 QuickBooks Online 2022. Bank feeds credit card data setup. 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. In the business view as compared to the accounting view switching 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 going back and forth between the two views either here or by jumping to the sample company file currently in the accounting view. Going on back to the bank feed practice file opening up some tabs to put reports in by right clicking on the tab up top duplicating it back to the tab to the left right clicking again and duplicating again. As these are thinking let's jump on over to the sample company currently in the accounting view to see where the reports are located which is on the left hand side under reports. Going back on over to the business view in the bank feed practice file second tab reports here located under the business overview and then reports closing the hamburger going into the balance sheet one of our favorite reports the financial statement report we do it every time every time 0 1 0 1 2 1 2 12 31 2 1 being our range and we're gonna run it running the range going back up top second tab on to the right we're gonna go to the bay business overview again reports closing the hamburger going down to the profit and loss that we do every single time every time with this report 0 1 0 1 2 1 12 31 2 1 on the range change run it and then we're gonna go back to the first tab you'll recall in prior presentations we set up the bank feed information for the checking account now we want to do the same thing for the credit card information if we go down to the bookkeeping area down below and then into the transactions tab we see our information from the checking account stuff that we pulled in from the bank which if you were in the accounting view by the way would be under the banking information on the left hand side and then under the banking tab so what we would like to do now is pulling the credit card information which is something that a lot of people kind of overlook when they first think about the bank feeds because they think that it would be the checking account kind of information that they're going to be pulling in but the financial institutions are the same financial institutions in essence or similar financial institutions for the credit card side of things and you have a very similar type of transaction for the credit cards in that you're usually purchasing things for the business or on the personal you could do it on the personal side as well that are going to be basically like expenses you could be doing the same kind of thing utility bill telephone bill you're paying with a credit card but instead of increasing or instead of decreasing the checking account as you make those payments you're going to be increasing a liability which you will then pay off at a future time the other reason it's nice to do the credit card and think about the credit card is because it is common for us to have multiple accounts now that have bank feeds related to them and we want to think about those transactions that are going to go from one to the other in other words paying off the credit card from the checking account is going to be a decrease to the checking account and it's also going to have an impact on the credit card and those are two transactions that have bank feeds in them now so we want to practice those interbank feed type of transactions on that and see how those things will work out as well now the process of setting the setting this up will be much the same we can go up top in this section and say I want to link an account this is one way that you could do it also note that you do need to have a credit card account type that's going to be set up which you can create as you do the link or you can go into the hamburger up top we can go into the chart of accounts which is in the bookkeeping which we're already in and then look at the chart of accounts which is on the left hand side chart of accounts and then you can create a new account that needs to be a credit card type of account I won't do it here but you could do this process first let's just look at it if I was to say new I'm in the business view so I don't see the same credit card categories but the type of account in other words which would be these items on this type area would be a credit card type of account when you create either a credit card type or a checking account you have the option indicated by this little sign right here that has the bank feed kind of data information for it so it will most likely ask you about the feeds or we can set that account up as we enter the bank feeds by going back into the hamburger the bookkeeping area transactions and I'm gonna say I'm gonna add it in this format so then if we're gonna link directly to the bank feeds we can use the link and if you're gonna be uploading the data those are the two formats that you could use for the data just like with the checking account so if I went to the link here I could say I've got my link that we're going to be using then you can search for your banking information so if it was like American Express for example you gonna find American American Express for the credit card information in that format and then you have to go through the linking process just like you would with the bank which might be different from financial institution to financial institution but usually it's a fairly easy process to get done if you have to contact the financial institutions in some cases possibly you might have to do that but usually you can get that done and follow the instructions to figure out how to get it done doing any verification process required by that financial institution that's not the difficult part the difficult part is once you get the data into the system to then to then deal with it in the same way we're doing with the checking account to add it into your financial statements now the second way that you could do this I'm gonna close this