 QuickBooks Online 2022. Bank Feed to Bank Feed Transaction. 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 one to five percent currently in the home page. Otherwise known as the Get Things Done page, the Business View as compared to the Accounting View. Changing 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 Business View with the Bank Feed Practice file we're going to go up top to open some tabs and put reports in them right clicking on the tab up top to do so and duplicating. Back to the tab to the left right clicking again and duplicating again. As that is thinking we're going to jump on over to the sample company to see where the reports are located in the Accounting View which is on the left hand side under Reports. Back on over to the Business View opening up the reports in the second tab. They are located in the Business Overview on the left hand side and then into the reports we're going to report. Guess which reports we're going to open this time. Guess which ones we're going to go to this time. Balance sheet. The balance sheet surprise going up top doing the range change from 010121 to 123121. Run it back to the tab to the right. This one's going to throw everybody off and be like what you're going to open. What report? What? That's crazy. We're going to open the profit and loss, the P&L, the income statement change in the range up top from 010121123121. Run it going to the first tab now back to the first tab to open up our bank fee data which in the Accounting, in the Business View is in the bookkeeping down below and then transactions up top banking up top. If we were in the Accounting View it would be located in the banking tab on the left and then banking up top. Okay back on over to the bank practice file. We're going to close up the hamburger. We've got these two items up top, the checking and the credit card. We're thinking about a situation where we've got these inter-bank fee transactions, one being a liability account with the credit card and then the checking account on the checking account side and we're going to have these transactions now when we pay off the credit card for example from the checking account which is an inter-bank fee type of transaction. So we can look at these from either side. We can go on the checking account and say okay well if I wrote a check or if I made a payment from the checking account to the credit card account then it should be coming out of here. So for example if we paid off one of these items that I sorted it that made it easier. So here we paid off like a credit card account with these items. Now it's trying it actually matched it out for us here but so that's nice it can it can oftentimes be able to see it and that match could be useful it could be something of course that we could just want to confirm and then pick that up we can also create a rule with it so that we have a little bit more control on our end as to what is happening which is what I would recommend doing as opposed to just being reliant on QuickBooks to be able to match these kind of things up. So there it is on this side now on this side note that you could do the if I was doing the full service like accounting system I would have wrote written the check or recorded the transfer on our end and then we would match it out as we go as we go into the bank feeds or we might just be reliant on the bank feeds we pay the credit card possibly with an electronic transfer wait till that clears the bank and then we're going to record the transaction here as basically we're going to do on this side. Now the other side of the transaction if I go into the other side we're going to go into the credit card and we've got these transactions that are paying down the credit card so what is on this side what is happening is the balance is going up up up and then we got the payment from the checking account decrease in the liability on back down so we can think about the transaction from either account if we think about it from the checking account it's kind of like a check transaction or an expense transaction that you would think about that would decrease the checking account paying off the credit card if you think about it from the credit card side then you would think about it as basically a payment that's decreasing the credit card now the thing that we got to be a little bit careful of I think it's more natural by the way to think about it from the checking account side because obviously you're thinking about a decrease to the checking account and you would think about it most likely like a similar to a expense form or check type of form but we might not want to use an expense form or check type of form but rather use the record as credit card because that can make it a little bit more clear as to what is going on and let's just kind of kind of think about when we would use different forms here because it's possible for us to use basically the category which I believe would just be creating then an expense type of form which is fine that would that would look fine here but on the credit on the other side of things you would have an expense form that's paying down the credit card which I think is not too unusual but if we if as we will probably will in the future look at two bank accounts like a checking account versus a checking account that could look a little funny if it was going into another checking account because then you would have an expense type of form that is increasing like a checking account and that would look kind of funny in the detail side of things that's why oftentimes you're going to use either a record a transfer which will typically be used if it's going from the checking account to checking account because now you're transferring between the accounts so you're not going to see like a deposit that's decreasing