To view or print the previous bank reconciliation report:
1. From the left Dashboard, select Reports.
2. Go to “For my accountant” section and select Reconciliation Reports.
3. Select Account. Select Report period.
4. Select “Statement Ending Date”.
5. Click “View Report” under Action column.
6. Click Print icon to print the report.
How to add purchased inventory items from Banking tab? I like to enter SKUs, Qtys of each item in one entry.
Assuming you have QuickBooks Plus Plan, you will first need to ensure that in company settings you turn on the Items table and Purchase orders.
(Gear icon at the top > Your Company > Account and Settings > Expenses > Bills and expenses and Purchase Orders (if needed) > ON).
First, you will have to manually create a transaction in QBO. You enter an Expense, Check or Bill form (create + sign > Vendors), about halfway down the left side is a title “Item Details” tab, NOT Account details tab. Click that and a table opens where you can select the product/service item code, SKU, Qty, Rate, and Item-Total cost for purchasing inventory.
Second, you then go back to the Banking tab. You should see MATCH green button for that transaction. Click Match and it will move to QuickBooks register.
You can now connect an existing bank account from your Chart of Accounts.
- Select Accounting from the left dashboard, then Chart of Accounts.
- Find the account you need to connect and in the Action column, select the
- View register (or Account history) drop-down and choose “Connect bank”.
- Follow the prompt and complete the process for connecting your bank account.
- After connecting the account, your transactions will automatically download nightly (around 10 pm Pacific time).
- You can also prompt a download whenever you want by going to the Banking page and selecting “Update” button at the top right corner.
Note: At this time, this option is NOT available for credit card accounts.
I hear issues with bank connect all the time. Each bank is different. It may even take time to resolve these issues. But in the mean time, I like to offer few suggestions:
1) To manually UPDATE your bank account:
a) Select Banking from the left dashboard menu.
b) Select Update in the upper right. QuickBooks Online will update all your connected bank and credit card accounts. If you only want to update some of them, select to clear the unwanted accounts.
c) Select Update Now.
d) If prompted, enter your Multi-Factor Authentication (MFA) credentials (must be done within 2 minutes of box appearing) and then select Continue Update.
Note: Multi-Factor Authentication is any security precaution beyond just a username and password.
You can keep working in QuickBooks Online while the accounts update, which might take a few moments. QuickBooks Online displays a notification when the updates are complete. REPEAT THE SAME PROCESS AGAIN (wait few minutes).
2) To connect a bank again with URL of your bank instead:
a) Select Banking from the left dashboard menu.
b) Select Bank you want to connect again
c) Click the pencil icon and choose “Edit sign-in info” link. Will take you to “Connect an account” page
d) Instead of selecting the popular bank name or logo from QuickBooks (connect an account), enter URL of your bank in the search box. (This is the bank URL address you login-in to review your bank account.)
The reason is bank may have changed the login URL address and QuickBooks is not up-to-date yet.
e) Once bank connected securely, it takes a few minutes to download your transactions.
IF this doesn’t work. You can call QuickBooks Customer Care Team* (see below for more info), doubtful they can help you more right away but they will know, it’s having an issue with your bank connecting QuickBooks.
3) Upload or Import bank transactions:
Basically, DOWNLOAD transactions from your bank’s website and UPLOAD the file to the QBO company.
*QuickBooks Customer Care Team
How and when can I contact Support? (US only)
How to handle refund on a debit card from a vendor? It’s downloaded as a bank deposit in bank feed. How can I assign that credit to the project?
It involves few steps process to handle vendor refund on a debit card to the project in QBO.
1) Create Vendor Credit (Plus sign at the top right > Vendors > Vendor Credit)
a. Select Vendor payee
b. Select same expense account used to enter original transaction
c. Enter amount
d. Select Customer/Project
2) Go to Banking (Left Dashboard > Banking)
a. Under “For Review” tab, locate refund deposit on a debit card from a vendor
b. Click the transaction row
c. Switch radio button from “Add” to “Find Match”
d. Under “Resolve difference” drop-down arrow, select “Add new transactions”
e. Under add transactions tab, enter vendor refund credit
Payee = Vendor payee (gave you refund)
Category = Accounts Payable (A/P) account
Amount = Refund amount
NOTE: If QuickBooks is not connected with the bank account (Plus sign at the top right > Others > Bank deposit). It will take to the same deposit screen.
