Categories
Banking Navigation Transactions

How do I permanently delete “Excluded” transactions in bank feeds?

 

You can permanently delete bank downloaded transactions in QuickBooks Online (QBO).

In order to permanently delete a bank downloaded transaction (or multiple transactions) from the banking center, you will first need to move it from “For Review” tab to “Excluded” tab.

To move from “For Review” tab to “Excluded” tab:

  • From the home page screen > Go to the left navigation bar Dasshboard
  • Click Banking
  • You’ll see the “For Review” tab, click the checkboxes to the left of the date for the transactions you want to exclude.
  • Once you’re done, click the “Batch Actions” drop-down arrow and select “Exclude Selected.” The transactions will be moved to the “Excluded” tab now.

You can permanently delete from the “Excluded” tab now.

To permanently delete-excluded bank transactions.

  • From the home page screen > Go to the left navigation bar dashboard
  • Select Banking
  • Select “Excluded” tab
  • Select Batch actions (drop-down arrow)
  • Select Delete
  • You can select to delete a transaction or multiple transactions here
  • Note: If you select UNDO it will move back to “For Review” tab.


How to permanently delete bank downloaded transactions in bank feeds


 
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Categories
Bank Deposit Banking Navigation Other Transactions

How do I match transactions when bank feed deposits (from Stripe) are net and not gross

This is what you need to do!
First, when you create sales receipt or invoice > choose deposit to “Undeposited Funds” account, not bank account.

(I am giving lengthy steps, but it moves real fast)

Let us start from your banking center.

Find the deposit amount you want to match.

Highlight and click once. Transaction screen will expand.

Look for “Find Match” or “Find other match transactions.”

It will take you “Deposit” screen.

Select transactions to match (check customer payments). You are still looking at the gross level payments.

Getting closer, next step is where you make adjustments for Stripe fees.

Pull down “resolve difference” arrow and select “Add New Transaction.”

Select “Add New Transaction” and screen with expand with “Add New Transaction” section

You will also notice resolve difference amount which should be the same amount as Stripe Fees.

Go to “Add New Transaction” section

This is where you will enter Stripe fees.

Select account category (most likely merchant service fee expense account)

Enter negative amount for fees (same as resolve difference amount. example for ten bucks -10.00).

Save. Screen will disappear and it is posted to QuickBooks.

Back to banking center again!

If this does not work (because it was downloaded as bank transfer type), you will need to take manual route.

Bank Deposit (create + sign > other > bank deposit) > check payments > add fees to new transaction section as a negative amount. Same steps above.

Go back to banking center > now you should see green match sign > select match > done.

Click on the screenshots below to enlarge them
1receive_payment

2deposit

Categories
App Apps Navigation

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Categories
App Apps Navigation

A comprehensive guide to Sync PayPal App with QuickBooks Online

“Sync with Paypal” app is for importing PayPal transactions into QuickBooks Online. All import will directly post into Quickbooks, eliminating the need for any double or manual entry. This is quite different from connecting bank accounts and downloading new bank transactions in QuickBooks banking center (transactions > banking). Since it directly posts without your review or approval process, you will have to rely on certain specific reports later in QBO.

This is a well-tested app. It is very easy to setup. It is FREE for all QuickBooks Online customers (up to 100,000). Sync with PayPal is currently available in the United States only.

Before you are ready to click “Get App Now” blue button, let’s analyze more and see if this app is right for your business.

This app is ideal for:

  • Service-based businesses where you do not invoice your customers.
  • Product-based businesses where you do not track inventories in QBO. Also, customer invoicing is not involved.

This app is not ideal for:

  • Businesses tracking inventories in QBO
  • Businesses need to invoice to receive payment
  • Companies with QBO plus plan and tracking class and location
  • Companies using PayPal mainly for purchases
  • Companies have several PayPal accounts and transfer funds between those accounts

Key Features:

  • Importing sales transactions
  • Importing purchase transactions
  • Importing bank transfers
  • Importing Paypal fees and posting it to proper account
  • Importing sales tax and posting it to proper account

Key Benefits:

  • Automatically importing customer payment information and filling out “Customer Information” screen in QBO. Big time saver.
  • Automatically creating Sales Receipt with properly filled out fields. Bank feeds cannot do that yet. You may be able to create Sales Receipt from a bank feed, but not automatically creating Sales Receipt. This is a huge time saver. Most importantly, think of it as if someone is doing behind the screen a great bookkeeping job for you for FREE. You cannot beat that price.

