 QuickBooks Online 2023, entering data with bank fees while also using class tracking, projects, location tracking, tags, sub customers, which used to be called jobs. Get ready to earn the skills needed to boost your bank books on up with QuickBooks Online 2023. Here we are in our QuickBooks Online Test Company file. We started up in a prior presentation 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 switch the view down below. Duplicating some tabs to put reports in. Right click in the tab up top to duplicate it. Right click in the tab up top to duplicate it. Back to the middle duplicated tab reports on the left side so we can open one of the faves, the balance sheet. As it's thinking tap into the right reports on the left and this time we want the P, the L, the profit loss, the income, the statement. Closing the hand boogie, I'm going to change the range from 010123 to 123123 and run it. Now I've cleaned out the reports by basically just going into the transaction detail or drilling down on the reports, zooming into each transaction and deleting the transaction in our test company file. So we have a fairly clean report. You don't necessarily need to do that for this practice problem. 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. I'm going to tab to the left now and close the hand boogie change the range 010123 123123 and run it. And let's go to the tab to the left. Now in prior presentations, we've been comparing and contrasting some of these added kind of features that are over and above just the double entry accounting system, most of which will be breaking out say the income statement by columns, giving us another dimension to look at that being class tracking projects, location tracking tags, sub customers, which used to be called jobs. We've turned those on now so they're still on. So to turn the class tracking and location tracking on you'll recall that's in the cogs menu up top account and settings. Then we're down in the advanced settings and you want to go into the categories here. And we've got these two toggled on basically the default settings as they are toggled on make sure that you save it before you hit done because sometimes I have noticed that I say done before I save it and it's actually not on it's off and it's quite frustrating because then the the fields don't show up because I didn't hit the save button. So make sure you hit the save button and don't just X out of it and then say done and do it properly. So we have that set up. We also know that the sub customers are linked to the customers. So if we think about the sub customers just a quick review here. It's under the sales tab and then our customers and we set up our sub customers just by number. You can see it's a sub customer because it's indented here. You can add a sub customer by just saying new customer and then you're going to make it a sub of some other customer like so. So we did that in the past and so we've got those set up. So do you want to leave without saving? I do. That's the sub customer and we know that the projects are over here on the left hand side and those are kind of like the sub customers in that when you add a project you're going to have to add them just as an example project name needs to be tied to a customer. So like with the sub customers they're tied to a customer. Now we've been thinking about what the data input looks like as we do the data input normal data input forms are found in the plus button invoices expense forms and so on and so forth. Now of course we want to think about the bank fees and just recognize where those fields will be located in the bank feeds. So for example if I go into a normal invoice which would be in my accounting cycle for billing a client then we can see that we have the location tracking up here which is just one location tracking for the entire transaction that's how location tracking works the tags are here so I can add tags there and then I've got the classes which I can add here line by line breaking out in the bottom portion per line instead of one location for the entire transaction and then we've got the customer that we are going to be adding in an invoice which will be up top customer and sub customer. Okay so that's where everything's located on an invoice and if we look at a standard expense form then we know that the expense form has the location tracking similarly located here we've got the class tracking similarly located down here we've got the tags similarly located here and then the customers and jobs are an added field here where we can assign you know customers and jobs possibly making the item say a billable type of item so there we have that closing that out do you want to save and close I do now when I look at these transactions on the plus button here and I think about the bank feeds and we have a whole different course or section on bank feeds if you want to dive into how they integrate into your accounting system but obviously that's the cash side of things if we're pulling the information in from the bank you're going to have increases and decreases to the checking account so when you add the bank feeds the standard forms being used are going to be a bit like an expense form or check form for the decreases and but the format will look a little bit different on the bank feeds because we're pulling it in from the bank than a standard expense form however when we actually record them they'll show up as basically like an expense form decreasing the the checking account the other transaction is generally going to be a deposit those being increases to the checking account and so we'll enter a deposit form now note when we're doing a full accounting cycle on the revenue generation form we usually don't use a deposit we usually use an invoice if it's an accrual concept or a cruel system we're using or a sales receipt but these two aren't normally what comes into the bank feeds because what comes into the bank feeds is just going to be simply the deposit form generally so okay so given that we're going to go over to the bank feeds so those are going to