 QuickBooks Desktop 2023. Bank feeds. Matching sales receipt. Let's do it. Within two weeks. 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 we got the view drop down the hide icon bar open windows list they're checked off the open windows are open on the left reports drop down company the financial looking at the P to the L the profit to the loss the income statement other words from 010122 to 123122 customizing the report fonts and numbers need to change bringing them up to 14 oh yes okay and then reports drop down again company financial this time the balance sheet the other big report we're often using in the customized reports from 010122 to 123122 on the range and then the fonts and numbers need to match at the 14 we did with the P and the L balance sheet needs to be the same okay yes okay then banking drop down we're looking at the bank feeds the bank feed center would only be there if you set it up which we have done in a prior presentation we're looking at the unrecognized items focusing in on the deposits if we go back to the home page prior presentations we've been looking at the revenue cycle thinking about the easiest way first to construct our financial statements directly from the bank feeds on the revenue cycle that would be if we had the type of industry such as gig work like a youtube channel or something to wait till something clears the bank and then record it although the deposit form is not the natural form that quickbooks wants to use to record revenue even if on a cashed basis that would be the sales receipt form if on an accrual basis the invoice then we took a step back thinking about more detailed more complexity with an accrual system and that would be one in which we're like a bookkeeper or a lawyer or we're doing landscaping we've got to do the work first then invoice the client increase in the receivable account track the receivable account receive payments from customers and then make the deposit we talked about how the bank feeds might fit into multiple sections or multiple areas in that process that you can think about which one would fit best or work well for your company now we're looking at the cashed based system but not one where we're going to wait till it clears the bank before we record it as we might do with gig work but one likely to be the case if we have like a cash register and like a food truck or something like that in which case we typically are going to want to use the sales receipt and we're going to want to record the sales receipt usually into the undeposited funds account and then group those those payments together as we deposit them into the system using the deposit form then use the bank feed to double check the deposit form the reason that's often the case in something like a food truck or anything that you have a an actual cash register is because you're probably going to get paid and like cash or or credit card for example and if you're making like a hundred five dollar sales then you don't want each of them going directly into the checking account for example in other words you don't usually want the sales receipt form to make the deposit directly into the checking account on your bookkeeping side because then it will show up in your books as a bunch of five dollar sales when in actuality you're going to take that money and deposit it into the bank as one lump sum or the credit card company is going to take that money and deposit it as one lump sum so for us to be able to match on our side what happens in the bank we're going to we're going to need to group the the items together in the same format we expect to see them clear the bank in which will be reflected on the bank feeds or the bank statement also we don't typically want to be collecting all of our money say five dollar sales and then deposit them physically in the bank and then wait till the bank clears and and then use the bank feed to record uh to record the deposit because we usually want the internal control at the register which would be i'm making sales with the sales receipt form i'm collecting say cash for example i would like my cash sales to then tie out to my sales receipt sales as an internal control and then i'm going to physically make the deposit in our system for a cash amount that i know that i've counted and then i want to double check that that cash amount is indeed what clears the bank with the bank feeds and or the bank reconciliation so let's see how this might work if i go into the bank feeds i'm just going to pick an amount here i'm going to pick an amount like on the deposit side of things let's do this this one thousand or let's do this one this one thousand fifteen so i'm going to imagine imagine two sales one of just one thousand and one at fifteen point two five just to make it easy to see that we have two separate sales one thousand plus fifteen point two five for one thousand fifteen twenty five so let's imagine back to the home page we're at a food truck or something we're at the cash register and we're making sales i'm just going to make two of them i'm going to use a customer that's already been set up which is that skillshare customer if you're at a register you might have just a generic customer if you're collecting food from a food truck because they don't want to tell you their name or who they are if you're just serving a lunch or something like that and then we could deposit it directly into the checking account remember that this option would only be there if you turned it on which would be in the preferences edit and then preferences in the payment area and in the company preferences if you uncheck this as we did in the past you will have then this option and if you were receiving payments like a check then maybe you would just put this directly into the checking account and then it would show up on your financial statements as that one deposit now that would work if you'd received like a check but most people are using cash or credit cards and in which case that one single transaction is probably not going to hit your bank as one lump some transactions probably going to be grouped together even if you did have for example checks and you know this is going to hit your bank in the same format as the payment you received I still like to go to