How To Import Transactions Connection To Your Bank With QuickBooks Online

would you like to download your transactions  into QuickBooks online so that you can classify   them and record them very easily would you  like to set up your QuickBooks online so   that you can import transactions and manage  your bank transactions much faster and much   easier than you could possibly imagine well  then you need to watch this video QuickBooks   Online Bank feeds and importing transactions my  name is Mark smolen I'm the founder and CEO of   worldwide QuickBooks I personally guarantee you  the clearest possible explanation for every topic   that you could need to set up your QuickBooks  online so that you can download import classify   and record Bank transactions this video will  help you import transactions so that you can   avoid duplicates and other types of mistakes like  errors and omissions you'll be able to set up your   QuickBooks Online Bank feeds connect to your  bank download the files and import transaction   list files as well you'll be able to classify and  categorize transactions from the review list in   the banking section of your QuickBooks online and  you'll even be able to create rules to save time   using Bank feeds download feature is the best  practice for managing Bank transactions you can   match and unmatch transactions so that you don't  have any duplicates and I'm going to show you how   you can import transactions that are in the Qbo  format or the CSV format from Excel it works with   all bank and credit card type of accounts so if  your company has several credit cards and several   bank accounts at least some of them will have the  financial institution make available this feature   for you and I promise by the time you get to  the end of this video you will have learned   every import option there is available when  importing any kind of data into QuickBooks Online   and if that's all not enough I promise you  I will answer all questions immediately if   you leave them in the comments section below I  promise I will do my best to help you because   I appreciate all my viewers and I want  you to learn well I thank you very much   for listening and I hope to hear from you as  you enjoy learning about Bank feeds thank you [Music]   now you may well ask why should I import  the transactions from the bank instead of   recording them myself well you can do everything  you learned in QuickBooks online but much faster   if you import the transactions from the  bank instead of recording them one by one   so why is that well the reason is the  bank is keeping the same records of the   same transactions that you're keeping  records of in your QuickBooks Online   so if the bank is responsible for keeping records  of your account and you're responsible for keeping   the same records of the same account why not  save time simply by downloading and importing   the bank transactions into your QuickBooks  Online why not just copy their records   make sense right well it turns out there are  legitimate reasons why we can't simply copy the   bank's records first of all we know that the  bank does not know what expense category each   check is only the person who wrote the check can  know is this for repair expense delivery expense   supplies expense and so on the bank can't know  what category of income each deposit is the bank   doesn't know if the money came from a customer  that you did one type of service or another the bank also doesn't know which customer or which  vendor was involved in the transaction they simply   get a little text in a description field and they  can't know the person and most importantly the   main reason not to just blindly copy the bank's  records into your QuickBooks Online is that the   bank sometimes makes mistakes so how can we  take advantage of and capitalize on the fact   that someone else is keeping records of our bank  account in considering these four issues well this   is the way it's done all of the transactions that  will eventually show up on your statements that   you get in the mail are listed in your online  account when they download or when they import   as a file they will first go into a separate  section of QuickBooks Online called a review   list now once they're recorded in the review list  you the user must approve each one before they   get recorded into your QuickBooks Online records  you have to be the one to classify the expenses   you have to be the one to tell QuickBooks Online  which income account expense account customer or   vendor is associated with that transaction because  the bank can't know from the information it gets   now of course because it's a computer and because  some things will clearly be repetitive you can   automate some of those tasks and right off  the bat right at the beginning you're saving   a huge amount of time and energy you're  also more likely to make things accurate   once your bank transactions are properly managed  in the review list then the transactions can be   recorded into your QuickBooks Online records in  such a way that they actually change the balances   and affect your financial reports so it's really  a vital feature and self-employed bookkeepers and   the average self-employed business person really  shouldn't do their QuickBooks online without it   so I know you will enjoy the bank fees and  importing transactions course and you will   enjoy the rest of this video but in order to  maximize your learning you should know that if   you click in the description field which is the  text right below this video there's a button in   the bottom right corner called show more and  if you're watching this video on YouTube and   you click show more in the description field it  will open up and show you the table of contents   and the table of contents here will help you  learn because each chapter has a Time Index   right next to the chapter name and you can just  click on the time index of the chapter you want   and YouTube will jump the video right over to the  section of this video that you need to see and to   really benefit and know that you're an expert in  QuickBooks Online Bank feeds you should know that   way down at the bottom below the table of contents  is a set of links to all the files that you can   use for self-paced practice and giving yourself  a self-paced practical exam all you have to do   is look at the links that are clearly marked for  you to click and download the materials for you to   do the project and see how well you learned and  remembered chapter three setting up Bank feeds to set up Bank feeds and QuickBooks Online you  barely have to do anything all you have to do is   Click banking from the left panel type in the name  of your bank if it's not already there on the list   double click to choose it put in your username  and password and then it will ask you to match the   accounts that are online to the in your QuickBooks  online account to the accounts that are in your   online banking that's all you have to do and it  barely takes a minute watch here we are at the   test video company here in the QuickBooks online  account so again from the left panel click banking   and if you first created your company you'll  see a list of financial institutions that you   can double click on if yours is not here you can  type it into the search bar it just so happens   that I will be using Chase Bank and PayPal as the  example financial institutions to set up the bank   feeds I'm going to start with Chase I'm going  to double click and then all the computer is   asking me for is my Chase ID which is computapes  and then the password that I had set up before   click the button to prove you're not a robot and  then of course you know images with Road I guess   you know you have to go past your bank security  features this has a road this has a road this   has a road I guess that counts as a road so you  got to click past these features and click verify uh please also check the new images okay  now we have to do it again here's a road   uh here's a road uh I guess that's a road you  know you just have to click past your bank   security features click verify street signs  boy they really really want you to be sure   okay wow they really really want to make sure  that it's you and not a robot so now that we got   past that boy Chase has some very tough security  we log into Chase through our QuickBooks Online your bank might have different security  features that you have to get through in fact   they're even going to text me boy they never  really stopped with the security features uh   uh and I guess we click we come here and of course they have text me my temporary  identification code let me take a look and after   typing in the code we click and we finally made it  past all the crazy security that chase makes us do   and now we get to match the accounts that  are in your online banking to the accounts   that are in your QuickBooks Online Premium  Plus checking is going to be Chase personal and business checking will be Chase business   and I think that's it for Chase and I'll  click connect now after we click connect it should only take a few seconds really for  all of the transactions going as far back as   Chase will allow to be downloaded  in to my Quickbooks online account   now it allows you to click this green button to  review the transactions that have come in now I   suggest you do not click let's do it I suggest you  click this little text here I'm a pro skip this if   you click let's do it you have to go through  everything one at a time and you can only see   it one transaction at a time on your screen but  if you click I'm a pro let's skip this here you   get right to the review list and this is the list  that you'll be working with where it says Chase   personal these are all the transactions that have  downloaded actually yeah all the transactions that   I've downloaded in the chase personal account if  you click here and you flip it to Chase business   then all of the transactions that downloaded  from the business bank account will show up here now it's very easy to navigate this review  list but remember these transactions are not   yet in your QuickBooks records you have to review  them and then decide if you want to add match or   exclude them add means you record it into your  QuickBooks records and it actually