 QuickBooks Online 2022, Bank Feed Center Navigation. 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 125%. We're currently in the home page otherwise known as the Get Things Done page. In the business view as compared to the accounting view, if you want to change to the accounting view it's 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 over to the sample company file currently in the accounting view. In prior presentations just as a recap of prior episodes we talked about how to set up the bank feeds which you can do by going to the Bookkeeping section and then typically you would be going into the transactions up top and into the banking area where you can then link the bank accounts or possibly import transactions depending on how you're managing the bank feeds either linking or basically importing the data to the system that you got directly from the bank will leave you in the same general area we have at this point with the data in the system but not yet used to populate or match out what has been populated into the financial statements. You can also go down here to the chart of accounts and then create your chart of accounts which would be those types of accounts that can be linked to a financial institution of those being checking accounts, savings accounts, or the credit card accounts keep those in mind as well. We're going to be up here in the transactions area now talking about a situation that once we have the data into the system either through bank feeds or by basically uploading to the system we have the information in what I would call bank feed limbo at this point in time and how we're going to pull that information forward just to recap over here if I go to the tab down here if you're locating where we are in the accounting view then you would be wanting to be going to banking up top and that is where the bank feed information will be here in the banking up top similar situation if you wanted to look at your chart of accounts then you would be going to the accounting down below into the chart of accounts up top so there's just a difference in location between the two views but the look or once you get into there the feel of what you're actually doing will be basically the same so if I go back on over to the bank feeds here our test file we're in this account so this is one account that we have that has been imported the data from into our checking account and down below are the transactions that got pulled into the system and they're in bank feed limbo so that's what I call, that's not a technical term for quick books but I call them bank feed limbo because they've been pulled in but they're stuck in limbo and they need a little information they need a little help, they need a little love to pull them through from bank feed limbo into the promised land of the financial statements just like everyone just the transactions from the bank feeds are no different they just need a little support to pull them through what do they need? primarily they're going to be needing a vendor or a customer depending on if it's a payment outflow to the checking account or inflow and they're going to be needing then an account that's going to be applied to them we also talked about in prior presentations the idea that if we had a more complex system then we might be matching transactions to items we have already put into the system so we'll start off kind of thinking about the most basic type of scenario and then we'll level up in ad complexity the most basic type of scenario being one in which you're basically depending on the bank feeds to basically create your financial statements and so that'll be the starting point because that's the easiest system to be reliant on and then we'll deviate to a more of a cruel based type of system a more full service based type of system and add complexities as we go so let's just kind of review our items up top we've got the banking tab is what we're going to be in the first item up top is going to be kind of a card you can think of it as a card they'll have different cards for different bank feeds we will add some different financial institutions including a checking it including a credit card and possibly like a PayPal account so you can see the different cards and how you can interplay between them and look at transactions that will be going between the two types of bank fee transactions such as those for the checking account paying off say a credit card then we have the link item over here this would be to link an account so this is one area you can go to basically link the account you can upload from the file so if you're doing a scenario where you're downloading the information from the bank in like a QBO file or a .csv common download formats then you can upload the information here manage connections so you can go to the manage of the connections you can order checks then we have the explore item this is QuickBooks trying to automate more the system you can't depend completely on explorer and explorer is going to be different than the rules that we'll try to set up in other words if you look at this little icon here when you look into the actual bank feeds down below you've got that little that little icon down here and you can see they tried to assign assign it to basically an account services account in this case a revenue type of account that may be right they may be correct but you want to be very careful of not just going down here and confirming all these items that QuickBooks guessed on because all it is is a guess obviously these items being deposits they're going to guess well the other side should be revenue and they're going to put it into revenue could be correct but they may be wrong in the guess we might want more detail in the guess that they're giving us and they also don't have the information for the for the customer so it's not complete if I was just to add that I can enter into the system without a customer but I'm losing some data if I do so most likely if you could add the customer as a general rule you would want to if you can add a vendor as a general rule you would want to because that allows you then to go into the vendor center and support the deposit or look at the deposits and the payments by who you paid and who you received the money to so that's going to be a general rule if I go back up top then we're going to then say we've got the the for review items there's 71 transactions at this point in time so that's just going to give you a number of the transactions that have not been included now a lot of them might be might be categorized in future in future months the first month all the transactions are going to be here and there's not going to be much help other than this this trying to explore this automated type of thing because you haven't set any rules up so all the transactions need a little help a little love to be pulled in through to the promised land to be used to create the financial statements in other words but in future presentations because we can set up rules and we can kind of memorize the typical transactions coming through we can automate it a little bit more and we can have more of those transactions passing through or being more complete as we go forward we'll take a look at some examples of that the categorized items so there's nothing in the categorized items because they're all in the first tab at this point the excluded items those are kind of items that we're going to say like deleting the items so they would be moved over here you don't typically delete items