 QuickBooks Online 2023. Match receipts to bank feeds and bank feeds to receipts. Get ready to earn the skills needed to boost your bank books on up with QuickBooks Online 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 our QuickBooks Online test company file using the accountant view as opposed to the business view you can toggle between the two views by going to the cog up top and switching the views down below. Duplicating tabs like we do every time to put our reports in right click in the tab up top we will duplicate it right click in the tab up top. Once again duplicating it as the tab to the right thinking we're going to go to the tab to the left and hit that report on the left hand side so we can open the balance sheet. As it's thinking tap into the right reports on the left and the other favorite report the financial statement the profit the loss closing the hamburger up top and changing that range. I want to go to 2024 this time 010124 tap 123124 tab run it poor fove or and then we're going to go back to the tab to the middle closing up the hamburger and change that range to the same as the P and L 010124 tap 123124 tab. January to December 2024 let's run it to refresh it and then tap it on over to the left hand side. We've been taking a look at our receipts which are located in the banking and then on the receipts tab on the right in a prior presentation we imagined we took pictures of our receipts and we saved them to our computer we then uploaded them. We're focused on those 2024 receipts at this point in time. We also imagined that we have a system where we're actually paying for these items in some way shape or form out of our checking account. So the same dollar amounts are going through the banking account which we uploaded some mock bank feeds to see how this match up works. Now remember you could have a system where you're using receipts which don't exactly tie out to the bank feeds for some reasons we talked about before such as you you paid for it with a personal side of things that you paid for it with cash. And that's why you're using receipts or something like that. But if there's an electronic transfer and we match it out let's think about that method first. Now if this is what we're using then and we're saying hey look the receipts are going to come through and then we're simply going to we're simply going to match that to the bank feed that comes through. So we have this nice attachment of the receipt to the bank feeds what you would typically want to do then is probably not add the receipt as an expense form but rather wait until it clears the bank and then add it with the bank feeds matching it to the receipt. So let's see that method first we've got our receipts here. If I go to the bank feed and I wait till the item clears the bank then I can go down in my checking account and say let's just pick one of these let's pick this office Depot one right here. And it says down here that we found a receipt that matches this transaction for that because it basically matched out the dollar amount. And the date and possibly the memo section may have been another piece of data. If it if it didn't find it then you may be able to go to the matching area here. Note that the matching area is usually trying to match a whole nother transaction and we hadn't entered the receipt as a transaction. The receipt is just in there as a receipt at this point in time. So you might not be able to see it in the match here unless you you entered the receipt as a transaction. So but if everything ties out it's going to populate down here basically automatically. So let's add that and see what it what it looks like on the financial statements. This will just basically add an attachment to the form that we're entering with the bank feeds which is in essence an expense form. The form used to decrease the checking account. So let's say OK this is going to be office Depot as the vendor that's usually set found somewhere in the memo. So I'm just going to make up office Depot and say boom and then it's going to go into the supplies. Let's say let's just say it's going to supplies. I'm not going to add a customer but if you needed to you could do so you can make it billable like a normal expense type of form. We've got the memo down here which looks good and we have the receipt that is attached. If we wanted to you know attach anything else we have our attachments which we could use some other method and attach documents this way as well. But the idea is that we're attacking it through with the receipts. Here's the receipt to item. So if I open that up and has this suggested receipt on the right hand side we can view it as a PDF. Let's do that. That'll be fun. Open it up as a PDF. This is the attachment that we expect to be attached to our transaction for audit trail purposes. All right. So let's add it. Let's just add it. Let's just do it man. Enough messing around. Just do this. So we're going to add this thing here. I think I may have added two on accident but I'm going to go over to my balance sheet. We could run this and of course if I scroll in we did something to the checking account here. So let's check out the good old checking account. I'm going to scroll back out a bit and we did it in four. So these expense forms are the items we are looking at. Actually it's up here the office depot. That's the one that we did. Right. Yeah. Okay. So let's go into that one and check it out. Let's go back to the bank feeds but rather it creates an expense form just like normal with our when we pull something in from the bank feeds. And then if we scroll down to the bottom we have in the attachments down here receipt so I can open up the receipt. And so we've got this nice little audit trail that gives us the evidence of that transaction that we might use internally for our own auditing purposes or during like a tax audit or something like that. So if I close that out the other side of course got posted if I'm going to go back to my account this way save before just exit. If you would back to the profit and loss run it this way. And we had then in 2024 supplies there's the supplies which I can drill back down on and we can drill back down on it here open up the expense form and then drill back down to the receipt for the evidence evidence please evidence. We keep the evidence over here we don't try to whitewash our our hard drives or anything. We want the audit trail man. I'm going to exit this thing out transparency that's the name of the game. We're going to go to the tab to the left now and now let's I'm going to close this out. Let's do it the other way. Let's imagine that we have the receipt and then