affects your   financial reports match means you're going to tell  QuickBooks that this transaction has already been   entered into QuickBooks manually and it will  therefore exclude it from the review list and   from QuickBooks or you can click exclude now  remember clicking match and clicking exclude   do the same thing all that happens is that it  gets removed from the review list but if you   click exclude it puts it on a separate list a  list of items that were excluded and that list   will be permanent until you delete the items  from the exclude list so look if we come here   we scroll up and down so how do you make those  choices for each of these transactions well just   click anywhere in the line so we're doing this  bank account and we're reviewing each of these   transactions click anywhere in the line and then  the blue bar will open up under the transaction   that's where you have a choice of adding  it matching it to an existing transaction   okay if you click match you would get a list of  available matches here that you could match it to   and that video is coming soon and we'll talk  all about matching and unmatching transactions   if you choose to match if you choose find a match  if you click transfer it assumes that you're   transferring the money to another bank or Equity  type of account which does happen so these are   your three choices and they're based on the text  in this description field that comes from the bank   and if you don't want to work with this  transaction you click the X to close it   out you can pick another one click here the Blue  Bar opens under the transaction where you have a   choice to add it find a match which again the  available possible matches would show up here   and we'll talk about that in a future video or  transfer it to another bank account or bank or   Equity type of account you can scroll all the  way up and down to see all of the transactions   that have been downloaded and you have  to go through these one by one remember   just because the bank recorded them it doesn't  mean it's correct chapter 4 adding transactions   right now all the numbers in the Qbo account  that I am using are zero I have not recorded any   transactions in the financial records we've only  downloaded a review list from the bank if we come   back here we can see these are the transactions  that we have to review from the Chase business   account before we put them in to the financial  records now in order to prove to you that this is   an empty account I'm going to open my custom-made  trial balance so you can see this report does not   contain any data this is a trial balance showing  the results of all dates all transactions all   dates and there's nothing here because the file  is completely empty but after we record our first   transaction we will see the numbers show up here  once in the debit column and once in the credit   column for example let's add the July 11th 200  deposit as video income earned from Alan Arby well   if we earn 200 in video income that means video  income will show up in the trial balance for 200.   and if it was recorded from the Chase business  account the Chase business account will also   show up here for the first time as two hundred  dollars we click banking we go back to the review   list and this first transaction was the one I was  talking about a moment ago it's in QuickBooks as   a quick pay from a customer but the income is  not categorized and the customer is not defined   the QuickBooks uh saved us Time by pulling it  from the bank so we don't have to record the   whole thing ourselves click once on the line to  open the blue bar below so that we can clarify   now the name of the account that we of the  income that we earned in this case was let's see   where are the income accounts here they are and  video weddings income so that's what we earned   video weddings income now we'll choose the  proper customer in this case Alan Arby so now   we have the customer and we have the account  it goes with and now we're able to click add   now once you click add you can see it disappears  from the top of the review list it's gone it's   not in the review list anymore where is  it if you click the in QuickBooks section   you can see all of the transactions that have  been added to QuickBooks from the review list   now in order to prove this has affected our  financial records I'm going to click reports   I'm going to open the trial balance again and  you can see we now have two hundred dollars   recorded in the Chase business account and  200 recorded as income from wedding videos   let's try one more let's add the forty five  dollars that we spent from the account on   July 5th as delivery expense from UPS so we go  back to the banking center and you can see the   top of the review list has this forty five dollar  transaction that's really delivery expense for UPS   click once anywhere in the line to bring the  blue bar click add because we're adding the   transaction the account as we mentioned was an  expense in this case it was delivery expense   and the vendor who gave us that delivery is UPS  so now that we've clarified the transaction and   that those are the only two things we have to  put we click add and we know it's been added   to our QuickBooks records we could click the in  QuickBooks section to see every transaction that   has been added to QuickBooks from the review list  or we could click reports and when we take a look   at our trial balance we see now we have delivery  expense forty five dollars wedding video income   200 and the difference is recorded in the Chase  business account you could also go back to banking   go back to the in QuickBooks review list and  double click on the transaction to see what it   would look like if you entered it manually and you  could add further details or edit this for example   if we go in QuickBooks this was added from the  review list but maybe we need to add more maybe to   this one we need maybe to the um maybe to the one  on July 5th we need to add which customer or job   that's something you can add from  the bank center so we click on it   and now it looks like the regular expense window  where you would normally record the transactions   and you could add clarify or change anything you  want after it's added into QuickBooks chapter five questions why do we match transactions in  QuickBooks Online Bank feeds well we have   to make sure we do not enter the same transaction  twice you already recorded a transaction yourself   that same transaction was recorded by the bank  in the bank's records it came into the review   list when it cleared the bank you should not  accept it into QuickBooks because you already   recorded it and that would make a duplicate  transaction so what does matching a transaction do   it takes it off of the review list and guess what  that's it that's all it does it's absolutely the   same result as clicking exclude when you want to  exclude a transaction that's on your bank feeds   review list that will prevent double counting  and duplicating the transaction in your records   a match transaction goes on to the excluded  list the same way as if you clicked exclude   the auto match feature suggests a match when  the money amounts are the same let's take a look   here you can see that the check number two  is given a suggestion to match with the UPS   check for thirty dollars if we scroll down  you can see that this expense on June 12th   computer is suggesting to match it with the  May 25th expense that we recorded for Staples   same thing with this Capital One for thirty  dollars and the same thing with this uh or   Con Edison anyway and the same thing with this  Staples for a hundred dollars now you can enter   it into QuickBooks as is or you can change it  and then enter it you can match it to a different   transaction but matching it to a different  transaction will be the topic of another video   Let's do an example let's imagine the  July 31 check which is check number two   for thirty dollars let's agree with the  auto matches suggestion for the name ups   and the account delivery expense and then  we'll see if it's entered into QuickBooks   here we are back in the bank Feed Center and  here we are at the July 31 check number two and   QuickBooks says this July 31 transaction  for thirty dollars cleared the bank on   July 31 and QuickBooks suggests that that's  really the July 15th check number two to to   um to UPS all you have to do is Click match and  boom it disappears from the review list and goes   into your QuickBooks records look here are the  other July 31s but not the Matched one to UPS   where is it it's in QuickBooks so if we click in  QuickBooks we should see here it is July Thirty   One thirty dollars check number two and that's  how you do it now let's add the June 12th matched   transaction for a hundred dollars but before we  add it and before we match it we'll change the   name to Office Max and the account to equipment so  here's the June 12th transaction that QuickBooks   suggested a match here it is June 12th a hundred  dollars okay now we can't really see which account   or there's no field to change for the name or the  account you have to click anywhere in the row and   for that Row the Blue Bar opens up now you see  it's a suggested match but you still don't know   how to change the name or the account so what do  you do well you can see the bank memo and all the   other information if you click add and change it  to the add button so what do I mean right now it   looks this way because it's a suggested match but  if you click add you have the ability to then see   the bank memo and you then have the ability to  change the expense account as well as the vendor   so when I click here I can make sure that it still  says Staples and I can make sure that the account   is equipment equipment which is what we purchase  from Staples for the hundred dollars on June 12th   now that everything is the way that  I need it to be I can click add   and now it's added and now let's see if it's  entered into QuickBooks all you have to do   is scroll up and click in QuickBooks and you  can see this June 12th for a hundred dollars   has been added and it affects the results of  your reports chapter 6 fixing matching mistakes   there are two common problems associated  with QuickBooks Online