be located on the left hand side banking and I've added just some test data so I can I can see some transactions down here in the bank feeds now if you want to add test data to like to your to your test file without actually connecting to the bank you could connect to the bank or you could download transactions from your bank or you can just make an excel worksheet or transaction so I just made an excel worksheet here and it looks like this so you can just create this if you if you would like you need a date field you need an amount field you need a description your amounts don't need to tie into my amounts exactly but the idea is that we're going to have increases and then decreases to the checking account that's all the bank feeds are going to be basically increases and decreases to the checking account and then we've got the description which often includes information that allows us to pull in the customer and the vendor it's not going to be automatic so we're going to have to set up rules to kind of do that when we properly line up our bank feeds but that's the general idea now you can't upload it as an excel file you have to save it as a c s cvs csv cvs file so in case you how to do that you go to the file tab up top save as and then browse and then instead of this being an excel file you want to make it a csv files which is a comma deliminated deliminated file which can open in excel but it's really just like a comma splice set of data that doesn't have any excel kind of formatting in it and then uh then you can you can go into that the the actual files look like this this is the excel file and this is the csv file if i right click on it and take a look at the properties of it properties then you can see it's a dot csv file as opposed to this one over here if i right click on it and say the properties this is uh an excel dot excel uh sx file so it's pretty easy to do that and then you can you know you can upload some data into your system into the bank feeds and and do work with it and then when you're in QuickBooks here the way to get that data into the system is you're going to hit instead of a link you just upload from the file and then you can drag your data file in here and you can tell it which account you want to assign the uploaded data to and here's the formats that can be used one of them being that dot csv file okay so once we have data in our system then notice all we're really going to have are going to is going to be money coming in and money going out that's what the checking account has so for example this one is going to be a money going out the description i have vendor five usually it's not going to have the name of the vendor as just the name of the vendor it might have other stuff in it as well in like the memo section but if it's a bank feed transaction then it might include data that will have the vendor in it making it easy for us to record this so if i was to record this into the bank feeds and then add the class tracking and and the projects and all the other stuff let's see where it is located now if i go to the first categorized field it doesn't look like an expense type form but it basically is an expense type form we also could match it we could have a transfer but usually if it's going to be a decrease it's going to go to this category and although it doesn't look like an expense type form that's basically what we're using here i can then say from the memo i'm going to say this is going to make a new vendor which i'm going to call vendor five from the memo saving it then we're going to record it to our expense category transaction so let's say it was for utilities or whatever and then the customer field this is where we would assign either this is where we would assign either the project or the subcustomer so the subcustomers you can see are indicated by the indentations of the numbers and the projects i set up as projects so let's pick a project here and then we could make it billable so we have that billable setting which allows us to pull it into the invoice if we so choose just to remind us where that billable setting is if i right click and duplicate the tab it's in the settings up top and then it's in the accounting and settings under the expenses tab and then i said billable items and we have the billable items turned on here so now we have that showing up in our bank feeds as well which is nice i'm going to say done and let's close that back out all right and so then we have the location tracking which shows up here so i can pick a location for the entire transaction similar to what the expense form i've got the class tracking so i can say business subclass one let's say and i have the tags so tags show up in a similar kind of area and then that's the general feel of it now you might be saying hey wait a second what if i need to record multiple categories of the transaction let's open this up again i'm going to duplicate and compare this to like an expense form here and i go up top and go new this is basically like an expense form that's coming in through the bank feeds and if i was to mirror this it would look like this i did what did i do vendor five checking account and then i said location was here and then i said the category was utilities utilities and then let's just say i'll just put an amount in this one and then i said it was billable and then i used the subcustomer of project and i assigned it to a class but what if i had two different classes i needed to assign it out to so maybe i had utilities account here and this was for 500 or whatever and i needed to assign it possibly to a different project even maybe and to a different class and this one's going to go to b2 so so now i've got these two line items here how do i do that over here well then i've got to go to the split i can go to the split item here and i can say now i've got vendor california and here's my utilities and i can go to utilities again utilities and i can assign it to a different class i had this in class one in class two and i could assign it to a different customer or subcustomer and i could make it