undeposited funds and then make the deposit because then the detail in my checking account transcript is all going to be deposits for increases and possibly transfers as opposed to having sales receipts and receive payments in there which can kind of muddy things up a bit but that's a little bit of a picky distinction possibly oh nine oh one two two I'm going to say on the date and I'm going to say it's a service item or a skillshare this is the item that we set up in a prior presentation it's going to be driving to an income account of skillshare I'm going to pretend it's cash even though I'm going to make the dollar amount fairly large at a thousand because I only want to make two of them what's this going to do it's going to increase the undeposited funds the other side is going to go to sales which is driven by the item and the sales item is actually supported then by the sub ledger reports for sales sales by customer and sales by item it's because we are using a form unlike the deposit form that's designed to record the sales let's go save and new and do it again and let's say this is skillshare again undeposited funds let's make it up like a day it's going to be cash sales we're going to say and it's going to be skillshare and this one I'm going to make just for 15.25 so these two amounts that we sold are going to match the deposit amount that we saw on on the deposit because I'm going to imagine we group them together as one lump sum so let's go ahead and save and close that see what happens on the balance sheet so in undeposited funds if I double click on it we're going to say we've got those two amounts have been put in place here so there's the two amounts I believe for those two sales receipts and then if I close that back out the other side went into revenue so on the revenue side of things we've got this item note we broke the revenue out kind of like by the name of the customer we wouldn't normally do that oftentimes if we're using the the sales receipts and the invoices we probably might do something like that if we're just using the deposit form because if I use the sales receipts and invoices I could just call it like you know food sales or whatever and if I'm putting the customer information in there I could go to the reports drop down I can have my sub reports breaking out sales by customer sales by customer and from 010122 to 123122 and if everything if I use the sales receipt for all my sales then the total here would match out to what's on you know the balance sheet we didn't do that for all our sales because we use the deposit form also the items that we're selling I can break out the individual items that way as well sales sales by item detail from 010122 to 123122 and that then again would also give us a total breaking out by the things that we sold so we wouldn't normally have to put that in like the title of the income accounts on the actual profit and loss but you lose that detail if you don't use the invoices and sales receipts to record sales but rather just use the deposit form okay then we're gonna say that if I go back to the home page we're gonna we've got these two items representing the items in undeposited funds I'm gonna go ahead and deposit them now and just realize if I close this out and close this out it's possible possibly to then if you had individual deposits that tie out to the sales receipt that you can maybe match up the deposits in the bank feeds to the sales receipts which would move it from undeposited funds to to to making the deposit but again it's likely that you're gonna have to enter both of these transactions on your end and then match out the deposit to what's on the bank feed so that's what we'll do here I'm going to group these together so now they're at 1015 25 that's what we expect to see that will clear the bank because we're going to put them into the physical bank as one lump sum even though they're from two sales we imagined we made at say a cash register so there it is we're going to say this will increase the checking account the other side is going to decrease undeposited funds save it and close it if I go to the balance sheet we can say all right checking account double clicking on it it should be going up by that 1015 there it is right there I believe and then the other side's undeposited funds which should have disappeared because it's at zero if I want to see it customize and then advanced to see the active items okay okay there it is double clicking on it and we can see those amounts individually going up in and out for each transaction closing this back out then the bank feed wouldn't be used to record anything new but rather just tie out that transaction notice it didn't see it this time I think it has it has to do possibly with how close the date is in range oftentimes it will pick up that deposit because the amount does match and if it did it would pull it over from here to recognize but I'm going to hit the drop down here and match and say I want all dates and so this is the one I'm going to check off to so I'm going to say that's the one match it out and I'll say save and add to the register so boom and then if I go back up to the balance sheet and double click on the checking account I believe that should have put the little check mark the little the z there which doesn't represent the fact that it's been reconciled in the bank reconciliation which is really what you want to do but it does say that you tied it out to the bank feeds which hopefully will make it a little bit easier to do the bank reconciliation but we still want to do the bank reconciliation which I believe ends up with a little check mark to verify that everything is as it should be so I'm going to close this back out and that looks good let's just open the trial balance just to get used to doing that because I think this is a good report 0 1 0 1 2 2 to 12 3 1 2 2 customizing it and then font in to the numbering bring it up to 16 okay yes okay remember this is the balance sheet on top of the income statement assets liabilities and then equity and then the income statement income and then expenses allowing you to kind of drill down on any of these numbers getting to those numbers much more quickly and efficiently if you get a feel for how to how to navigate the trial balance