matching transactions   the first Common mistake is that people click  add and therefore agree with the auto match   suggestion when in fact they should have  changed what was there the second common   problem is that you cannot match because the bank  or the bookkeeper recorded the wrong money amount   let's address the first problem what if you  match the wrong one well the transaction is   already in QuickBooks so matching the wrong  one won't affect your financial records   the only thing that happened is that the  transaction wrongfully came off of the review list   you have to send it back to the review list so you  can match it to the correct one or there are two   ways to send it back to the review list you can  just click on do which I'm about to show you or   you can open the transaction and click on Match  so let's go back to QuickBooks Online here's the   review list where the transactions that we just  matched are no longer there they're in QuickBooks   and when we click in QuickBooks we get the two  transactions that we just matched from uh from   the previous video now one way to undo the match  so that you could send it back to the review list   and match it to the correct one is simply click  in QuickBooks come to the right and click undo   now that July 31 for 30 dollars is removed from  QuickBooks and it's back in the review list if I   click for review here it is thirty dollars July  Thirty one and it again suggests the same match   okay what's the other option I spoke about a  moment ago open the transaction and click on Match   that'll move it back to the review list while  keeping the original transaction in QuickBooks   and then you can match it to the right one so if  we go back to in QuickBooks there's only one left   in QuickBooks because we removed the other one now  you could click on do but you can only click undo   if you're finding the transaction here in the bank  Feed Center what if you find the transaction in a   report and you open it up and it looks like this  and you know that it should not be matched you   need to send it back to the review list without  affecting the actual transaction that was recorded   so your other option is to go right here to  the top left and click online banking matches   this choice will be available if this is a matched  transaction and it gives you the details and all   you have to do is click on Match once you click on  Match you can go back to the review list and you   can see it is no longer in QuickBooks if you click  for review you can go down to June 12th and see   that this suggested match has now been returned  to the review list now let's address the second   type of mistake that could happen when matching  transactions in QuickBooks Online Bank feeds   what if you cannot match because the bank or the  bookkeeper recorded the wrong money amount well   here's what I recommend I recommend that if it's  your mistake I suggest you edit the transaction   before matching it or excluding it edit the  normal way that you learned in previous videos   if it's the bank's mistake show the bank the check  or the deposit slip and have them fix it then   exclude it from the review list because the result  of matching is the same as excluding it makes sure   that you don't double count a transaction what I  do not recommend is that you click the button at   the bottom that says resolve differences in my  opinion that is a very bad feature and will only   cause problems this will create a new transaction  for the difference in money amounts that will make   your records inaccurate and it will make the bank  reconciliation that you do at the end of the month   more difficult so let's take a look at how we  would do it even though I recommend against it   so let's imagine this hundred dollars is matched  to the wrong one with the auto match suggestion   you can click on it and when you open it up it  will give you a list of every other possible   match that you could match it to so you could  match it to the other June 12th which is what   it's suggesting or you can match it to the  other hundred dollar transaction on May 25th   but if you open this blue bar the only suggestions  you get are the ones with the exact money amount   if you want to see suggestions with different  money amounts you have to click this button   find other matching transactions and then  you'll notice the ones with the same money   amount plus some other possible matches would  show up here now just to show you how terrible   this is let's imagine we're going to match this  hundred dollar transaction that was uh download   uh that was recorded in QuickBooks with the 30  transaction that was downloaded from the bank   so if I want to match something with a different  money amount I click this one that I'm going to   match this one and it says there's a difference  now again I don't recommend you do this but if you   click resolve difference what's going to happen  is QuickBooks is going to add a new transaction   and the new transaction will be the difference in  money amount so in this case it's going to add a   70 transaction just to adjust for the difference  your books and records are now a total mess   don't do it this way even though that feature  is included if you notice the money amount is   different click on it and edit it and make it  the correct money amount chapter 7 using rules   if you set up rules you can save time and have  QuickBooks Bank Feed Center input the vendor or   the customer that's involved in that transaction  automatically in fact the rules will even allow   the bank Feed Center to input the income  expense or transfer account that's involved   in that transaction automatically so that it'll  save you time as you go through the review list   the rules can be based on either the text in the  bank text Memo field or the description field now   let me show you what the difference is here we  are back at the bank Feed Center and this column   says description QuickBooks takes a tiny piece  of the bank memo and puts that as the description   but if you click on the transaction it opens up  with all the information about the transaction   and this long string of text here is what  QuickBooks calls the bank text so the little   bit you see here is QuickBooks online's  interpretation of what this whole memo is   and you may well ask what is this whole Bank text  here that comes from the memo field in your bank   account now I can show you all I'm already logged  into my Chase business account the one that I'm   using for this example 35.65 and if I scroll down  to the July 31st ATM for 2.50 I can see that the   disc what Chase Bank calls the description is  really the full memo field non-chase ATM fee   with the capital letters and that's July 31 for  250. this is the memo field with all of the text   so when I come back to QuickBooks online and I go  back to that July 31st you know the one for two   dollars and fifty cents that's this one over here  you can see the description only says ATM fee but   when I click on it I get the full text here which  is the bank text non-chase ATM fee for the two   dollars and fifty cents on July 31 which is what  this says for the 2.51 so exactly what's in the   bank memo is what's copied into what QuickBooks  calls the bank text and this description is just   an abbreviation the rules can change what's in the  review list or enter the transaction automatically   after it makes the change and you can make that  choice when you set up the rule and we'll do it   both ways so you can see both results for example  let's make a rule that every transaction that says   ATM in the bank text which is the large text  field that comes from the memo in the bank   anyone that says ATM will automatically be  categorized with the account owner's withdrawals   we can make it based on the bank text field not  the description field as I mentioned a moment ago   and in this case we will make the rule only for  the account and not yet make a rule for the name   of the customer or the vendor so let's go here  and let's make the rule so we go to the top of   the banking center and we click Bank rules and  now on the top right we click new rule now when   it comes to the name of the rule I like to give  the name of the rule as the same thing as the text   that it's looking for because that helps remind me  what the rule is you don't have to do it that way   this Choice has to be correct is this rule going  to affect the deposits or the expenses and checks   in this case this is a rule for every transaction  where money is coming out of the bank account   and what's nice about QuickBooks Online is that  you can make the rule only for the bank account   you're working for or for every bank account that  you connected in this case we'll leave it for   just the business checking okay well you have to  click the check mark okay so business checking now   when the transaction meets all of these conditions  so again we don't want to use description that's   not enough text we want to use Bank text because  that's the entire amount of the bank memo field   and again ATM so we're telling QuickBooks anytime  you see these three letters together in this way   in the bank text which is the bank's memo field  what do you want it to do well the type of   transaction would be expense not check because ATM  is not a check we leave the payee blank for this   rule because we're allowed and the category will  be owners withdrawals so basically this rule says   anytime The Memo from the bank has these letters  put together in this way please automatically   put this account with it so we don't have to go  through it ourselves and put the account ourselves   it'll take too much time we will not yet click the  check mark to automatically add it to the books we   just want to see what happens to the review list  when we make and save this rule we click save   now let's go back to the review list and see  what happened haha notice this says ATM and   there's a green button here that says Rule  and it automatically suggested the owner's   withdrawals account this also has the word ATM and  it automatically suggested the owner's withdrawals   account same thing with these three rule ATM  owners withdrawals so we would save time all   you got to do is Click add add and you don't have  to go bother going through