billable and this is going to be let's say 20 and 10 so that splits out between the two in like a similar fashion so let's go ahead and uh apply and accept and so there we have that if i go into my reports then and run it i'm into my balance sheet now and i go into my checking account we're gonna say i did it record the transaction uh the 30 vendor five there it is now if i go into this form it shows me the expense form right which is looking like the form that i that i was building over here to kind of mirror it so we've got the utilities utilities there's your class tracking your project your uh your classes your projects your location and your tags i didn't add a a tag again but there's your tags so save and close so now you can do all the sorting of it if we check this out if i go exit and i go up top and i say i can sort it now by locations boom and so now i've got california and uh nevada only one location was i able to assign because that's how locations work but if i go to the classes then now i've got my my two that i assigned the class out but it didn't break it out on the balance sheet because remember the balance sheet it's a little bit a little bit tricky it's mainly the income statement that works quite well with these tools and then if i break it out by customer that's where it breaks out the projects and the jobs but mainly we want to see that on the profit and loss let's go to the pnl do the same thing if i go to the pnl there's our utilities at the bottom if i break it out by classes boom now you've got it broken out by the class the 10 and the 20 the 20 and the 10 i could see it by locations locations run it and so now we have we put that in the california location we can see it by customers which will be the breakout used typically for both the projects and the class tracking and then remember when you do tags i'm going to right click and duplicate again you often want to do the tags from the tags field which you could find in the banking and then go to tags and then you can run your run your report from the tags so now i've got my item here i could run my report and i can take it from 010123 to 123123 and run it and so there you've got your your tag item so the data input fields are basically there but they they look a little bit different let's do another one uh do you want to leave without saving i'm gonna say yes and this one notice on the sale side usually we would like to enter an invoice or sales receipt but remember when you pull in the bank feeds the form is typically going to be a deposit form so you got to think about how that's going to work fit into your your billing system do you want to match the deposit or do you want to enter the deposits as basically income at the point in time they come in from the bank feeds but on this deposit form you can see you've got your tag fields up top here you've got the the classes are here that we can assign a class to and the locations are up top so we've got the location and then uh those are going to be the and then received from this is where you you've got your subclasses and your projects so let's mirror that over here and i can say okay let's say i do a deposit type of item and so so this would be a received i put vendor it should be a customer i would think here's a customer one let's do this one and we're gonna say this is going to be customer number one or customer two so i'll put that in here there's customer number two uncategorized there's going to be some kind of income typically uh that we're going to assign it to unless we're matching it up to an invoice or a sales receipt so we'll talk more about that on the bank feeds item but if i'm using the deposits so we've talked about this in our bank feed course or section but if you're using deposits to record revenue then you might put this to like sales so we'll say sales uh sales account product sales okay here's your location i'll say nevada this time here's your class but the class once again is only be assigned to the whole thing because we only see one uh line item you know thus far you've got your tags down here so let's pick a tag let's pick a couple tags and uh and there it is now now the customer notice i picked customer two but if it was a subcustomer or something like that then this is where you'd pick basically the subcustomer to be breaking out the subcustomer if you had splits then you can use your split item in a similar fashion so you can break out multiple sales categories for the deposit side of things i'm going to close that that out and then of course you could create a rule and it will help you to automate the system so let's see if all these kind of things classes projects and whatnot are in the rules so i can automatically assign all that stuff as we go so let's say this is going to be for a customer i'm going to call the rule customer two because that's what's in the description it's going to be a money in rule in the checking account and i'm going to say that the i usually choose bank text because i find it to be more uh useful or precise oftentimes and i'm going to say it contains customer number two so when it sees customer number two that's when it's going to apply the rule if i if i test out the rule there's only one item that currently meets that condition which makes sense and then we've got the uh transaction type as a deposit sale of product income that's the income account the payee i'm putting it to that sub job so that's going to be our our job area and here's our tags field so the tags will be automatically applied the class will be automatically but notice that if you wanted to split it then you'd have to you've got some more options up here in the split area so you have that and then the location tracking is one location for the entire transaction and so there we have it so let's go ahead and add this one and so now if i go back on over to my reports on the balance sheet let's run it and let's just look at it by total over here so if i run the balance sheet and i go into my checking account and drill down on the checking account we added this one customer number