 QuickBooks Online 2023. Bank Feed Center Navigation. Get ready to start moving on up with QuickBooks Online 2023. 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 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. To open at the same time we suggest using incognito or another browser. You can open incognito if using Google Chrome. Selecting the three dots in the browser incognito window typing into the search engine QuickBooks Online Test Drive. We're using the sample company to compare the accounting view the one that the bank feeds practice file is in and the business view the one the sample company is in. If you want to toggle between the two views you can go to the cog up top switch the view down below. We imported our data file in a prior presentation connecting to the bank meaning we have information and what I would call bank feed limbo at this point in time. Let's go into that area we're going to go to the banking tab and the accounting view to do so and then we have the banking up top. If you were in the business view by the way it would be in the bookkeeping area and then within the bookkeeping it's going to be in the transactions up top and then your transaction detail closing up the hamburger. These are your cards showing the different financial accounts that have been connected the information down below. Here it is in our practice file where we have the banking tab I'm going to close up the hamburger once again so we only have one card at this point in time. We will have more cards when we add the credit card and possibly other items in future presentations. Remember there's two ways you can connect to the bank you can connect directly to the bank or you can or you can download the information from the bank and import it into the system. We used the second way but either method that you use you'll end up with this this system right here where you have this information pulled in that has not yet been used to create the financial statements or to double check the creation of the financial statements in essence a kind of bank reconciliation tool which the bank feeds can be used as now bank feed limbo here can be a very scary place. It can be intimidating because now we have all these transactions in here. What do we do at this point in time and you don't want to be afraid of it. It's OK. They're already like in the promised land over here that just need to be given a little bit of love a little bit of more information to pull them over to the actual promised land of the financial statement creation making the balance sheets and the income statement the primary thing they need is the account that they need to be assigned to as well as the customer and vendor or vendor which oftentimes we can get from the from the memo. And as we do that we can create rules and as we create rules we're teaching the bank feeds in the future to know what to do without any more assistance to go right through bank feed limbo and on into the promised land automatically. That's the goal. All right. So let's just take a look at this. We've got our card up top. You've got the drop down of the different accounts if you had multiple cards which is another way you could toggle through the cards this way. And within the cards you have an editing item so you go to the editing item there if you needed to change something up there. You've got your links. So if you wanted to upload from file or manage connections or order the checks you've got the drop down here to do so. Now remember that these banking information is actually linked to a general ledger accounts. Let's just show that real quick. If I've right click the tab up top and duplicate it so I can show this on another tab. I'm going to pull it to the left. And then I'm going to go down to our chart of accounts which is located in the accounting tab. And then we've got our chart of accounts up top close in the handbook if you're in the business view by the way it's located in the bookkeeping tab. And then the chart of accounts and within the chart of accounts we set up last time we had the checking account that was provided by into it. The cash account I mean and then we set up our checking account as the sub account. You can see the indication here that it is linked up or pulling information data from a financial institution in this case that has been imported. You have the register. The register is not the same thing as you know the bank feed limbo. That we are looking at because this would represent the transactions that have already been entered into the into the system to help create the financial statements or double check them back to the bank feed limbo. So we have that and then down below we've got for your review. Notice that all the transactions thus far are in this tab for your review as opposed to categorized or excluded. And that's because QuickBooks doesn't know what to do with it yet. We have to give the added information. So if there's added information that necessary QuickBooks is going to dump them in here which is the bank feed limbo area. You're going to have to add that added information or verify the information that has been added. And as we add the rules they will no longer be coming in here possibly to the limbo area or if they do all we'll have to do is like kind of click them off to add them Hopefully the information will be there because of the rules we set up. And so then you've got your categorized tab if they've been categorized excluded means that we're actually kind of deleting the transactions. Remember that this information is coming from the bank. So you would think that we would not be deleting transactions unless something was incorrect coming from the bank. So you want to be quite careful of deleting or excluding transactions only doing so if you can tell if there's like a duplicate transaction. Otherwise if it came from the bank you would think it is a solid transaction that we either have to match to something we entered into the system helping us with the reconciliation process or add it to the system because it's an actual financial transaction that took place that we need to record. So then if I hit the drop down here we can sort by the dates so we can sort the dates down below we can use the to