it and putting the   withdrawals account yourself because you know  that's the proper account because it says ATM   now we could add it ourselves but that would  still take time if we're really sure we can   go back and edit the rule to make it enter into  QuickBooks automatically that would really save   us time so let's go back to bank rules and this is  the Only Rule so we can click the check mark here   and edit this Rule and the only edit we're  going to make is this check mark down here   please enter it automatically now that you  know which account it is please enter it   without requiring that we have to click add next  to each one when I click save we get a message   that six transactions have been added to the  books and when we come back to the review list   you can see that it's down to 23 from 29 because  those other six are no longer on the review list   where are they they're in QuickBooks and we can  see that they're in QuickBooks by clicking in   QuickBooks and when we click in QuickBooks look at  that ATM ATM ATM they have already been recorded   in QuickBooks and you can check that they have  already been recorded into QuickBooks by looking   at the rest of your QuickBooks reports you can  make a rule for deposits the same way you make   a rule for expenses and checks for example let's  make a rule that every transaction that has in   its description field which is the little field  that comes from QuickBooks Online let's make that   have the exact words quick pay so any one of  the little fields that has the word quick pay   spelled this way should automatically have  Alan Arby as the customer and video income   as the account now remember we're basing it on  the description field and not the memo that came   from the bank so here we go notice in the review  list there are quite a number of Chase quick pay   in this little field description again we're not  talking about this long text here we're talking   only about the little description that QuickBooks  Online puts as an interpretation of the memo field   so we click Bank rules and again click new  rule in the top right and again I like to   make the rule the name the same as the text  let's not make it all caps okay quick pay   I like to make the name of the rule the same as  the text but this time okay it's not for money   coming out this time it's for money coming in and  let's leave it with all bank accounts or you could   select the specific bank accounts that you want  to apply this rule to now this rule on purposely   making a little different instead of the bank  text will make it based on the description just   to see that it works you should also know there  are other options for criteria you could make it   an exact spelling of something because you might  have two rules that are very similar or you could   make it a rule for anything that doesn't contain  a specific text you could even make it based on   the amount you could tell QuickBooks let's have a  rule that anything of this exact amount has this   specific name in this specific account but for  now let's leave it as description and you can   explore and experiment with the different options  on your own time but when the bank text contains   exactly this text spelled this way it means that  it's a deposit because it's for money coming in   and it means the payee should be Al and RB we  want QuickBooks to put that automatically and   we want the income account to the video income  okay we don't yet want it to automatically put   it in QuickBooks we want to see what it looks like  on the review list so again for all money coming   in if it has this if the description contains this  and I suggest you explore an experiment with these   options later but if the description contains lit  this QuickBooks should put the name as Alan Arby   and the account is video income now after we save  this rule we can come back back to the bank uh   review List look at this this said Chase quick pay  it suggests the rule video income and it suggests   Alan Arby this also had the word quick pay in the  description it suggests the video income and it   suggests Alan Arby and so on so there are several  of these how many one two three four five six so   out of the 23 transactions that are in review  six of them we could go through one by one and   click add but it would be much faster if we went  back to the bank rules clicked edit to edit that   particular Rule and simply told QuickBooks  instead of just showing us on the review list   automatically added into QuickBooks as soon as  we click save we're going to get this message   six transactions have been added to your books  and when we come back to the bank Feed Center you   can see now there are only 17 on the review list  from 23 a minute ago because the other six have   been added in QuickBooks and we can confirm  that they're in QuickBooks by clicking here   and now you can see all the ones that say quick  pay have been added as a deposit with video income   and Alan Arby and that's how you use Bank rules  and the bank Feed Center of QuickBooks Online Qbo files are really the best kind of web connect  files webconnect files can be directly imported   into the bank Feed Center for your QuickBooks  Online the good format is either the dot Qbo or   dot qfx file extension they're both basically the  same and most banks make them available for free   there's no need to connect via Bank feeds if  you have access to these downloadable files   when you import the result is exactly the  same as downloading through bank feeds in fact   excluded transactions that are deleted from  the excluded list can be imported again   and that's a big difference between doing  the bank fees and importing the file   now here I am logged in to my Chase bank account  and you can see I'm still very unsuccessful in   business but in Chase Bank if you're logged  into the account activity you can go to the   right and click see more choices and one  of the choices is download account activity   in order to know where this is in your bank  you would have to contact your financial   institution and find out where to click but  with Chase Bank we click here we scroll down   and says you know there's no charge for this click  continue then I select a date range I select which   bank account I want to download the activity and  I select a date range I'm going to leave it as   all transactions and the most important choice  down here is the file type Chase is very good   these are all of the different file types that  they make available for you to download your   activity to and in this case we want webconnect  Qbo I'm going to click download activity and you can see it downloads here I'm going to  click show in folder so that I can copy it to my   desktop and I like to copy it to my desktop  so when I import it into QuickBooks Online   uh paste so that's jpmc with this logo with  the number three it's the third time I did it   and I like to put it on my desktop because now  I'm going to come back to my Quickbooks online   now I'm going to go to the banking center  now where it says update I will not click   update I will instead click file upload then it  will give me a choice of what files to upload   if I click browse see notice the file the format  choices that are available for upload for banking   for QuickBooks Online CSV will do in the following  video qfx and Qbo are basically the same thing and   they're the better ones click browse and we want  the JPMorgan Chase with number three which is the   one I just downloaded click open now once it's  labeled here I go to the right and I click next   now we uploaded this particular account now  QuickBooks needs to know which account in   QuickBooks Online to match this bank account with  when I click here I get a choice of only the bank   type of accounts and I click the try checking  account because that's the example that I'm using   now I click next and I wait a moment and you  will see when we go back to the uh Bank Feed   Center all of these are the banking center  all of the transactions that are in the file   will be placed on the review list exactly  as if I downloaded them through bank feeds   when it's ready it gives you this green  button in the bottom right let's go   and now when we go to the banking center and we  look at the transactions that are downloaded you   can see here are all of the transactions that were  downloaded into this particular bank account the   one we had chosen try checking now one thing I  can show you that will prove to you that this   is exactly the same thing as importing it through  bank feeds is this if I click in QuickBooks you   will notice that there are a whole bunch that are  already in QuickBooks if you remember the previous   video we set up a rule for the monthly service  fee that rule applied to every bank account so   when I imported this file it applied to this bank  account and automatically put in QuickBooks all   of these transactions the service fee the quick  pay all of the rules that we set up the ATM fee   all of the rules that we set up in the previous  videos are still in effect and at the moment I   imported this file all of these were automatically  recorded into QuickBooks according to the rule   now let's illustrate the difference  between Bank feeds and uploading the file   if you accidentally exclude a transaction and then  delete it you can bring it back by importing the   file again so let's exclude the newest one July  5th 45 dollars to American Express now that's   this top one over here July 5th 45 dollars  to American Express I'm going to select it   then I'm going to click batch actions exclude  now you can see it is no longer in the review   list if I click the exclude list you can see it's  currently the only one on the exclude list okay   now let's delete it from the exclude list click  here batch actions delete yes now if this were   Bank feeds that would be gone forever but because  we have the web connect file in Qbo format we can   just come up here do not click update click the  pull down and click file upload and let's do the   file upload exactly the way we did it before  exactly the same file open it up click next   okay choose the very same bank account click  next just wait a moment for it to import now when it's ready it gives you the  let's go button in the bottom right   