out is you could try to get the information from your financial institution directly instead of linking which could be important especially with the first time that you do this because you might be able to go further back so if you need to pull a lot of data for like two years or something that you want to input into the system then you might be able to go further back in time if you get the data directly from the institution once you have the data in the system you'll be in the same area in other words you'll be in this area where you got the data in the system that you got to then import it to the financial statements adding more information such as the accounts so you could then hit the drop-down up top if I want to import the data by going to the upload from file information and now you got kind of the side-by-side the manual upload on the left-hand side now I'm jumping over to a screenshot of like Wells Fargo just to give an idea of how you might go through the process of getting this information from your financial institution you'd go to your financial institution and generally they're gonna have some place that you can download the trans the transactions the detail of the transactions the file types that you're looking for will typically be the QuickBooks download which will download it as kind of a banking QuickBooks formatted download form or sheet or data file and that's the one that most likely will be easiest to upload into the system if they don't have that the second one that's probably most likely going to work for you and is the general one that an institution if they don't have QuickBooks which many of them do at this point would have which is just a spreadsheet type of format not formatted like Excel but just a spreadsheet which might be a .csv type of file when you download it don't get confused from the QuickBooks file to the quick end file quick end is different than QuickBooks they're now not owned by the same company even I don't believe at this point in time which is into it so don't get those two mixed up now once you download the file you can have something like this this one you can see it says it's a QBO file so that's the banking term to say it's a credit card type of file that we can then upload into the QuickBooks system and possibly set up a new account as we do that so I'm gonna go back on over and say okay we're gonna upload it here let's select the file or you can drag and drop it into this area also just realize that you got this at these other kind of file types so the QBO is probably the most common then the .csv but they do have the .qfx the .ofx and the txt that may be applicable as well so I'm gonna go to the desktop I'm gonna try to find that file here's the credit card file I'm gonna open it up bring it in and so there we got it so I'm gonna say continue continue on and then we've got the information on the left-hand side we have to choose an account now I hadn't set up like an account yet so I'm gonna add another account as we go I'm gonna say I'm gonna add an account and now I get the drop down that you usually see in the accountant view instead of that weirdness on the business view and I can set it up it's got to be a credit card type of account so it'll allow the bank feeds not a bank type of account because it's a credit card here you want on the liability side of things it's gonna be a credit card then you can name it whatever credit cards you want you might want to put like the last four digits of the credit card or something like that most likely naming it by the the actual financial institution like American Express Visa or whatever capital whatever that is the credit card and you also might want to put like a master credit card account or a parent account and then put the other accounts Visa Mastercard you know American Express or whatever as sub accounts under it so that on the financial statement you can collapse it into one credit card type of account and expand it giving you the detail for the multiple credit card accounts within those are just some options for the formatting options I'm gonna go ahead and save it then let's save it to that account it's gonna make that account it's gonna tie some bank feeds to it hopefully the accounts you selected are different than what you select during the previous upload credit card do you want to continue I'm gonna say yes because I want to select another account so I'm gonna say continue import complete you're in control of how your bank info goes into QuickBooks transfer only show up to your books after you review and accept them so in other words it's gonna put them into what I call bank feed limbo so now I've got two tags up top I've got the checking account tag and I've got the credit account credit card tag and I've got you know the 71 transactions I'll go I'll go through a few of them and take a look at them but that's gonna be the general idea between these two tabs so now if I went into the I'm gonna go back to the checking account but if I go into the credit cards it's gonna be the same kind of information with just basically the detail down here it's in bank feed limbo meaning it hasn't been pulled into the actual creation or the supporting of the creation of the financial statements yet it needs some help needs a little bit of love needs a little bit more information what is that information what is that guidance we got to put in there same thing as with the checking account we've got to add to it at least the account that needs to be impacted possibly a credit card possibly expense type of account utilities telephone and so on and most likely vendors the person that we are paying to give us a little bit more detail about them and then we'll also take a look at those inter bank feed transactions for when we paid off the credit card most likely from a transaction that came out of the checking account that we should see on both sides of these two bank feeds we'll get into that more in future presentations