if I go back to the first tab because these items got pulled in from the bank statement so it's not like they're wrong they can't really be wrong you would think because they cleared the bank unless the bank is wrong or unless they were entered twice it's possible they got entered twice somehow in which case you might want to try to delete them or exclude them but for the most part they came in from the bank so you want to add them in some way if you had already entered them into our system what we will do is match them then they should be used in the matching process so we won't just delete it we'll match it out to what's in the system helping us out with the bank reconciliation type of process we've got the date ranges so we can sort by the dates here so we can we can kind of list the transactions which can be nice by the order of the date we've got the transaction type so we can have a filtering options we have all transactions we can have the recognized transactions no recognized transactions at this time because it's the first data input process matched we're not going to have any matched transactions because we don't have any data in the system but if there were data in the system we can look at the items that are matched and determine whether or not those are properly matched transferred rule applied now we haven't set any rules so there's not going to be anything here but that's going to be an important thing going forward we want to set up the rules we would like to the rules are going to be better if I close this out then depending on say these automatic confirmation items because you have more control over the rules and you can you can know exactly what QuickBooks is doing these are just guesses you have no control over I don't know why QuickBooks did this I could guess say well it's a deposit so they put it into revenue that makes sense but I don't depend on that I'd like to make a rule and if I make a rule I can also add the customer as I as I do this so you don't really want to be dependent on this typically you'd like to be able to add the rules that might help you to apply the rules but and then we've got the missing payee and the customer so that's going to be that's going to be all of them right now because note that the system when they pulled in the information they do have this description line which is gives you a lot of information often including the payee and the customer or the customer if it is a transfer an electronic transfer that you used meaning you got you got the deposit in an electronic transfer or you paid someone with an electronic transfer but even though you might have like a name in here in the description QuickBooks can't just say okay I'm just going to pull that and call it Amazon because it's this whole description so we have to then pull that out of it and once we know the description we can use the description to then make a rule to apply out that it should go to the customer of Amazon in this case so we'll talk more about that in future presentations but it can't really do that automatically that's one of the big things that you want to add when you're starting out your file because it's possible it's one thing that often people overlook as well because the minimum amount of data that you need just to allow these things to be pulled into the financial statements is simply an account but if you don't add the customer in a vendor you're losing detail in the sub ledgers and tracking by customer in vendor that you might as well have in place if it's in the memo and then you can easily put that in place and it'll be easily transferred or memorized in the future and then you've got the unassigned items on the transfer you can search so you can do a search for a certain type of transaction if you so choose as well you can sort by date date being the default you can sort by description which is nice because then you can see side by side transactions and that makes it possibly easier to enter transactions all at one time or apply the same kind of component to them or decide what kind of rule that you want to be applying to them so that's going to be useful when you're entering a lot of data at one time if you're doing month by month data entry then and you're working real time you might just want to sort it by date but if you're doing multiple months and you're trying to enter it as fast as possible you've got to be careful but you might then want to sort it by description so you can line up the like items and then create a rule and do it as fast as possible so you can also do it by amount which is not quite as useful typically and assign you can click off one item or you can click off multiple items so like if I wanted to put these these together and do a batch action down control or shift for example and I can click those four items at one time and then I can confirm them or update or exclude them and do a batch type of action that way I can select all the items by clicking the item up top that'll select all of the items and do some kind of batch transaction item that way we then have the print here we can export to excel we've got the cog if I hit the cog we have the columns up top if you have checks you might include the check number that would be up top the reason that's not useful for us is because most of these transactions don't have checks so if you physically wrote checks you probably want to see the check number because that can help you if you have any problems confirming things in other words if you wrote checks you're not going to see much in the description over here because it's not an electronic transfer but you will have a check number and that helps you to then go into your online banking and look up the cancelled check so you can see who you wrote the check to giving you the ability to give more data into the system and so then we've got the payee in here so if we add then the payee so now we have the payee this could be useful to help us to enter the data a little bit more quickly we'd like to be able to enter the data right into this like little data input screen any needed data and the needed data is going to be the payee you know they're not allowing us to basically just input it in the field here when you click on it that's going to open it up and you got to go into this little opened up area in order to finish the transaction we'll look at that in a second if I go back up then we've got the groups so you could turn on the groups if you so choose that would obviously make it a lot longer so you could view it in that format if you'd like to see the grouped format which is kind of like sorting by the description but it gives you that little drop down for the groups I don't typically use that but it might be useful to people and then we've got down here show amounts in column 1 show tags field so I'm going to keep that on editable data field so we got the editable data field I'll click that we've got the copy link detailed in to memo so that means when you create the actual financial transaction you're going to be creating typically an expense type of form or a deposit type of form if you were to drill down on the actual form say from the end result the bank statement which we'll take a look at you'll have the memos in here which is in essence the description included in the source document that you'll be making which is generally could be a good thing it shows the suggested rules so it's going to give you those suggestions show bank details I'm going to go ahead and give the bank details here enable suggested