and here we are aha look at that the July  5th American Express 45 is back on the list   now I'd like to leave you with one however however  if you accept into QuickBooks as a transaction it   will not reload into the review list when you  import it again that's it that's true even if   you delete it from QuickBooks so if you put it on  the on the exclude list or you delete it you can   get it back but if you put it into QuickBooks you  cannot get it back not even if you re-import the   file and of course you could try that experiment  yourself but I think you get the idea chapter nine L files importing CSV files have a few important  facts that you have to remember number one they   go on the review list for Bank feeds the same as  if you downloaded the transactions from Bank feeds   after you input everything is exactly the same  as if you input through bank feeds that means   that the rules that you set up will apply the  suggested matches will come the exact same way   the only difference between importing a CSV  file in a Qbo file is that all the deposits are   assigned to the suggested account uncategorized  income and all the payments and checks are   assigned to the suggested account uncategorized  expense so what must you do well first you have   to download it the same way as you would download  a Qbo file now here I am logged into my Chase   business bank account to see the activity and as  you can see I am still unsuccessful in business   but if you have Chase you can look to the  right of your summary and click where it   says see more choices now of course if you do  not have Chase you will have to contact your   own financial institution and find out where  to click when you log into your online banking   but in this case I do have Chase so all I  have to do is Click download account activity   and notice I come back to the same place  that I was at in the previous video when   I downloaded the Qbo file I can just click  continue and I'll come to a window that'll   ask me number one which particular bank account  I'm downloading number two do I want to download   all transactions or a specific date range in this  case I'm going to leave it as all transactions   now the most important choice down here is  save download type now in this video we're   learning about comma separated values and we  click here now when we click download activity   you can see in the bottom left that  I have downloaded this this CSV file   now if I open it up you can see that the default  program that opens it up is Microsoft Excel and   you will notice it really only has four columns  and I'm going to stretch them a little wider   if you're working with QuickBooks it is  assumed you have some basic knowledge of excel   and you can see even though this fifth column  is here in column e it really didn't put any   information it really only put type and it  only put debit and credit so that's not really   important and of course a date description and  amount are the only things that you're really   getting if you download the file in this format  so what do we do next well we have to import   we have to import the file in the same place  as we did with Qbo files if you remember the   previous video we were in the banking center  and we had chosen the new checking account   now as you can see the new checking  account is empty there's nothing for review   there's nothing in QuickBooks and there's  nothing excluded at least not yet so now we   will Import in the same place as the Qbo files  well how did we do that well when the account   is in front of you do not click update click the  pull down arrow and choose file upload then you   get this window click browse and we'll find the  JPMorgan Chase the one that has the CSV extension   and now we'll click open once the file is selected  go to the bottom right of the screen and click   next now we have to choose which particular  account in our QuickBooks online account this   file and these Bank transactions will be imported  too in this case in this case we click click the   pull down menu we get a choice of mostly Bank  type of accounts or even current Assets in this   case I'm going to choose the new checking account  which is the one we're working with and click next   now here we have to map the three columns date  description and amount and map means that we   match the columns in the file to the columns  that Qbo is asking for now here we are again in   the column excuse me here we are again in the  file and we can see this First Column column   number one would be a column number two would  be B column number three would be C and so on   so when we look at the QuickBooks Online um window  QuickBooks is suggesting that the date column is   column number two and in this case you can see  the suggestion is correct the post date or the   column with the heading post date is the second  column to the right and that's why it says date   um column two post date now description  QuickBooks suggests column three because   the heading is description one two three this is  the third column over to the right you know from   the left that's what the heading is description  so QuickBooks is correct we'll leave this choice   description now as far as amount which column do  you think it is column four has the heading amount   and we can look in the file and double check that  that is the fourth column from you know starting   from the left so now everything has been mapped  appropriately when we click next we'll get a list   of every transaction in the file and this is our  chance to remove the check mark and exclude any   transactions that we don't want to be imported  from this list in our case I think we'll leave   all of these checked and we'll click next now it's  asking us if we're sure we're going to click yes and before you know it all of these transactions  will have been imported successfully into the   QuickBooks online account when we click let's go  we find ourselves back here in the same window   in the new checking account but now you can  see all of the transactions that were on that   list a moment ago have been imported into the  four review section now you must go through   them and record transaction by transaction and  clarify which is income expense or transfer so   if you look closely you can see that all of these  either say uncategorized income or uncategorized   maybe it says uncategorized asset uh transfer  to uncategorized asset uh now again sometimes   it suggests accounts instead of just putting  it because that's the auto match just giving   a suggestion but no matter what you have to go  through it one by one before you add now I want to   show you that from this point forward everything  is the same as it was when we did Bank feeds   in fact if we click here well let me just scroll  down a little if we click right here right here in   QuickBooks aha notice there are a whole bunch that  have just been recorded directly into QuickBooks   and if you watched our previous videos you can see  that these all come from the rules that we set up   in the previous video when we were learning about  rules so all of these got recorded as transactions   and are already affecting the financial records  of the company and that happened in the blink of   an eye when it was imported all the ones that  don't match a rule are still here for review   and you would have to do the same thing that you  did when you downloaded them directly from the   bank you have to click on it and then you have  to decide you want to add it or find a match   or instead of finding a match is this a transfer  from another account and then you would choose   the other account you're transferring it from  and you would have to go through that one by   one and do that for any ones where there's no  automatic rule so in a way it's exactly the   same now the only difference is something  that is similar between CSV files and Qbo   files the difference between importing a web  connect file and downloading it from the bank   and this includes the CSV if you accidentally  exclude a transaction and then you delete it   from the exclude list you can bring it back  by importing the file again however if you   accept into QuickBooks as a transaction it  will not reload it into the review list when   you import the file again and that's true even  if you delete the transaction from QuickBooks   so these three facts are the same as they were  in the previous video when we imported Qbo files   and if you're not sure that I'm right you can  experiment which with each each of these three   conditions but I wish you good luck in importing  your files chapter 10 importing from desktop using the export company file to QuickBooks  Online command which is in the main menu of   the QuickBooks desktop software we're able to  export all the information from your QuickBooks   desktop file to your QuickBooks online account  it transfers the data from the desktop version   to the online version and it's so easy you  just click from the main menu then after   you do that QuickBooks will ask you for your  username and password for QuickBooks Online   after you put in the username and password you  will get a message asking you to wait for an email   after you get the email you can log in to your  QuickBooks online and you can see everything   that was in your QuickBooks desktop file  is now in your QuickBooks online account   s great right however there are some things you  must be aware of everything in the QuickBooks   online account that was there before you uploaded  your desktop information everything that was there   that was not in the desktop will be erased  the desktop will overwrite everything in   the file and that includes transactions list  items such as customers vendors and products   memorized reports will not transfer from uh the  desktop version to the online version and if you   made custom reports and QuickBooks Online they're  going to disappear after you do this procedure in   fact all of the account settings and preferences  that you set up in QuickBooks Online will also go   back to the defaults and any preferences that  you might have had are not going to transfer   and since there is no icon bar you know nothing  from the Icon bar will transfer because there is   no icon bar so read carefully number four memorize  transactions memorize