 QuickBooks Desktop 2023. Bank Feed to Bank Feed Transaction. Let's do it within 2-its. 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 then 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 in the view drop-down. We got the hide icon bar, the open windows list checked off, the open windows open on the left. Reports drop-down, company and financial. We want that profit and loss. That's the one change in the range. 010122 to 123122. Then we're going to customize it because we want to go to the fonts and the numbers and change them, bringing the font to 14, OK, and then yes, and then OK. And then we're going to go to the reports drop-down again and go to the company and financial. But this time we're going to go to the balance sheet stand. OK, I'm going to stop doing that. We're going to go then customize the report, change the range. 0101, hold on, 010122 to 123122. Fonts and the numbers need to also change to match the profit and loss. Otherwise it'll just drive me crazy. So they have to be the same size. So there's those two. Then we're going to go to the banking drop-down, bank fees. Let's go to the bank feed center, which would only be there if you got the bank feed set up, which we did in a prior presentation. We got two bank feeds this time. As of now, we got the credit cards and the checking account. We entered the credit cards most recently and then added the data within it into the system, except we still have some items that we're going to recognize but we haven't fully brought over. We'll bring those over shortly, possibly this time. But then we also have these inter-company transactions or inter-bank feed transactions in that clearly the credit card being similar to the checking account in that when we make a payment or when we buy something with the credit card, we still usually have like an expense, such as supply's expense, but the other side instead of decreasing the checking account increases the liability of the credit card. Then we pay off the credit card and when we pay off the credit card, we usually pay it from the checking account. So now we've got an issue where these items you would think would match the checking account. Then the question is, well, how am I going to enter these? I could go ahead and enter the credit card first and then go to the checking account and match it to the checking account. But normally, personally, I like to go to the checking account first and then see if I can match these items out for the payment. So if I say let's store it this way and I'm looking for those payments that we made to the credit card. So here they are for 477-275-309. So if I go back on over here, we've got the 477-275-309. So let's do them one at a time, although it might try to memorize the transactions. So I like going here first because usually I think most people will kind of see it as a normal payment to the checking account and I still want to record it generally as like an expense. And so that's why I typically start it on this side. And I'm going to say that this is going to go to the payee. I'll just call it Wells Fargo credit card tab. I'm going to quick add. I'm going to set that up as an other because it's not really a customer or a vendor or employee because it's a financial institution. And then the account is like, well, wait a second, it's going to be the credit card account, right? It's going to be that other account, the liability account that we're paying down the liability. Now, if QuickBooks have recognized these two transactions as being matched together, then we might have this item here that would be in the matching area indicating that QuickBooks sees them. If QuickBooks doesn't see it, then what I'm going to do then is put the account to the credit card account, which will be this other card, which is connected to this other card, which then when I go to the credit card, I should be able to use the matching function. In other words, in this case, then I'm entering the transaction into the system separate from the credit card transaction, right? So instead of just verifying the transaction that went through the credit card, I'm entering the transaction to that account by entering it on the checking account side. Then on the credit card side, I have the one that I entered into the system that I'm going to match through to what cleared on the credit card. So let's see that. We're going to say, okay, let's make this go to the credit card, which is the other side. I'm not going to set a rule for it. We could set a rule, but I want to possibly experiment with some other methods possibly going from the credit card side first in a future presentation. So if I add that, let's just add it now. And not in the future presentation, but in the future transaction. Let's go into the balance sheet. And if I go into the checking account, double clicking on the checking account and we look for that credit card transaction. The other side is going to go to the credit card. Where is it? So there it is. I probably could have sorted by the split maybe or sorted by the name to find it. But in any case, there it is. Now, now notice it's in here as a check, which is what I would kind of like to see it recorded as. So it looks proper to me from the checking account side of things. Then the other side is going to go into the credit card. So here it is on the credit card double clicking on it. And so now the credit card is going down with this check form. So the credit card is going up with credit card with credit card charge. And then it's going to go down with the check form. So that looks proper to me. There's no impact on the income statement. The profit and loss because the profit and loss was impacted when we entered the charges for the credit card into the system. Let's go back to the bank feeds again. And now let's experiment that if what if I went to the credit card here, notice it found the match to that transaction. So if I go into recognize, I've got everything recognized here. Let's do this sort of thusly. And so there's the match. So it brought it over and said it was recognized now and it says this has been matched up. So all you need to do is confirm. I'm not going to mess it up last time because it doesn't have the same options here. I'm not going to say not match. I'm going to say that I want to confirm that and that will pull it into the checking account. So if I go into the balance sheet and I double click on the credit card, notice this one does not yet have a little lightning bolt next to it. And