from date so for pulling in like a whole year's worth of data into bank feed limbo here we might use different sorting options in order to populate that information and that often could happen if you work as a bookkeeper or something because sometimes people will come in say hey I need to do my taxes I don't have anything I don't know what I'm doing I just started my business but I do have this bank account and so we might try to import a whole year's worth of bank accounts and try to upload them as best we can to construct financial statements or something so that we can do whatever needs to be done such as preparing the tax return or something like that you can imagine a scenario like that happening. You've got this item where you can say all transactions recognized transactions so those are ones where the system kind of thinks it knows what to do with the transaction matched transaction if you're sorting by the matched transactions that's QuickBooks saying hey look I think there's a transaction in your system already that has been recorded possibly from another bank feed another account such as a credit card account that's been attached to the bank or you entered a transaction such as a deposit form that you entered on your side or an expense form that we think matches so we would match it here we could sort by the items that the system feels are matches that detects as a possible match transfers if there was a transfer that often happens between accounts like to check-ins accounts are set up so we could sort by transfer you wouldn't expect too many transfers to be in place but when you're searching for those then that can be applicable a rule applied so you can search for the items that have a rule applied to it we're going to set up the rules later and then that can help you to kind of import them or finalize them quickly and then missing payee or customer that's often one of the fields that are missing and sometimes people start to add transactions applying the required field of the account but they neglect to add the payee or payer or customer even though they can pull that or extract it from the memo data so if you've been doing that you probably want to go in here and add the payee and customer you might be able to easily do that by sorting by this item unassigned minutes it hasn't yet been assigned so we're going to sort by those items you can also search up top we have the search field you can take the tour you can go to the register this will take you to the related register so if you're not really sure like which account this this thing is tied to although it should be indicated in your your tag up top you can say okay I'm going to go to the register and that pulls you to your chart of accounts and into that register in the chart of accounts nothing's in it yet except for that first transaction that we put in place that was put in place when we uploaded data which will deal with when we do the first bank rec back to the chart of accounts now we're in the chart of accounts I don't want to be here I want to go back to the banking and now we're back into the bank feeds there so there is that and then down below we've got the number of transactions the number of pages so you might have to sort through multiple pages if there's a whole lot of transactions we can see we can change how many are on each page which will see shortly you can print the list if you so choose exported to excel if you so choose and then in this cog drop down we've got the options for the viewing so you have check numbers now note that none of my transactions have check numbers because I'm not writing checks so the check numbers is probably just cluttering up everything so I'm going to uncheck the check numbers it's not doing me any good the payee I kind of like having the payee in here because I might want to add that that's one of the things I would like to add kind of as I go if possible because the payee might be in the description but I still have to pull it from there to put it into to the transaction so that I can then sort by payee we'll talk more about that when we start entering the data this little groups thing is interesting because you could then get these sub account groups now notice if I don't put the groups in place I can sort over here by selecting date I can sort by date which is probably the most common way to sort but it's also fairly common to sort by description because if I sort by description now if I had a whole year's worth of data input I can then pick one of these items for example even though it's in multiple months and apply a rule for it and then see if I can apply that rule so it picks up all of these items at one time we can sort by any of them we can sort by category spent received and so on and so forth so let's go back to the date now I'm going to change that and this is kind of a new feature in QuickBooks I'm going to hit the cog drop down and say now add the grouping now if I sort by date I've got this little drop down that gives me the arrows so now I can collapse and expand so if I just want to work on October stuff I can expand just the October stuff which is kind of nice now sometimes I've noticed that the sorting stuff and some of these options over here the default falls away every time I enter a transaction that's a little bit annoying so hopefully they're getting better and better at that kind of stuff but you can also do the same thing for sorting over here by description and now it gives you a little drop down of the overarching category of description so you can you can focus in on them and if I click one item in the description it'll add all the items within the description so that I can apply whatever concept I want to all of them such as accepting all of them for example so that's kind of a neat little tool that might be useful but I'm going to turn it off though so I'm going to close this and turn it off which is off for the default but it might be something useful for you this one here shows amounts in one column so notice if I don't have that in here you've got the spent amount decreases in other words and received or increases I think it's often useful to have them in one column with just a negative for the decreases positive for the increases because