categorization so I'm going to give the suggested categorization we have on as well page size 50 75 100 200 how many transactions in other words they're going to be on the page we'll keep it then at the default of the 50 let's go ahead and close that I'm closing out the cog then and let's go into it one more time and I'm going to remove the check number and the pay ease not going to help us here so I'm going to remove the pay ease and go back to that so I can see a longer description and just note as we go down here that when we have the enable this one show bank details that's going to show the detail directly from the bank sometimes if you don't have that on QuickBooks will basically try to shorten possibly the memo that's going to be in there in the description but what you might want in some cases the full description that comes from the bank because that could help you to do your bank rules in other words if I lose some of the detail all this other junk on the right hand side I might not be able to apply some more complex rules which might be a way for me to differentiate from say Amazon here to a different kind of Amazon thing like down here and apply a rule that allows me to automatically do two different transactions even though they're both dealing with the same company Amazon there so I'd like the detail typically on the on the banking the banking description and information so that's what we have now when we go into the actual transactions to add these we can confirm them we can we've got the review here if I just click on it if I click on the detail then it opens up the little category you got the three dots up top we've got the categorize we've got the find match we've got the record as transfer so the categorize we've got the we've got the transaction date we've got the vendor and the customer this is what typically has not been added the vendor for if we're paying something would need to be added if we're receiving something would be a customer it's currently going to an uncategorized income account that's not what we want we want to put it to some category of income so that's something that we want to change if we were to add it like that it would go into the uncategorized income if we did it on accident we could go into that account drill back down on it and fix it at a later point in time we can add the tags you note that the memo here is now being added that memo is coming from the bank feed the bank feed memo information that will show up on in this case the deposit form that we will be creating when we add this if we wanted to add any attachments to it like you know some something that would be showing the actual expense form or something like that we can add the attachment we can create a rule this is key this is where you want to be we're going to want to concentrate on this as we do the first couple months of data input because this is what allows us to automate the transactions in the future making it much faster in the future however we want to do it correctly and we want to make sure the rules are set up properly so that it automates things correctly rather than just relying on what QuickBooks is guessing that we should be doing so you really want to then create your rules and think about and think about them for the first couple months because that's going to make all your future data input go forward go a lot smoother and if something's wrong then your future data input will all be kind of wrong and then the exclude this would be kind of like deleting it you want to be very careful on deleting anything because these are all transactions coming from the bank so unless the bank is wrong it should be included in some way either it's going to be included as a deposit form or expense form or check form that will then be added to the financial statements or it will be matching to something we've already put into the system helping us with a bank reconciliation the only time you would exclude it is if it's before the cutoff date that you started entering data into the system or you um or you have entered it twice it got duplicated got imported twice somehow and that then that might be the case so then you got to find a match this would be those type of situations where something had already been input into the system so for for example if I look at my flow chart maybe I already made an invoice maybe I already have a received payment maybe I already made the deposit so instead of recording a transaction that's going to be recording a deposit in this case and the other side going to whatever revenue or something if I had already recorded the deposit because I did my side on my end and now the bank feed is coming through the system then I don't want to make another transaction because that will duplicate the transaction I want to use the bank feeds to help me out then with the bank reconciliation possibly if I already made a deposit and that means I'm going to find a match to it I'm going to see that I have included it I included it on my end and I'm just verifying with the bank feeds that had been included we'll talk more about that in the future closing this back out then we've got then we've got I'm going to go back into this transaction we've got to find the match and then we've got to record a transfer now a transfer is going to be like going between it's typically going to go from like one checking type of account to another or one bank feed type of account to another so if you've got two check-ins account checking a savings account or possibly with a credit card accounts then instead of recording the transactions between them with a deposit or an expense form you might want to use a transfer otherwise it looks a little bit funny in other words let's say you've got two checking accounts and you're in your main checking account and you're transfer let's say the other one's a savings account well if you transfer money from the checking account to the savings account you can record it in the checking account as an expense type of form but then it would go into the savings account not as a deposit which is what you would expect to see in the savings account but rather as an expense type of form that is increase in your savings account which looks kind of funny or you could put it into the savings account if it's a check if it's something going into the savings account you could record it in the savings account as a deposit the other side go into the checking account but if you do that then in the checking account you're going to have a deposit form that actually decreases your checking account which again looks funny so that's why you can record the same kind of transaction with a transfer form and that means that it's going to do the same thing but it doesn't have that weird kind of impact you could say it's a transfer from one account to deposit or check type of form ok so we'll talk more about that in the future so that's the general layout as we add these into the system we'll be creating and looking at in each step our financial statements the balance sheet and the income statement that is what we're looking to create and or that is what we're looking to verify that the data has been included for the statements that we have created if we're doing more of a full service system we'll start off with a basic system kind of thinking about creating our financial statements just from bank feeds and then get into those more accrual kind of components more difficult kind of components typically needing an accrual component that adding the difficulty