I'm going to add the receipt and then imagine that it comes in through the bank feeds so that we match the bank feeds to it. But this time we will have already recorded the receipt that we're then going to tie the bank feed to. So let's do another one that's like and like like this one let's do this one. Another office depot one comes out to the 7855 so now I'm going to enter the expense form on the receipt side and then match it to the bank. So it's going to be there's the receipt office depot it's pulling that in from here it looks like so it's picking up the payee. I'm going to say this is coming out of the checking account. We're imagining we paid it out of the checking account. If we paid it with a credit card account then you might have a credit card account which you can also tie into the bank feeds. It picks up the date because the date was on the receipt and we might want to reference number if there's some kind of reference number on the receipt or a memo or something like that but I'll keep it as is. It's going to go into the the description is office depot. Okay it's pulling that in most likely from this line item up top and then it's going to be categorized as supplies so that looks good so it's already guessing that and that's because we already put the vendor in there before so it's picking up the vendor and then 7855 no customer or project. In other words if we had to add this to a customer then just like an expense form we might do that here or if we're adding it to like a project we can do that here and then we can make it billable just like another expense form so we can pull it into an invoice but let's just look at that if I said if I pulled this into customer number one for example and then I make make it the expense an item billable then we can use this to create an invoice so I'll just show you that what that looks like and let's say save and next and so it says the checking account says no match is found create a new expense for this receipt if a matching transaction comes up later we'll mark it as match so now it's saying that there's nothing to match it with at this point in time because I believe we haven't cleared anything on the bank account you can search manually for the match find other match please select one payment option so it's not finding a match I'm gonna say that's okay let's create the expense so I'm gonna create the expense from the receipt now note that if I wanted to bill someone like a client on that this made an expense form if I wanted to bill someone I can go into my invoice and I can create a bill for that customer number one based on that receipt here's the billable item trying to pull in from that receipt so I can add that in here and there's our office depot and I made a markup of 30% so that mirrors a similar thing that basically do you do you want to leave I'm gonna leave that basically mirrors a normal expense form that you can make as a billable item so that you can pull it in and that same functionality that needs to pull into other types of forms that are going to be used to create a simplified expense data input field which includes possibly the receipts and the bank feeds form so you can do that billable thing in other words from the receipts so I'm gonna close that out if I go to my checking account and run this it should have a decrease in the checking account for that amount even though we didn't clear it to the bank yet so now we've got another office depot in here somewhere don't we should we should here it is office depot and then if I go into that notice it's still an expense type of transaction if I go into it it makes an expense form even though we created it with that receipt form and if I go down here here's a picture of the receipt so we still have that nice little feature it's just that we created it with the receipt this time closing this back out and scrolling up the other side exit that is on the P and the L running it so now we've got in our supplies down here in the supplies we've got then our two expense forms that have gone in one entered from the bank account first and it matched the receipt the other entered with the receipt alright so let's go back and now I want to go to my bank feeds and match out the bank feed so I'm going to go back on over and imagine the banking tab that it clears the bank for that dollar amount because we paid it with some kind of electronic transfer so now when I go into this supplies form notice there's a difference both of these say they're matched on something but like if I go into this one it says the match is we found a receipt that matches this transaction whereas if I go into this one it says we found a match meaning meaning it matched it to an actual an actual transaction see this didn't match to an actual transaction this is matching to a receipt that we could have used to make the transaction but we haven't made an actual transaction there's no impact as of yet on the financial statements that's what we did last time this time we used the receipt to create a financial transaction and so now it is matching up to an actual expense form therefore there's going to be no actual new journal entry that's going to be input when I enter it in this time all it's doing is helping us to double check our bank reconciliation it's helping us to make sure that all the transactions going through our bank account are properly allocated we already recorded it on our side we're just matching it so if I say match and then it's going to match up to the the receipt and so now it's it's been there's no new transaction on the financial statements at that point okay so those are the ways that we can basically connect it if if we had the receipt that is actually going to tie out to an electronic transfer that's going to come through the bank feeds in the same dollar amount with a memo meaning we made an electronic transfer from our bank account or from a credit card so we're going to see that same amount come through and we're going to we're going to match it out and most likely you would want to go through your bank feeds over here and try to match it to the receipts I would think would be the the the general process however let's think about some other transactions in future presentations where we we don't have such a such a nice easy transaction through the bank feeds maybe we paid with cash maybe we paid with personal accounts cash or credit card on the personal side so it's not in our business books or maybe we have a reimbursement from a contractor or employee and we want to use our receipts in that fashion how can we tweak the system a bit we'll think through those concepts in future presentations