it makes your screen a little bit easier to see especially if you have a smaller one so I'm going to hit the drop down and say I'm going to check that one off and then it puts it in one column so now decreases are negative and the increases are positive I think that's an easier way to see it personally so I typically would like doing that I'll show the tags field now tags are something that you can there's no tags field here because we don't have any tags you can turn on the tags as they're up here and tags help you to kind of categorize your transactions a little bit more in depth they're kind of similar to classes if you've ever dealt with the classes so if you're using tags then you might want the tags field turned on turned on so that you can make sure that you apply the tag to every transaction where the tag is applicable and possibly apply the rule to it as well so if I hit the the plus button here you've got this tags field down below which you could which you can add your tag information to if you so choose so that's kind of a specialty area we might do a course on tags just to dive into it in more detail but in any case editable date field so normally the date field isn't edible editable because the date comes directly from the bank so you would think that date would be somewhat concrete but maybe you have some reasons you need to edit the date or whatever so then you you got the editable editable date field and then copy bank details out to the memo so the bank details are going to be like that all the junk that comes in from the bank feeds so when all that stuff comes in you can say hey look by default I want all that stuff to be in the memo line because it adds more detail and so by default I think that's pretty that's a good thing to do because why not why not have that that detail in the memo you're still gonna have to pull that detail from the memo and and add the customer or vendor generally but I think that's a good thing to have on by default generally so copy banked shows suggested rules so notice that when we start adding rules to the system QuickBooks keeps experimenting with its suggested rules and how exactly it's going to do the suggested rules in other words once you start entering transactions into the system QuickBooks could say hey look based on what I know I'm going to try to make up a rule for you and you can accept or not accept that if you accept it then you're kind of letting QuickBooks basically make the rules and that could work pretty good but you'd be better off to actually make your own rules because then if QuickBooks gets whatever assumption they're assuming wrong you can you can actually make the rules that apply best to you so that's the practice that we'll do here but if they have suggested rules then you can then you can see these suggested rules by that default and then we've got show a bank details now the bank details if I show the bank details notice that's different than the memo or the what was in there before which I think was just the detail bank detail gives you all the numbers and stuff I think the bank detail is usually better so if I go in here and I say don't show the bank detail which I think is by default notice how much less information is in here it's usually kind of trying you can you can imagine it's trying to extract like just the just what you might use or pull over to put into the customer or or vendor field but I like seeing the detail because because then then I'm not I'm not restricted to just whatever QuickBooks QuickBooks feels as important with whatever automated thing they're doing because I might need some of these numbers to differentiate one transaction than another in order to make the rules on now notice that even if you have this off like when I actually make a rule if I go into this transaction because what we saw before the detail is actually in the memo line so you can pull it from there anyways but I like having I don't like the truncated information I want to see I want to see everything from the bank so I usually will click that off if I'm and then enable suggested categorization so that's I think that's on by default so I'll keep that here now the sizes down below I think by default it's at 50 so if it's at 50 then you've got to you've got to scroll down and sort through the pages I don't like doing that personally I'd rather have one long thing that I can scroll down through and not have multiple pages personally I think the pages might help to have so you could see the headers you know up top but I don't really care about that because I kind of memorized the headers I'd rather have as many as I can fit on one page and I'll just scroll down through the thing is how I typically like to see it so those are going to be the general settings so now that we know that in future presentations what so what I do with these I'll oftentimes go in here and just check everything off right maybe not the check field for this particular problem because I don't have any checks but everything off I'll turn on I won't turn this on but I'll check everything off and I'll put it onto the maximum size so I can see everything and then once I have that I'll sort by date or transaction type and then I'm going to go in and just start adding detail and I'm going to add a payee I'm going to add a customer or vendor and I'm going to add rules and I'm going to add an account for each transaction and as we do that we'll do that for a few months so that we can see how this will start to automate and make it easier going forward in future periods so this will actually be an easier thing to do than than the old method before bank feeds right right now it looks like wow this isn't easier this is like this is a mess bank feed limbo all these crazy people in bank feed limbo they don't know what they're doing they don't know how to get to the promised land what am I supposed to do how am I going to shepherd them over into the into the to the financial statement world but once we do it a few times then they then then they start to figure it out and they just go there like automatically the river the dam has been taken out of the river and they can all just kind of flow through in future months so that's what we'll do in future presentation