one side which is weird because deposits should increase and you're not going to see an expense or check form that is increasing one side if it was going into another checking account of some kind that would look weird it would look better or at least from the name of the form to have a transfer and then here we could use the transfer or we could use the record as the credit card payment which will be defining exactly what it is it's recording the credit card payment let's first think about it as just a category just so we can see that standard and then we'll do the other two with the record as credit card so we can see basically the differences between these two forms and show that they can record the same thing and and then think about well then why does it matter which one would we want to use so let's go down I'm going to record this one and this isn't the one I recommend I recommend using the record as credit card payment but I'm going to use this one up top so that we can see the differences between them so the other side is going to go to the category of the credit card so it's matching to the other account which is the credit card account not going to an expense but a liability account we could add a rule to it but I'm not going to do the rule here because we're going to change it up a little bit to see the differences us but the rule is something that you would typically want to add instead of relying on the automatic matches so you have more control over it so that you know exactly what is happening so if QuickBooks changes how they do these match things or whatever it's not going to mess you up because you set up your own rules so let's go ahead and and confirm it confirm Roger that and then if I go to the credit card side of things it should match it matched it out on the credit card side of things or it will it should on this side so we're going to say let's refresh the screen here and then if I scroll down I can see that it matched it out so I've got the the match down here so there's the item it goes into the match because we've recorded the transaction on the expense side of things let's see how that works let's go to the balance sheet up top and let's basically run it I'm going to hold control down scroll up a bit and then I'm going to go into the checking account going into the checking account holding control scrolling down a bit we're looking for that credit card payment where's the payment I think it's going to be here it is it's on it's on nine seven so I've got notice an expense form so so that one's a little bit more difficult for me to dig out of here but it kind of makes sense because we're paying off you know the credit card there's the memo so if I go into that we're just going to go into it like a normal expense form which would be kind of appropriate because we're decreasing the credit card but it's not kind of singling out the fact that we're paying off the credit card here as much as if we used another kind of form if I go back up top go back up top back to my summary report holding down control the other side is on the balance sheet as well it's going to be in the credit card account down here in the credit card account notice it's a negative because it went into a positive field because I haven't added the beginning balances yet so it's kind of flipped and it's reversed it's like overpaid as if the credit card owes us money that's because we haven't added the beginning balances so don't worry about that at this point I'm going to hold down control and scroll down a bit so there's going to be the payment and again you can see the payment here notice it's being recorded with an expense form looks a little bit more funny here because we've recorded all the expense items down here when we purchased something with the credit card with expense forms so you would expect the this expense form not to be going the other way decreasing the credit card balance that's why not using an expense form using a transfer form or some or the other credit card form might be better and if I go back to the first tab now notice that this transaction here has already been recorded so if I just find the match and allow the match to be complete then it won't record anything new I'm just going to confirm that the match has been found at this point and confirm it so there we have it now the the other way you might do this and let's think about it from the credit card side well let's go let's go back to the bank side again and do the other one if I go back to the checking account and I say okay let's do another one and do this payment and let's just use the rest of them this time I'm going to record it as a transfer again this isn't the one I recommend I just want to show that you could record them using these different different ways and why you might choose one versus the other and then we'll do the record as credit card payment at the last one so so in this case it's going to be a transfer the other side's going to go to the other account which is a financial transaction this will be recorded as a transfer though so that it'll be a little bit more distinct in our detail so there it is let's go ahead and say let's transfer let's go okay and then and so if I go back to my credit card account now if I go up to the credit card account I'm going to have to confirm I'm going to have to confirm that one which would be here it's found the match but I haven't confirmed it yet I'm going to go into my detail going up top on 10 7 going into my checking account running the report again to freshen it up putting it in the oven now it's nice and fresh again it's fresh the bread has risen 10 7 10 7 10 7 there it is there it is as a transfer we can see now so that gives a little bit more distinct distinction so I can determine what it is if I go into it it's doing the