Click on the screenshots below to enlarge them
customer transaction page

customer information

sales receipt

One more thing before you can click “Get App Now” blue button, you will need to do some homework in QBO.

  • Decide income account you want to use for sales transactions. Review and set up new accounts to Chart of Accounts if needed. That is the income name (& account if enabled) you will see it later in the Profit & Loss Report
  • You will also need to enable Sales Tax rate and agency settings (if applicable and not done yet). Left navigation bar > Sales Tax > Sales Tax Center > Related Tasks (right side) > Add/edit tax rates and agencies. In QBO, for sales tax, they use default account setting. So, there is no need to create Sales Tax Payable Account. It does it automatically once you have Sales Tax Agency setup done.
  • Note: See step#7 for default account for reference.

If you currently connect your PayPal account through QuickBooks bank feeds (Transactions > Banking), it is IMPORTANT to:

  • Make a note of last downloaded transaction date
  • Review “New Transactions” column. Make sure all downloaded transactions are posted into QuickBooks. You should see “No transactions to process” note.
  • Make sure to disconnect it before installing the Sync with PayPal app to avoid duplicate entries.
    • To disconnect: From the home page screen > Left blue navigation bar > Transactions > Banking, click the PayPal card at the top of the page, click the pencil icon, click Edit account info, select the checkbox “Disconnect this account on save,” and click Save.

Let’s review the process part to get this app now.

To get this App from QBO:
From the home page screen

  • Left blue navigation bar
  • Apps
  • Featured
  • Choose “Sync with PayPal” (with PayPal logo)
  • Click “Get App Now” blue button (upper right)
  • Your authorization to Start using sync with PayPal with QuickBooks will start
  • You will need to login to your PayPal account once
  • The whole process takes less than ten minutes (with careful app settings review)

Step#1
sync with paypal

Step#2
step2

Step#3
step3

Step#4
Grant permission to Intuit
grant permission to intuit

Step#5
Review Your App Settings
stop

STOP! DO NOT CLICK “CONNECT” BUTTON YET. Now, it’s time to review your settings from date range to selection of various accounts to post. This is the most important part of the whole “Sync with PayPal” process!
You can download transactions just once. There is no batch actions to fix it once it is already posted into QBO.

  • Decide transactions date range setting
  • Review “App Settings” one by one

Review Your Settings

Step#6
Past Transactions

  • Click “Change” link under “Past Transactions”
  • Select Date Range
  • You can import your past transactions for up to 18 months. You can import from here just once. Select date range carefully. Note: Do not select up to today’s date. Always up to yesterday’s date.

change past transactions

Step#7
App Settings

PayPal Account – PayPal Bank (default)

  • Choose one from the list if already using PayPal

Sales – Paypal Income (default)

  • Choose one from the list for income account

PayPal Fees – PayPal Fees (default)

  • Choose one from the list if you already have preferred merchant fees account

Sales Tax – PayPal Sales Tax (default)

  • Do not use default one. Use from the list you are using or newly created, the one with correct tax agency name.

Payment Method on Transactions – PayPal (default)

  • Give them some credit for giving you free app. If not, you can use other payment method

PayPal Customer > All Details
Three to choose from

  • Do not track – no customer selection: It will create Sales Receipt with no customer selection (blank “choose a customer” field). If payment received is from sales, it’s better not to select this one.
  • Integration Default – All Sales assigned as one customer: This one is perfect if you do not want to track sales by customers like daily sales type of record
  • All Details – Sales Receipt with entered fields on Sales Receipt form: This one is perfect for customer tracking and running various meaningful sales reports.

change app settings

You may have noticed that the following transaction types are not mentioned:

  • Bank Transfer
    It will automatically create “PayPal Funds Transfer Account” and transfer the funds to that account. Since it is coming out from the PayPal account, you should see as negative amount on the balance sheet ( or bank register). So, on the banking center (bank feed), when you see money coming in from PayPal account, you will have to choose this “PayPal Funds Transfer Account” rather than actual PayPal Bank account to clear the balance. If you are entering manually, enter as bank transfer (create + sign > other > bank transfer)
  • For shipping charges from Sales Receipt, it will automatically create PayPal Shipping as Item and also post to Shipping Income account.
  • For Purchases – everything goes to Uncategorized Expense (default) accpunt. No choice here. From there, you will have to manually categorize expenses to proper accounts. You will see more details below on how to handle it.
  • In case you own multiple Paypal accounts and you are transferring money from one PayPal account to another PayPal account (not bank transfer), it may create sales receipt and will record as income. That is incorrect. You will need to pay attention to that type of transactions and handle it appropriately on your books. Be warned!

Step#8 and Final
you are all set

Once they appear in QuickBooks, you will need to run the following reports (or more) for review:

  • Account Quick Report for PayPal Bank Account
    Left navigation bar > transactions > chart of accounts > PayPal Bank Account > Action > Run Report (pull down arrow next to view register).
    This quick account report should show all transactions (sales receipt, expense, transfer) type.
  • paypal bank account
    Note: Customized report with few columns removed.

  • Account Quick Report for PayPal Funds Transfer Account
    Left navigation bar > transactions > chart of accounts > PayPal Bank Funds Transfer Account > Action > Run Report (pull down arrow next to view register)
    You really need to pay attention to this account. This account should end up with zero balance once transactions are added from the bank feed for “money-in”.
  • paypal funds transfer account
    Note: Customized report with few columns removed.

  • Uncategorized Expense Account
    Left navigation bar > transactions > chart of accounts > Uncategorized Expense Account > Action > Run Report
    You will need to run this report on a regular basis. You may want to customize this as your own report.
    To customize, run this report > change “Transaction Dates” to “All Dates” > select “Run Report” > select “Save Customizations” button > Name of custom report = PayPal Uncategorized Expense > share with other users if needed > OK

    Now, it is time to categorize these expenses to appropriate accounts one by one manually until they are all gone. “This report contains no data”. Yes, that’s what you want to see!

  • uncategorized expense

  • Next time you want to run this report again, it comes in very handy. Will save you time.
    Left navigation bar > reports > my custom reports > select PayPal Uncategorized Expense under Name column > click it and categorize to appropriate accounts.

    my custom report for paypal uncategorized expense

 

#QuickBooks Online

 


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Categories
Navigation Reports

Where can I find a comparison of what reports are available in different plans of QuickBooks Online?

QuickBooks Online is available in three different plans: Plus, Essentials and Simple Start (or EasyStart).

Here is a full list of reports available in different plans of QuickBooks Online:

Comparison of available built in business reports between different plans (Plus, Essentials, Simple-Start)