when I confirm it, it should have a lightning bolt next to it. So if I go to the bank feeds and say confirm Roger that 10 for Roger out. So so now it's now it's there so that it'll help us out with the bank reconciliation is what that innocence does. And so I'm going to close that back out, go back to the bank feeds. Now let's experiment and say let's do the next one back into the unrecognized on the credit card side. And let's say I enter it first on the credit card side and then match it over to the bank side. This is not the way I would recommend doing it. But just to note that you could do it from either side here, right? I would think that most people would want to say the checking account is what I paid off and that I'm going to match the fact that I paid off the credit card count on the other side. But you could go the other way as well because it's a bank feed to bank feed transaction. So I might say here that this is I'll call it just call it a pain. I won't even put a payee this time. I'll just say it's the account. We're going to go then to the checking account. So now I'm entering the credit card first, go into the checking account. I'm not going to put a rule in for the transaction and I'm just going to add it. So there we have it. It moved it over to here. And if I go back to my balance sheet now, now if I go into the credit card transaction, we've got this one. Notice it's entered in as a credit card charge. That's what I don't really like on this one. It's a credit card refund credit form. And so it looks a little bit different to me. I like it to see it there as a check. So now it's a credit card credit credit as opposed to a credit card charge. And as opposed to this one, when I did it the other way, it was a check form, which is more natural for me to look at. So that's why I prefer the one format going from the checking account to the credit card. And if I go into my checking account now, I've also got that weird thing in here, credit card. I think this is the one right credit card charge. And I'd rather see it in here as a check because now if I see it this way, if I was to sort for the types of things that are decreasing the checking account, I got to make sure I pick up the credit card charge, which is a little bit strange to me. So once again, I would prefer to see it simply as a normal check that we're paying off. That's what I kind of like to see it as. But some people might actually like that because it is a distinguishing form. So it's one way that you can actually kind of distinguish between a payment for normal checks type of things or decreases to the checking account than a payment that you paid off the credit card with. And it is a distinguishing factor. So there are pros to it doing it that way as well. But I'll do it the other way again. The way I prefer to do it would be to think, well, let's finalize this first. I'm getting ahead of myself. If I go back on over here and sort this now, did it recognize so it recognized that transaction. So it's in the recognized area. I'm going to sort it over here and then that credit card transaction is right here. So it's in the checking account right now. If I go back to my checking account, but I shouldn't have the little lightening bolt. So it's right here without the lightning bolt. And then if I add it saying I'm going to match it out. So it sees it. I'm going to confirm Roger that. And then if I go back into the balance sheet, the lightning bolt should have now been executed. The bolt has been put in place. The Zeus came in and hit it with a lightning bolt. That's great. Just like we knew we would. We're going to go back on over. The Zeus is so predictable. And this is going to be another one. Let's do this again. Wells Fargo credit card. This one's going to go to the credit card account. And then we'll just add it. This is the same as the first process we did. We'll say add that. So then if I go back to my checking account, the balance sheet, we can see in the credit card area. Now that one also is being entered with a check type form, which is the way I prefer to see it generally. If I go in it, there's no lightning bolt in it because I haven't confirmed it yet. And if I go into the bank and double click on it, we've got the check form and there should be a lightning bolt. So I'd have to search around for it here. Hold on a second. I think that's it right there. And we could have filtered it, right? But it's in there with a check form. That's the point. We've got the lightning bolt because we verified it on the checking account side, but no lightning bolt on the credit card side. Both of these needing bank reconciliations and we haven't done the bank reconciliation confirmation on with the bank feeds on the credit card. So let's do that now. Back to the credit card. We're going to go to the recognized and the one that I want to confirm is this one confirmed. It's been confirmed. Boom credit card back on over and lightning bolt has been applied. So let's go back. I'm just going to confirm the rest of these just to pull them in. So I think we're basically done with these. So I'm just going to confirm all of them at one time. So I'll just say batch them and add confirm. So I'll just pull over the rest of the Costco items. So now the credit card has basically been matched out here. If I go back to the balance sheet, we could still have an issue with the credit card because that balance of the amount due may not match the credit card amount due because of that beginning balance problem. Once we solve the beginning balance problem, then the credit card should be quite easy to reconcile going forward due to the fact that we're creating the charges from the bank feeds oftentimes with a credit card at least for small businesses. And so then we'll do a bank reconciliation. It should be fairly straightforward. So we'll talk more about that in a future presentation. Let's just open up the trial balance just because that's what we've been doing in past. We're going to be consistent. And so we're going to 1231 to two. So just remember the trial balance great tool to be to be checking things out. And verifying transactions because you've got all the accounts balance sheet on top of the income statement, assets, liabilities, equity, then income and expense accounts without all the subtotals. So you can drill down on any of these accounts. You just got to be able to verify or see where the breaks are at like the credit card is right there and you can double click on them. Check them out.