two let's scroll up and let's just take a look at the profit and loss this time and so if i run my profit and loss and run it then once again i can break this out by the the various the various tools we've been working with which are the classes so now it's breaking out by class on the income side of things and then we're going to go to the location and it broke out by income on the location and then you've got your customers which breaks out the jobs and sub customers and then again with the tags normally i would run the report from the tags area might be the best way to do it and then you can basically do your filtering by your tags over here and so we can run by the tags all right let's go back to the first tab again and let's add another another vendor this would be like an expense or money out and just add a rule with it just so we can see what the rule looks like so this is going to be vendor one but it's going to utilities again let's say this was let's say this is going to go to supplies supplies and then i'm going to assign it to this time let's pick pick a job or sub customer we're going to make it billable it's going to go to location Nevada the class i'm going to assign will be personal let's say this time tags let's pick a couple tags that we can assign out and boom and there we have it so i'm not going to split it this time but instead just go to create the rule i want a rule there's got to be rules here there's got to be some rules can't have anarchy crying out loud it's a money out so we're going to say a description i'll pick the bank text again contains vendor one if i test it then it's picking up two transactions it's going to pick up with this rule okay expenses it's going to go to the supplies account the payee the customer this is where we're choosing the sub customer this time that's where you pick the sub customer or job so i can run the sales report by sub customer or job it's picking up the tags it's picking up the class but it's applying the class to the full transaction if i wanted more detail i can go to the splits and then i've got my location Nevada and then uh that looks good so let's notice it's auto adding too so it's going to add them automatically if i turn that off by the way and i save this then it first gives me another little check before it adds it which is kind of neat or good when you first start out but but then you're going to probably auto add them because it's super fast to do it that way and then your rules are being created over here boom rules you can adjust your rules if you so choose if i pull that into my balance sheet it's just so cool i don't know how there's no other word to describe it anyways so those pulled in and then i'm gonna go on the expense side and exit this profit and loss run it we can see it by all the various stuff locations for example pour a hamplow uh we had locations for the supplies and then we had the class tracking class tracking for uh the supplies we had then break it out by customers we had by location or or the uh uh job and then of course you can do it by tags again so if i go back to the tap to the left one more one more thing is that you can obviously you can think about the rules and then add the splits so let's do one more money out which is more likely where you're gonna add you know the splits to have multiple classes for example vendor let's say this time vendor three is going to go to do i have any other i have a miscellaneous expense vendor three is very mysterious we put it into miscellaneous this is going to be project project uh two or one let's say available location let's just choose this location let's say this is business two or whatever tags boom tags boom and then i'm going to create a rule with it and this is going to be vendor three rule money out and all i like choosing text vendor three does it match up to anything one transaction movie b to the n bn expense miscellaneous vendor all right tags are being applied location but i want to split out that location possibly by by line items so i can hit the split button and then we've got some options uh for for splitting out the transaction so on a percent or dollar amount basis if you're going to do a rule for it then you might need like a percent breakout so it can kind of automatically break it out oftentimes so let's say it's going to be 40 percent miscellaneous and it goes to class two or let's just say straight up business and then let's say it's going to be uh uh this should be 40 and this is going to be 60 60 percent let's also goes to miscellaneous but we're choosing a separate class which is going to be personal so you can set up your rules something like that vendor project and uh so that's the general that's the general setup so let's save it and close it and check it out and so there's our split rule that we put into what's the expense account miscellaneous it's the mysterious miscellaneous profit and loss run it and uh we're gonna check it out by class boom and then in the miscellaneous it broke out the classes there beautifully so so that's how so the class tracking is pretty all these tools class tracking projects location tracking tags sub customers which used to be known as jobs are pretty you can utilize them pretty well uh using the bank feeds to kind of help you to integrate and automate your transactions it's going to look a little bit different in the bank feeds but remember that the bank feeds are basically recording for the most part the same do you want to leave the same transactions from this window but it's only the banking transactions which means deposits are usually the forms for increases and the expense form or check forms usually expense forms because their electronic transfers would be the decrease to the checking account but the data input windows look a little bit different but but you do have a they're done a pretty good job to have a lot of flexibility to add all these this added level of uh complexity for breaking out mainly the income statement with the class tracking projects location tracking tags sub customers which used to be known as jobs