3) Go to Pay Bills to clear both credit and deposit from vendor’s A/P account (Plus sign at the top right > Vendors > Pay Bills)
a. Select Vendor line check box to clear the account. It should be zero amount
That should do it.
For step by step video tutorials, check out our YouTube video. If you like this video don’t forget to like and subscribe!
Reconcile an account screen to include service charge and interest earned fields in QBO
If your bank accounts are not connected, you will see service charge and interest earned fields.
If you bank accounts are connected, you will not see these two fields. The assumption here is these transactions are also automatically downloaded from the bank.
EXAMPLE: My bank feed populates all my downloaded CHECK transactions with the same Vendor. I change the vendor payee category on any given transaction it will change for all downloaded transactions in bank feed. There is no bank rule setup for this. Is there a way I can turn that off?
Unfortunately, you can’t turn that off in QBO bank feed. That’s the way it is in bank feed for Checks (and other transactions) at this time. QuickBooks needs to do something about this. It’s better to have no vendor name at all than incorrect vendor name.
Just as a workaround you can create a Bank Rule the following way:
1. Create a new vendor named “Unknown” and
2. Create a new condition rule to mark anything containing “Check” to go to Vendor payee “Unknown” and “Uncategorized Expense” account.
This will at least draw your attention to it. It will not add to wrong Vendor and incorrect Expense category tag.
This article will show how to link a deposit from a customer to an Invoice. Let’s assume the customer payment was entered first through Bank Deposit (this may be from bank feed or entered manually) instead of Receive Payment form and then you’ve created an invoice later, you can follow the steps below to link the deposit to the invoice.
First, you will need to find the deposit you’ve originally entered in QuickBooks. To do that, follow the steps below:
- Choose Accounting on the left > Chart of Accounts at the top.
- In the Action column, select View register.
- Locate the correct deposit and click anywhere on it.
- Click Edit.
- You will see screenshot something similar to this one below.
Now, edit the deposit. To do that, follow the steps below:
- In the Received From column, select the drop-down arrow in row 1.
- Choose the correct Customer’s name.
- In the Account column, select the drop-down arrow in row 1.
- Choose Accounts Receivable.
- Click Save.
- See below screenshot for reference.
The final step is to match the deposit to the Invoice.
- Choose the Plus (+) at the top of the screen.
- Choose Receive Payment.
- Choose the Customer’s name.
- The Receive Payment form will now show both the invoice and the deposit (you may need to scroll down to see both).
- Put a check in the boxes next to the invoice and deposit.
- Click Save.
- See below screenshot for reference.
- This process links the payment to the invoice.
This article deals with step-by-step instructions on how to manually recording fees (Paypal or Square) and then match the deposit transactions in bank feed —Review items from your bank and link each item to an existing record.
EXAMPLE – Signed up for Square (or PayPal) so that I could accept credit cards. I will be paying the fee myself, not the customer. So when I give a customer an Invoice for $1,000.00, they will swipe their card and have $100 taken from the customer. Square (or PayPal) will take their fee off the top and then deposit $970.00 into my business checking account. My bank feed under review items from bank link will show $970.00 deposit ($1,000 customer payment less $30 fee).
Here’s how to handle fees (Square and Paypal) deducted from Customer payments in QuickBooks Online:
1. Identify the customer Invoices that were paid via Square or Paypal.
2. Receive Payment of open invoice amount (create “+” sign > customers > receive payment) . Select the invoices that were paid. Make sure to select “Deposit-to” that this payment is being deposited into your Undeposited Funds account.
NOTE: To ensure that the associated transaction processing fee is recorded accurately, the invoice payment must be applied manually through the “Receive Payment” screen (rather than through the matching feature). A manual deposit must also be entered (step 3).
3. Add a new Deposit. Click on the Create or “+” sign and go to “Other” and click on Bank Deposit.
4. Select appropriate invoice(s) “Select the payments included in this deposit” tab
5. Record the processing fee part of the transaction under Add New Deposits tab.
Make sure to enter the amount of the processing fee as a negative number so that it deducts from the total deposit amount.
Received From = Square or Paypal Vendor
Account = Fees (Expense or COG account)
6. Total deposit amount should match your deposit to accept the transaction in bank feed.
7. Go back to Banking and under the Dashboard, locate your deposit under “For Review” tab. Since the processing fee has now been manually recorded in QuickBooks, you will be able to match your Square or Paypal deposit.