reports anything in the icon   bar and anything in the preferences will not  transfer it's almost like it'll be a brand new   company overwritten with whatever happened to be  in the QuickBooks file at the moment that you did   the transfer so here we are in the QuickBooks  online account for the very large Corporation   of America now before we upload I want to prove  to you this file or this online account is empty   when I click reports and I click trial balance you  will see nothing even if I include all dates and   run the report you will see this file has nothing  if I click sales and go to the customer list there   are no customers if I click expenses and I go to  the vendor list there are no vendors you get the   point now watch when I go back to my Quickbooks  desktop account for the same company the very   large Corporation of America it's very simple  click company and the very last choice is export   to company file to QuickBooks Online that's all  you have to click then just wait a few seconds and   QuickBooks will ask you your login information for  that particular QuickBooks Online company account   okay so I'm gonna use the email account that  I created with this okay and I'm going to put see if it works and log right in okay uh now  start fresh and see they're warning you start   by choosing which particular company you're  importing to well in my case in your case   they'll only be one this one the one you just saw  once you choose that company you click continue   now it could take up to 30 minutes and  what they do is they tell you where on   it where transferring your data when it's done  we'll send you a confirmation email now uh the   email comes pretty quickly I'm very impressed  it usually comes a lot faster than a half hour   I'm going to click OK got it now I suspect that  the email comes more quickly than we imagine so   I'm going to go over to my Gmail account oh look  at this 1 13 PM which is the time that I'm doing   this so look at this don't reply it's already  available one two three look at that see so when   oh well okay well anyway when I double click the  email that I got says congratulations your stuff   is online blah blah blah blah blah now when we  come back to the company and we click dashboard   you see that we now have expenses and income  and if I click reports again and I head over   to the trial balance you can see the trial  balance now has results of transactions   but you may well ask why would someone do this  more than once well you could use your desktop   version of QuickBooks for the data entry and you  can upload daily so that you can see reports and   access transactions from remote locations so  that's something to think about if you want to   have both desktop and QuickBooks online and you  will really only need the online version so that   you can see transactions from anywhere and you  could read reports from anywhere and then this way   you have the benefit of both uh desktop features  as well as online features chapter 11 overwriting CSV files can add transactions without erasing  others they're really meant to be used for Bank   feeds and the bank feeds section they're Limited  in how much information goes in each transaction   use these tricks and tips to send  as much information as possible in   each transaction when transferring from  QuickBooks desktop to QuickBooks Online   now I assume you already watched the video  on importing CSV files into QuickBooks   online if not you can pause this video  watch the other one and then come back   here are tricks and tips on how to send  transactions from desktop to QuickBooks Online   follow these steps exactly and everything  will work fine first export transactions from   the transaction by account from your trial  balance well here we are in the QuickBooks   desktop version here's the trial balance and  let's imagine this is the bank account that we   want to export from desktop and then import into  QuickBooks Online to get transaction by account   you should double click the money amount and you  get this report transaction by account and it has   a list of every transaction that has affected  the balance of this particular bank account now this is the only way to export it to Excel  without leaving spaces other people might have   other ideas like use the advanced find or use the  custom report feature but none of them will get   you all the transactions without leaving any  spaces only by doing it from transaction by   account will you have a spreadsheet with no spaces  for the transaction list of your bank account   now before you export you should customize  the report to show only three columns date   name and amount so let's do that we go back  to the transaction by account that you just   double click from the business checking and we  click customize now let's remove every check   mark except name date and amount remove this  remove this scroll down oh careful scroll down   very slowly leave date but remove number and  adjustment scroll down leave name remove memo remove clear remove split remove everything but  those three now when it comes to debit credit and   amount click to remove the debit click to remove  the credit and click on amount and you will see   one number amount instead of the debit and credit  column remove balance remove every other column   except those three and then when you click OK  your report should look something like this   now export to excel okay Excel create new workbook  click export and just wait a moment and all this   data on this report from this bank account here we  go will be in Excel now save the Excel file as CSV   that's the special format that allows you to  import into QuickBooks online so we click file   save as desktop and I guess we could call it  Buzz checking because that's the name of the   bank account business checking click yes now we  didn't really save it as CSV you got to be careful   file save as okay same place Buzz checking except  we want in order to save it as CSV after you put   the name click the type and go up and find CSV  comma separated value so there's a lot here it   is comma delimited delimitated this one CSV and if  you save it in this format QuickBooks will let you   import it into QuickBooks Online click save and  then click ok now change the date format on the   top of the date format uh change the date format  to the top date format now what do I mean by the   top gate format well if you right click on the  column heading you can format the entire column   and when I say the top date format I mean you  come over to this section here in the home ribbon   you have this area called number click the corner  and click date so QuickBooks knows this is a date   now there are different formats of date but you  should choose the top one let's try it again date   make sure the top format on the Excel list two  digits for the month two digits for the day and   four digits for the year with a forward slash in  between is the format and that's what you choose   format the other two columns as general type  well that's easy right click on the uh column   heading for name and then come here and choose  General okay right click on the column on the   column heading for amount change the type to  General make sure after the change you click   the save button so you don't lose your changes  now make sure there are no spaces or uneven rows   or columns everything has to be smooth or  it won't work well what do I mean well look   first of all let's get rid of this row number two  right click delete so that everything is smooth   scroll all the way down if you scroll all the  way down you can see there's a little mess on the   bottom believe it or not just having this little  mess on the bottom will cause an error message   with the wrong error take it from someone who has  experience I couldn't believe this was the reason   but you should delete it in fact you should clear  everything including the formatting and then again   save the file after the changes so now everything  is nice and smooth otherwise it won't work   now step number eight make your column headings  exactly this post date description and amount   you have to spell it exactly like this with a  space in between and the proper capitalization   which means the capital letter beginning every  word post date description and amount so first   let's clear everything to make sure it's  gone then we click here capital p post date this grip question one letter wrong and  the whole thing won't work this script   shun with a capital D and then amount with a  capital A and then of course save the changes   now your file is ready to import and now this  is what you do when you're in QuickBooks Online   match the date and amount to the columns  in the Excel QuickBooks Online file well   we learned from the previous video  to import a CSV file we click banking   when you're in your QuickBooks Online uh account  by the way you click banking do not click the   update button you'll be a prisoner for several  minutes click the pull down arrow and click file   upload and you get this window just like we did  in the video when we learned how to import CSV   files click browse and I think it was called  business checking yes but business checking CSV   click open now in the bottom right click next  and now we have to choose which account in our   online QuickBooks account is the business  checking account that we are importing the   information into let's choose business checking  click next now QuickBooks suggests that column   three is the date and suggests that this  is the format and in this case it's correct   now the column for description is really column  five okay even though we know column five is the   name we're telling QuickBooks that column five  is the description well why why are we doing   that we're doing that so that QuickBooks will  look at the description column and see the name   and execute the rule and of course the amount is  column seven the amount field and then click next   now here are all the transactions that we're about  to import into QuickBooks and online going into   QuickBooks online and these are the money amounts  and they're going into the bank Feed Center now   they will not immediately affect your QuickBooks  Financial records except for the ones that follow   the rules so I have already