NamePESS
A/P Aging Detailxx
A/P Aging Summaryxx
A/R Aging Detailxx
A/R Aging Summaryxxx
Account Listxxx
Audit Logxxx
Balance Sheetxxx
Balance Sheet Summaryxx
Bill Payment Listxx
Budget Overviewx
Budget vs, Actualsx
Check Detailxxx
Class Listx
Collections Reportxxx
Company Snapshotxx
Customer Balance Detailxx
Customer Balance Summaryxxx
Customer Contact Listxxx
Deposit Detailxxx
Employee Contact Listxxx
Estimates by Customerxxx
Exceptions to Closing Datexxx
Expenses by Vendor Summaryxx
General Ledgerxx
Income by Customer Summaryxx
Inventory Valuation Detailx
Inventory Valuation Summaryx
Invoice Listxxx
Journalxxx
Location Listx
Open Purchase Order Listx
Payment Method Listxx
Product/Service Listxxx
Profit and Lossxxx
Profit and Loss Detailxx
Profit and Loss by Classx
Profit and Loss by Locationx
Purchases by Class Detailx
Purchases by Location Detailx
Purchases by Product/Service Detailx
Purchases by Vendor Detailx
Recent Automatic Transactionsx
Recent Transactionsxxx
Recent/Edited Time Activitiesx
Reconciliation Reportsxxx
Recurring Template Listxx
Sales Tax Liability Reportxxx
Sales by Class Detailx
Sales by Class Summaryx
Sales by Customer Detailxx
Sales by Customer Summaryxxx
Sales by Location Detailx
Sales by Location Summaryx
Sales by Product/Service Detailxx
Sales by Product/Service Summaryxxx
Scorecardxx
Statement Listxxx
Statement of Cash Flowsxxx
Taxable Sales Detailxx
Taxable Sales Summaryxxx
Terms Listxx
Time Activities by Customer Detailx
Time Activities by Employee Detailx
Transaction Detail by Accountxx
Transaction List by Customerxx
Transaction List by Datexxx
Transaction List by Vendorxxx
Transaction List with Splitsxx
Trial Balancexx
Unbilled Chargesxx
Unbilled Timex
Unpaid Billsxx
Vendor Balance Detailxx
Vendor Balance Summaryxx
Vendor Contact Listxxx
Total Number of Reports755327

 

#QuickBooks Online

 


 

What are the specific reports available with the Simple Start version of Quickbooks Online..

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Categories
Cash Flows Navigation Reports Sales

How does QuickBooks Online produce the Statement of Cash Flow Report?

Statement of cash flow is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents and break the analysis down to operating, investing and financing activities.

First, the report run is based on an accrual basis accounting method in QBO. It is hard-coded so you can not change it to cash basis method nor can be edited for any preferences to classify cash like in QuickBooks desktop versions.

In QBO, they also have the following three standard sections for the cash flow analysis.

  • Operating
  • Investing
  • Financing

It shows the amount of cash earned from profit, where you received additional cash and where your cash was spent. It uses all Bank type accounts from your chart of accounts. It also includes “undeposited funds account” from other current assets type.

The Statement of Cash Flow assumes that all activity through current assets and current liabilities are OPERATING ACTIVITIES. It also includes “accumulated depreciation” from fixed assets type.

Any entries that affect fixed assets (at original cost, less accumulated depreciation) are INVESTING ACTIVITIES. It also includes “other assets” type.

Any entries that affect long term liabilities and equity are FINANCING ACTIVITIES.

Here is how the standardized list of mappings for the different category type assigned to a section of the Statement of Cash Flow in QuickBooks Online.

Here is detail account list of Category Type (Account Type) for the Balance Sheet accounts from the chart of accounts sorted by Activities.

Cash
Operating

Investing Activities

 Category Type
1Fixed Assets (original cost)
2Other Assets
Investing

Financing Activities

 Category Type
1Long Term Liabilities
2Equity
Financing

Example of Statement of Cash Flow Report in QBO:

Profit and Loss Net Income line forwarded to Operating Activities
Statement of Cash Flow Report
Categories
Navigation QBO

New QuickBooks Online (QBO) – All major features in one chart

Major features of QuickBooks Online (QBO) are explained in one single Chart below:

 

 

 

Click on the screenshot below to enlarge it
combined
Dark Blue navigation bar on the left for customer center, vendor center, all transactions including printing checks, run standard reports, setup and print sales tax, and buy apps.

Company Gear – top half of blue screen for settings (preferences), chart of accounts, products and services (item lists), bank reconcile, import and export data, and manage user access.

Middle plus (+1) sign – bottom half of blue screen to enter all transactions from invoicing to billing to journal entry, also bank deposits and bank transfers.

 

#QuickBooks Online

 

Categories
Navigation QBO

QuickBooks Online – Brief side by side navigation guide from old to new QuickBooks Online

If you are upgrading from old QBO to new QBO, this tutorial video will be very helpful. It provides side by side navigation guide. After watching this video, you will have a basic understanding of where the major features are located in new QuickBooks Online.

 

#QuickBooks Online