Categories
Banking Reconcile Uncategorized

Reconcile an account screen to include service charge and interest earned fields in QBO

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.

BANK ACCOUNTS NOT CONNECTED

 

BANK ACCOUNTS CONNECTED

 

Categories
bank feed Banking

Bank feed populates all downloaded check transactions with the same Vendor

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.

 

NEW BANK RULE: UNKNOWN CHECKS

 

BANK FEED PAGE: UNKNOWN VENDOR AND UNCATEGORIZED EXPENSE ACCOUNT

 

Categories
Bank Deposit Bank Register Banking Customers

How do I match a new Invoice to a payment that’s already been deposited to a bank account

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.

 

 

The payment will now show in the Customer center listed as a deposit.
The payment will zero out the invoice and the Accounts Receivable.
 

 

Categories
Bank Deposit bank feed bank feeds/page/2/ Banking Customers Invoice Receive Payment Receiving Payment

How to handle fees (Paypal and Square) deducted from customer payments in QuickBooks Online

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.

 

Categories
bank feed Banking QBO QBO Home Page

How can I change the listing order of bank accounts on the new QB online dashboard

QuickBooks Online – How can I change the listing order of bank accounts on the new QB online dashboard





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Categories
bank feed Bank Register Banking

My bank balance is different than actual balance in QuickBooks register

QuickBooks Online – My bank balance is different than actual balance in QuickBooks register.

Different balance, why?
1. Outstanding checks
2. Deposits in transit
3. New Transactions for connected account
4. Duplicate transactions
5. Editing or deleting transactions
6. Beginning balance





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Categories
Bank Deposit Bank Register Banking Journal Entry Refund Receipt Sales Receipt

How do you match a deposit to a receipt when the credit card refund is more than the actual deposit

Example:
We received a credit card payment from customer A ($334.00) and sent a credit card refund ($1,000.00) to customer B on the same day. This resulted in a net negative deposit ($666.00) from our credit card merchant provider. How to match a refund receipt and a regular receipt in order to properly match the deposit in our bank account from the bank feed.

sales receipt
sales receipt
refund receipt
refund receipt

QuickBooks Online won’t allow creating a negative bank deposit. If the total deposit is negative, you will need to create a Journal Entry to move the funds from Undeposited Funds to the bank account.

deposit negative
deposit negative

Here’s how to create that Journal Entry and move the funds from Undeposited Funds account to Bank account.

journal entry
journal entry
  • Click the Create (+) at the top of your Home screen.
  • Choose Journal Entry from the drop down (if you don’t see it, try clicking Show more).
  • Set the Date of the transaction (same as bank posted transaction date).
  • On the first distribution line of the Journal Entry:
  • In the Account column, choose Undeposited Funds.
  • In the Debit column, enter the amount of the deposit.
  • On the second distribution line of the Journal Entry:
  • In the Account column, choose the appropriate bank account.
  • Set the Credit column to the amount of the deposit.
  • Click Save and close. This will show a deduction from the bank account in the Bank Register in QBO.

Next, you will want to group the Journal Entry with the payments to create a $0 deposit and remove the payments from Undeposited Funds.

deposit zero with je
deposit zero with je
  • Click the Create (+) at the top of your Home screen.
  • Choose Bank Deposit from the drop-down.
  • Select the payments (negative and positive) and the Journal
  • The entry you just created (the total should be zero).
  • Click Save and close.

Next, go back to banking center (bank feed). You may see MATCH now for that transaction. If not, click that transaction row for refund receipt. Locate and match transaction from the list there. Save.

radio button switch from add to find match
radio button switch from add to find match
match transaction
match transaction

Video Tutorial

QuickBooks Online QBO – how to match negative credit card daily sales receipts | refund deposit

Categories
Bank Deposit Banking Vendor Vendor Credit Vendors

Handling Multiple Vendors Refund Checks Deposit in QBO

Categories
Banking

QBO Issues: Costco’s switch from American Express to Citibank Visa

Helpful articles

Costco American Express has moved to Costco Citibank – Error 324

As of June 20th, 2016 Costco has ended their partnership with American Express and started a new partnership with Citibank. This impacts customers using Quickbooks Online and have their Costco American Express credit card connected to their account. Customer using the Costco American Express will have their balances and 90-day worth of transactions transferred to Citibank…
https://community.intuit.com/articles/1390446-costco-american-express-has-moved-to-costco-citibank-error-324


 

How do I update my Costco old American Express Amex card to a Costco Citibank Visa card?

Since your card issuer and account number for the card have changed, it’s recommended to create a new credit card account for your Costco Citibank Visa card.
(From the home page screen > left navigation bar > transactions > chart of accounts > New

  • Category Type = Credit Card
  • Detail Type = Credit Card
  • Name and Description = Costco Citibank Visa Card

costco citibank visa card

You will also need to create a new Citibank as the vendor name.


 

QBO Alert:
I am trying to change my Costco American Express to CitiBank American express and am unable to do so. I can not disconnect the Costco American Express?

https://community.intuit.com/questions/1390048-i-am-trying-to-change-my-costco-american-express-to-citibank-american-express-and-am-unable-to-do-so-i-cannot-disconnect-the-costco-american-express


 

How can I get my new Citibank/Costco credit card to link to QBO? I am getting Code 105 error?

https://community.intuit.com/articles/1207570


 

Categories
Banking

From the Banking Center, how do I split a single expense transaction between two vendors

You will need to take the following steps in QBO if you need to enter a single transaction split between two vendors.
In this example, the transaction amount is $11.23 and you want to split between two vendors (vendor A = $6.23 and vendors B = $5.00).

#1 Enter manually those two vendors as a Bill (Create “+” sign > Vendors > Bill)
#2 Go back to the Banking Center (Left navigation bar > Transactions > Banking)

  • Click the transaction row for $11.23
  • Switch from “Add” to “Find Match” (See screenshot 1)
  • Select two transactions ($6.00 + $5.23) to match  (See screenshot 2)
  • Total spent amount should show $11.23
  • Save
split vendors for one transaction
split vendors for one transaction
split vendors for one transaction 2
split vendors for one transaction 2