How would you like to learn QuickBooks in 90 minutes? This FREE video tutorial is specifically designed for beginners in mind. You will learn QuickBooks Online the right way from the start. It covers all the basics you need to learn and offers some helpful tips. If you are looking for step-by-step educational guidance and ready to learn QBO, this is the one. And this video is produced by Top International QuickBooks Trainer, VPController.
1) Match it directly from the bank feed downloaded transactions.
Select a row for deposit in question. The row expands to show you “Find other matching transactions” button. Once you click this button, you will see a long list of possible match transactions. To easily locate your deposits, change payment date as you’ve recorded. Select payments (type = payment) to match with bank feed deposit amount. Make sure difference is zero. Save. Done.
2) Manual. This will take few steps, but you will see green MATCH sign once done.
a) Go back to “Receive Payment” (create+ sign > customer > receive payment > upper left corner clock, locate payment) screen for customer payment you’ve already recorded and change Deposit to: “Undeposited Funds” instead of a bank account. Do the same for other customer payments that you want to match to a batch deposit.
b) Bank Deposit (create + sign > other > bank deposit) – check existing payments from the list to match batch bank deposit. Make sure to check correct bank account if you’ve multiple bank accounts. Save. Done. Save and Close.
c) Go back to banking center (bank feed) and now you should see green Match sign for that deposit. Click Match. It should disappear from the list.
Note: #2 is recommended process in QBO if you’ve merchant card payments or use bank deposit slip from depositing checks from various customers.
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The short video (below) will show you step-by-step instructions on how to import credit card transactions from Excel CSV file into QBO so that you will not import transactions the wrong way.
Confusion has to do with bank account field and Quickbooks field screen. It is the same field name for bank download as well credit card download. Users are importing a CSV file from credit card company and every transaction ended up being the opposite of what it should be…. expenses listed as credits (spent), credits listed as expenses (received).
Once you have downloaded transactions, there is no way to UNDO or delete downloaded transactions. You will have to move to “EXCLUDED” column and it will stay there forever which is not good.
So, I highly encourage you to watch the entire video. You do not want to miss a step.
From the home page screen > blue navigation bar on the left > transactions > banking > update > manage rules
On the Banking page, you can set up rules to tell QuickBooks what to do with bank items that meet particular conditions. Rules help you control, customize, and automate how you use the Banking page in QuickBooks.
Even without rules, QuickBooks makes it easier for you to accept bank transactions quickly. When QuickBooks downloads your bank transactions, it does the following:
Cleans up cryptic bank descriptions
Suggests logical categories based on bank descriptions
Remembers changes you made before, and applies those changes to similar transactions
Looks for matches among the transactions you already entered into QuickBooks
Rules go beyond the automatic processing to give you a finer level of control. They scan downloaded bank items for certain criteria you specify, and then assign particular payees, categories, classes, locations, and more to them. Rules can even help automatically split items between categories and more.
You might not need rules, but for frequently downloaded items they can save you lots of time. Here are some sample rules:
Categorize expenses at Mountain Hardware less than $50 as Landscaping
Categorize expenses at Riverview Office Supply greater than $600 as Capital Expenditure
Split income from Lakeside Law Firm as 30% Services and 70% Products
Split expenses from Hillside Communication as $40 Utilities and the remainder as Office Expenses
Rules like these can save you from having to update categories and adjust transactions one by one.