set up rules if the  description column has Mark it should have a   certain income account if it has chase that should  have a certain expense account if it has ups and   so on so by setting up the rules it's the reason  okay well anyway let's just click next click yes now you'll see the import is complete now  what does that mean it means that some of   these that did not match a rule are here for  your review and you can review them and add   them in a batch or add them one by one but some  of them are all already recorded into QuickBooks   and these three that are already recorded into  QuickBooks are recorded there because this is   executing a rule so if you set up rules to look  at the description field and then you use the   name as the description field QuickBooks will  see the name and it will automatically put what   you want as the name and as the account because  it's executing the rules that you set up before   and that's how you do it chapter 12 applying  transactions to invoices and bills QuickBooks   Bank feeds is so great you can actually apply the  downloaded deposits to customers invoices and the   downloaded checks and expenses to vendors bills  downloaded deposits can be applied to customer   and job invoices and download checks and expenses  can be applied to any vendor unpaid bill it does   not matter if the downloaded check or deposit was  recorded before or after the bill or the invoice   with the new interface in the QuickBooks Online  Bank feeds it's very simple to record and apply   and we will do four examples we will do two  examples of deposits applied to invoice one   before the invoice is recorded and one after then  we'll do two examples of downloaded checks one   applied to the bill before the bill was  recorded and one after this proves that   they're basically the same and it does not  matter the order that they were downloaded   so what are the steps for applying downloaded  deposits to open invoices well first when you   record it from the bank Feed Center the account  category that you choose is accounts receivable   then you put the customer's name in the  payee field which is really the name field   QuickBooks will generate a credit for that  customer or job that you will be able to see   in the customer reports and then you leave the  bank feeds window and go to the receive payments   window to apply that recorded deposit that you  just recorded from Bank feeds to any open invoice   first example we will apply a downloaded  deposit to an existing invoice   Greta garbage has two open invoices for a hundred  dollars each we will apply the deposit from April   8th for a hundred and fifty dollars to all of the  oldest invoice and some of the second for Greta   garbage now remember these are the steps and this  is what we'll do and the date was April 8th for   a hundred and fifty okay so we go to banking we  go to the bank Feed Center and we scroll to the   April 8th this one's open let's close it we scroll  to the April 8th transaction which is right here   April 8th click the check mark now we have to  choose the right account the proper account   category if it's being applied to a customer's  invoice is accounts receivable so scroll carefully until you find accounts receivable and click  on it now the customer is Greta garbage so we are now applying this 150 to her balance  and if we click add we can then click reports   custom reports transaction list by customer and  we go down to Greta garbage and we can see that   she has two open invoices that no payments have  been applied to and she has this deposit I have   to scroll to the right for you to see the money  amounts but these are the two open invoices and   this was the deposit that we just recorded now  the last step requires that we go to the receive   payments window to apply the deposit to the  invoices so we click new receive payment of course   we choose Greta garbage and when we choose her we  see the two invoices on top and whatever credits   she might have on the bottom now notice QuickBooks  automatically applied this deposit to these   invoices but we learned in other courses that you  can apply them how you want by removing the check   marks and putting the proper money amounts in  basically it's right 150 is paying off all of the   first invoice and some of the second invoice you  could switch it you could remove the check marks   and you could apply fifty dollars to the newer  one and apply a hundred dollars to the other one   but the total must equal the deposit that you're  using down here or the transaction won't record   click save and close and now you can check the  open invoice report reports open invoice and when   you go to Greta garbage she only has one remaining  open invoice in the amount of fifty dollars   now in our second example it will be very similar  except the transactions will be in the opposite   order we record the deposit as a credit to the  customer's account and make the invoice after   the deposit from Candy Charles on March  21 is a down payment from customer candy   Charles in the amount of 2400 and  it is for a future carpentry job so   it's the exact same thing in a different order  and we'll remember first we put in the accounts   receivable account we put in the customer's name  and we generate a credit then after that we make   the invoice and go to the receive payments  window but right now let's back up a little   we want to record the 2400 on March 21 as a  credit to candy and then we're going to make   the invoice after no problem we go to the  banking section here and we go to March 21   it's in date order thank God here it is  now we want to make sure that we handle   this properly so we click here and instead of  uncategorized income again we learned if it's   going to be applied to a future invoice or even  a past invoice we choose accounts receivable as   the account category and of course we have  to choose the right customer candy Charles and that's all we have to do in this window  and then of course uh we click add and we'll   double check that this created a credit for candy  reports transaction list by customer and then you   see candy Charles uh actually candy Charles has  just this deposit that's money paid in advance   for the two invoices now what we will do after  you see we did these three steps and now in this   same example we'll imagine on April 10th we did  five thousand dollars of carpentry for candy and   we'll apply the 2400. so we click new invoice and  we choose the customer that paid us in advance   and then the date was whatever the date was  in this example April 10. and we did carpentry   but most importantly the money amount in our  example is the most important piece of data   5000 for candy now we click save and close And now  when we go back to the customer report transaction   list by customer you can see that these still  are two separate transactions for candy Charles   there's a deposit and then there's an invoice  now this payment gets generated automatically   it's created by QuickBooks Online to to  automatically apply payments to deposits   and we double click and we can see it actually  did step four for us the only thing we have to   be careful of is if we don't agree how QuickBooks  apply the customer's payments in other words if   candy had five invoices and the money amount from  the deposit didn't cover it then if QuickBooks   applied it to the wrong invoice we would remove  the check mark and place it again on the ones that   we wanted and type in the money amounts just  like we did in the basic introductory course   but when we say this and we click yes  Uh something's not quite right here uh   you can't apply more than the payments that you  put the check mark on so you might have several   credits but only one check mark is on 2400 so the  most you can apply in the top part is twenty four   hundred and when you save and close and you  go back to the open invoice report reports   open invoice because that's the one that shows  how the payments and the invoices were applied you   see that what remains for candy is the difference  between the five thousand invoice and the twenty   four hundred dollar deposit that was downloaded  because we applied them together in the receive   payments window and just like QuickBooks can  handle prepayments from customers for income   it can handle Advanced payments to vendors for  future bills that we will receive the steps are   exactly the same except with the vendor related  words when you record the check or the expense   from the bank Feed Center into your records you  will choose the accounts payable account as the   account category then put the vendor's name in  the payee field and then QuickBooks will generate   a credit for that vendor that we can check on the  vendor reports then use the repay bills that's a   little typo it's the pay bills window to apply the  payments it's not repay bills it's just pay bills   watch in our third example we apply downloaded  checks to an existing bill Peter perfect is a   vendor that we have two unpaid bills with we will  apply the checks from March the checks for March   23rd 2017. okay March 23 2017 and these are the  steps so very simple we go to the banking center   and we go down to March 23rd this is it  right here boom this March 23rd is going   to be applied to the thing don't worry that it  says Betty we're going to fix that click here and   of course the category must be accounts payable  accounts payable and the vendor is Peter perfect   and the amount is already set up here the amount  that's downloaded and the date and click add   and now when we click reports and we click  transaction list by vendor you can see that   Peter perfect has two unpaid bills and an expense  a a payment which it decreases what we owe so we   owe for the bills and we owe a little less  for this payment the best report really is   the unpaid bills report in the standard area  if you go who we owe who you owe unpaid bill   now save customization so that it stays in the  custom area but look at Peter perfect the he   is his balance is Eleven Hundred because he has  two invoices and one payment but they have not   yet been applied together so what do we do we  do step four we we do step four we use the pay   bills window no problem new and we go to vendors  pay bills the pay bills window looks