same thing same transit same thing that it's doing decrease in the checking account but done with a transfer which could be a little bit more clear to say hey look this is paying off but you know not like a normal payment like an expense or possibly a fixed asset or something like that but we're paying for the credit card if I go to the tab to the right not to the tab to the right back to the tab to the left and I go into the credit card account down below credit card account here it is that's the one go into that one that's the one I wanted to go into then it's it's a little bit more distinct in here it looks a little bit more clear because the expense accounts are the form that are being used to record the purchases of stuff increase in the liability and the credit card liability and now the transfer is the thing that's decreasing the liability so you can see how that could be a little bit nicer and now let's use the other form which is specific to the credit card which will do the same thing but once again more specific or distinct this is why you might choose one form versus the other even though any three of them will record the same financial transaction in terms of debits and credits let's do it from this side from the credit card side first now note I'm going to match this one out so it already found the match I'm just going to confirm that it's not going to record anything new because we're just matching it so I'm just going to say confirm Roger that 10 for 10 for Roger out let's record this one from the credit card side of things same thing I'm going to go into here I've got my options up top but this time I'm going to record it as a credit card payment the same option would be if I was on the checking account side we saw it before and I'm going to record it as a credit card payment it's going to do the same thing but but but this time it'll be distinct as a credit card payment so then we have our information down below let's go ahead and you this is the one you would probably want to set the rule with so that it will do this repeatedly let's confirm it do it let's do it and then go back up top and if I go to the checking account now I'm going to have to check it off on the checking account that it has indeed been done actually it may have done it automatically I think it did it automatically let's see let's go to that let's go to the checking account here holding down control this is not the checking account this is the balance sheet and then we're going to go on the checking account one thing at a time don't get ahead of yourself don't get ahead of yourself yourself is back there and you're up here somehow how did you do that you got to be in the same spot you can't be in two places you can't be ahead of yourself seems impossible now note how this one stands out really because a lot more because it says it's a credit card payment which you can look through in the transaction type quite clearly and distinguish okay this is something that's paying off the credit card it's doing the same thing decreasing the checking account just like an expense form just like a check form would just like you know a transfer would but now it says credit card payment which is a little bit more distinct in the detail and possibly easier to search for or at least distinguish so let's go back up top and go back to our reports the other side is going to be on the credit card side of things credit card side of things down here we're going to say all right where is it at there's the credit card going into it so now we've got this is increasing with expense forms that's when we pay for stuff utilities telephone and whatnot and now we've got a transfer form which again is a distinguishing form for us makes it a little bit more clear on this side what is going on now note you also might say well what if I paid the credit card with a check an actual check well then you'd have to use a check form right because you need the check number on it so you can't use really a credit card payment form it would only basically be useful as you did the electronic transfer to help with that distinguishing factor so remember there's not really any difference in the financial transaction if you used a check form or if you used an expense form or if you used a transfer form or if you use a credit card payment form it's going to in every case decrease the checking account and the other side is going to be going to a decrease to the credit card account and you'll have to basically match those two off on both sides confirming the transaction to record them but you might choose one of the others so it gives you a little bit more detail in your reporting not just recording the transaction not just getting the debits and credits right not just increasing and decreasing or whatever the accounts that need to be increased and or decreased but in this case both decreased but also giving you a little bit more detail in terms of of the form telling you what is happening possibly making it easier for you to kind of search by transaction okay back up top that's going to be that's going to be those items going back to the to the credit card information so we've entered the data there you've got the same kind of beginning balance information with the reconciliation process when you first enter the data because that beginning balance wasn't in place and that's why that's why we ended up with this negative credit card balance here because we put in payments of stuff that happened you know in the past or whatever so so so is that what happened yeah so we're going to have to basically um enter the beginning balance you have the same kind of problem with the bank accounts too so we'll possibly we'll talk about those both in terms of the bank account and the credit card account in future presentations so don't miss it