 140 this was from Amazon but we're just going to imagine that it's going to be a payment that we're going to be receiving for our practice problem purposes so I'm going to work this backwards again I'm going to create the sales receipt kind of going back in time as if that happened first and then match this out to it so this is $1.40 so I'm going to make a sales receipt for $1.40 I'm going to right click on the tab up top to do it duplicating it and then in here I'm going to hit the plus button on the left hand side I'm going to hit that one not too hard though I don't want to break it and then I'm going to go in here and we're going to say that this is going to be the sales receipt sales receipt form going into the sales receipt it's thinking let's make another customer another generic customer customer what am I on now customer number eight number eight we got lots of customers we don't even take their name they're just a number to us here it's kind of impersonal we're going to say save it and let's say this happens on like 4141 2021 making sure I got that right this time get it in the right year could you would you mind if you put it in then we're going to put it into the payment to deposit instead of into the checking account put it in the checking account at this point in time if we were to do so we can then use the deposit form I mean we could use the bank fee transaction to match out to what we had already done no new transaction being recorded or we can put it into the payments to deposit form area which used to be called undeposited funds which is usually used to then take multiple sales receipts group them together in the same format as they're going to be grouped together when we go into the bank for example if you had multiple cash sales you're going to put them together and deposit them in the bank at one time you want the same thing to happen on your side but in our case we're going to imagine that this will hit the bank for the same dollar amount we're going to put in here which will be the $1.40 but we're going to put it into the clearing account so that we can use the deposit form to kind of from the bank fees to give us that kind of double check taking it out of this clearing account and then putting it into the bank okay so let's do it then this is going to be service service one, no inventory involved, no sales tax involved this will be for $1.40 a $1.40 big sale here made who made that sale we got to make sure someone collects the commission on that one someone's going to want that so in any case this is going to increase then the the undeposited funds which is now payment to deposit the other side is going to go into sales let's save it and close it and check it out save it and close it tap to the right and then run it again, freshen it up heat that thing up, put it in the oven for a little bit because it got cold and then we're going to go down and say that we're going to have to say that this increased the payments to deposit used to be called undeposited funds the clearing account the holding account and there it is in the the $1.40 the $1.40 and then I'm going to go back on over the other sides on the income statement going to the income statement holding down control scrolling down and we can see in the service area there we have our services and we got the $1.40 now doing this method is also useful and it might be something that you think about doing to give you some more information as well because if I wait till something clears the bank and I don't use the sales receipt form I don't get as much detail sorting my income accounts by say item and I don't get as much detail to basically sort my customer information so for example if I go to the first tab here and I go into my get paid and paid area and then into the customers which if you were in the accounting view would be on down into the sales side of things and then into the customers and I go into that customer customer number what am I on 8? 8 right there if you go into that one then you actually see the sales receipt if we didn't use the sales form in other words we didn't use an invoice or sales receipt but just record the sale with a deposit as it cleared the bank then we don't get kind of this added detail you can also run reports by the item here so you can actually break out and get more detail about what you are selling by the items you are selling if you are using the sales receipt as opposed to entering the sales with a deposit form so for example if I went to the business overview and went into the report area and then I could say I want to have like a sales report sales by item sales by type detail sales by product or service details do that one and so now I can break out my sales with the range change O10121 to 123121 and run it and I can get a breakout of what I am actually selling by the things that I am selling which you can't do if you are just recording the sales by the deposit form because it doesn't have the items in the deposit form to track that added detail might not be a problem for you but just something to consider let's go to the tab to the left let's use our bank feed now now often times if I was to like refresh this the system might be able to match it automatically and say oh I see $100.40 here and I see that there is a deposit for $1.40 and it would probably match it out for you or is much more likely to because it has the dollar amount and the date being a little off in our example problem but that often is enough for it to basically be able to match them out but any case I am going to go ahead and say find hold on a sec I am going to close this out I want to go to now I lost it now it is gone $1.40 and I want the match I did it right what was that worrying about let's make this back to 1 and then down here there is the $1.40 we want $1.40 checking it off this is a sales receipt that went into the clearing account so this is going to record a deposit taking it out of the clearing account which used to be on deposited funds but it is now something to deposit or something like that and put it into the checking account so let's save it and close it and check it out and see if that is indeed what it does is that indeed what it does in like deed form the way it indeed I don't like just talk man let's see the deeds so I am going to go back in here run it and scroll down and see if that is what it does indeed going into the checking account and say let's see it and this was $1.40 there is the $1.40 deposit has been made if I go into that $1.40 $1.40 there it is bank deposit form entered and generated from the bank feed closing it back out going back up top going back then to our report the clearing account used to be called undeposited funds now called what's it called again payment to deposit that one that I can't remember ever ever but I will I will get it I will forget it like 200,000 more times and then it will click there will be a click that you can audibly hear from a mile away in my head and I will never forget it again I don't know what I am talking about so there is the $1.40 in any case there is the $1.40 done back down to zero on the clearing account so there we have another method where the sales receipts can kind of fit in in a bit more complex method than just depending on the bank feeds depending on the type of industry you are in