very similar   to the receive payment window except the credits  are not as apparent in the pay bills window in   order to see the credits available you have to  click the check mark and QuickBooks will suggest   and reveal the credit available so if we apply  the whole 1400 to this 1500 outstanding bill it   means this thousand dollars will still be here but  the first bill will only be open by a one hundred   dollar amount and we're not paying a hundred we're  just applying a credit so make the payment amount   zero and the credit apply fourteen hundred the  pay bills window is not exactly as smooth as the   um receive payments window in order to see the  credits for vendors you have to click a check   mark first so don't worry we can now click save  and close And now when we go back to reports   custom unpaid bills you see that for Peter  perfect the first bill was fifteen hundred   now it's down to 100 and you can see the second  bill is untouched now in our fourth example we're   going to record the downloaded payment before  we actually get the service and enter the bill   so let's imagine that the May 2nd 1200 that was  a payment that was downloaded goes to Penelope   Pitstop and it is in advance of the bills that  we will receive and we will record the payment   first from the review list and okay so let's  record this from the review list uh May 2nd   so we click banking and we go down to the May 2nd  up and here we find the May 2nd twelve hundred   dollars click on the account category and it'll  open it up and let you change it and now we want   to choose the proper vendor Penelope Pitstop and  we want to choose the right account and of course   we now know the right account for payments for  bills is Accounts Payable now all we have to do is   Click add and when we click reports unpaid bills  we can see Penelope Pitstop has a prepayment she   paid in advance that's why the number is negative  on the unpaid bills report now we receive bill   number 98765 from Penelope for equipment rental  expense and we did that we got that bill on June   uh 12th of 2022 in the amount of three  thousand dollars so let's enter the bill   and then apply the payment that we just  recorded from the bank feeds we click new   vendor bill the date we said was June  12th it was a bill from Penelope Pitstop uh in the category of equipment rental equipment rental expense don't worry about the  pop-ups and the bill number was 98765 and the   amount was three thousand so now we click save and  close and when we look at the unpaid Bill report   we see both things in Penelope pit stops section  of the unpaid bills but there should only be one   they have to be netted together and the way to  net them together is to click new vendor pay bills   and when we choose Penelope Pitstop right  here we click here and we get her category   oh excuse me uh new pay bills see these are all  the unpaid bills that we could pay uh but we want   to just pay Penelope pit stop so we're going to  click here and then notice the credits appear   the only way to know the credit is to click and  see what credit is available and QuickBooks also   assumes we're paying the rest of the bill so since  we're not since we're only applying the credit   make the payment column become zero now save and  close and the unpaid Bill report shows that this   bill that was originally three thousand now only  has an unpaid bill amount of eighteen hundred   and that's how you apply bank feeds to invoices  and bills chapter 13. final self-checking project   this project is as easy as one two three all  you have to do is download the files follow the   instructions and when you finish compare your  results to mine now you may well ask where are   the files to download the links to the files are  in the description field right below this video   if you click the show more button you'll  expand the description field and if you   look way down below the table of contents you  will see the links to the files that you need   for this project click on them download them  and open them and follow their instruction   now there are important setup points that I need  to cover before you start first the instructions   require that you create a new blank QuickBooks  online account to be able to import the files   and do the project I have added two videos that  show how to get a free QuickBooks Online Plus   account or an accountant's Edition account and I  added them to the beginning of this course so that   you have choices on how to sign up for free to be  able to practice what you learned in the course   if you import or upload the files to the new  account as I will demonstrate here you'll be   all set up and you'll be able to participate  in the project sometimes there are technical   issues when importing files you must  make sure all the details are the same   and sometimes regarding the technical issues I  wish I could help my students but I cannot I did   test them before uploading and they do work  for most people however if you get an error   message please contact your tech support people  or Google search for QuickBooks Online support   I can only help you with the QuickBooks knowledge  unfortunately I can't help my students if there's   any kind of technical issue importing the file  and I will now demonstrate how to import the   list items into QuickBooks online so you can set  up your project and be able to follow the steps   now the files I have provided are all  in the proper format for importing list   items to QuickBooks Online the files must  be in dot CSV comma delimitated file format   you can just use Excel to open or make  your own dot CSV comma delimitated file   each field or cell and column in the file  must be formatted as quote General format   not number not text General format and then the  importing that I'm about to demonstrate will work   and then as you upload you map to the data fields  each column in the file and it will work perfectly   now here we are in QuickBooks online  and to get the chart of accounts we   click accounting chart of accounts you can  see it already comes with accounts but we   need to upload the specific accounts  that we will be using for this project   do not click the word new click the pull down  arrow next to the word new and then click import   you then get this window that allows you to choose  the proper file to upload we then click the browse   button and notice I already have a folder called  online import test with all the related files   and the file that has the Qbo accounts to  import is labeled Qbo accounts to import   I double click and you can see the window  has attached the correct file and then I go   to the bottom right and click next now  this window is asking you to match the   three required data fields to the fields that  are in your file so I have in my file a column   heading named account name that QuickBooks has  identified as the proper name and I have in my   file a field called detail type and type  let's take a quick look at the Excel file   if you double click to open the file you will see  that the very top row is the label of each column   and QuickBooks knows this it then knows that the  column named name is the name of the account the   column for type is the type of the account and  the detail type is the detail type so everything   is labeled for QuickBooks to recognize so I will  not use this excuse me I'm just going to close it   out and now that's why QuickBooks Online was able  to line up the account The Columns this way but   if they were not correct you would have to click  the pull down and remap them to the correct column   we then click next and you can see QuickBooks  has properly identified each row as the name   type and detail type of each of the accounts  that we need to import we then click import and the last part of the setup is uploading  the vendor list the same way that we uploaded   the chart of accounts we could include many  fields of data for each vendor to upload like   the address and the email and the website and  so on but only the name field is mandatory so   in a real situation you would have all these  other fields that you would map just the way   I map the chart of accounts a moment ago but  this file that you're uploading now only has   the vendor name because that's all we really  need for this project so we click expenses   vendors now do not click new vendor click the  arrow next to New vendor and choose import vendors   now you get the same screen to be able to  search your computer for the file that has   the vendor list you click browse and  here it is import vendors click open   and then click as soon as you confirm that  this is the file that QuickBooks Online   is going to upload you click next and notice  only the name field is checked off and that's   fine normally you would map all these other  fields to different columns in the spreadsheet   but we only need the vendor name to put the vendor  on the list to use the vendor for this project   so we click next and we agree with all the names  of all the vendors and then we click import   now to confirm that it was imported just  scroll down and you'll see a list of names   of all the vendors that you just uploaded  the instructions are in the Excel sheet named   online bank feeds project instructions and  when you finish compare your results to mine   good luck and enjoy your project thank you so  much for making it all the way to the end of   this very special video I know that everything you  learned here will help you and please contact me   if there's anything else you need by leaving a  comment in the comment section below this video   I hope you will remember to click like And  subscribe and please stay in touch foreign [Music]

Channel: thequickbooksdude

Views: 11,791

Keywords: How To Import Transactions, Connection To Your Bank, Downloading transactions, avoid duplicate entries, errors and omissions, classifying transactions, banking section, set up QuickBooks online, set up bank connection, set up bank feeds, import options, approve transactions, record transactions, add transactions, matching transactions, rules, banking center, review transactions, classify transactions, categorize transactions, bank feeds help, quickbooks online bank feeds

Id: zMsb8Od9fEQ

Length: 109min 40sec (6580 seconds)

Published: Wed May 17 2023