Tips for BANK FEEDS in QuickBooks Online
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- Опубликовано: 24 июл 2024
- Tips for bank feeds in QBO, for bookkeepers. As a bookkeeper you are constantly in the bank feeds section of QuickBooks Online. In this video I show you my process for sorting and categorizing transactions as a bookkeeper. Let me know how you do it similarly or different than me!
Videos mentioned:
Bank Feeds Intro: • BANK FEEDS in QuickBoo...
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What do you think of my bank feeds process?
Do you prefer to manually add transactions to QB as you go or just wait for the bank feed to provide the transactions, then just "Add"? One will be too much work and the other you have no indication of errors. My thoughts... Thanks for all the videos!
I think duplication can occur when you "add" a transaction from the bank feeds and then after enter it as an expense manually.
I found it hard to get a good work flow to avoid this from happening.
For Bookkeepers just starting out, or clients I train to do thier owns books, I recommend creating a list of transactions to "add" from the bank feeds (loans, interest, bank charges, reaccuring expenses). Everything else needs to be "matched".
Interesting! Thanks for the info!!
Hello Morgan, as always, great job explaining the details in the video. I have found that most duplications show up when the person matching transactions does not match them to an existing transaction in QBO. Additionally, when they start uploading CSV files, disconnecting and reconnecting bank accounts. Finally, as you said, when you reconcile, you should be able to find the duplicates, so that should be your catch-all. Great job! JD.
Does QOB have the capability to update the bank feed on a daily basis and then work with multiple customer accounts by clicking the update icon, and it will update all feeds for each customer all at once?
Hi Morgan, good morning here in Manila. Usually local banks here are not supported by quickbooks bank feeds and we need to download bank statements in pdf files and convert to excel then uplod to qbo. I’d just like to ask, if you also have a case like this. And how do you convert your odf to excel/csv files. Do you use special programs? Like adobe, 2qbo convert pro etc.
More power!
Francis
Hi Francis! This is not something that Morgan has experienced, but it's useful to know how other countries are working with QBO and their processes. Thank you for sharing!
Krista (FinePoints Assistant)
Hi Morgan. Thanks for the video. You mentioned sometimes bank statement can be imported into QBO with ending balance and date. How is this done and possible? It'll be nice. Otherwise, we will need a paper or online statement to reconcile the accounts.
Hey! You can connect your bank account in QBO under the transactions tab. Your bank transactions will feed right into QBO and at the end of the month all you need to do is reconcile with your bank statement.
Krista (FinePoints Admin)
@@FinePointsBookkeeping Yes, I know I use bank feed for bank transactions. But she mentioned about Bank statements imported into QB (time stamp 7:38). So I got confused. Thanks!
Can i used expense when bill already paid ?
If you're doing bookkeeping for a client how are you going to know if the matched transactions are correct as you don't have source documents.
Hi Michael. You will want your client to give you all of their receipts and invoices so that you can match them with the bank feed. Here's a video Morgan made on how to organize your receipts and invoices: ruclips.net/video/4ul1vkTympo/видео.html. Have a great day!
Krista (FinePoints Admin)
@FinePoints do you offer mentorship?
Hi! At this time, Morgan is not offering 1:1 coaching, but it’s something she’s looking at for the future. It’s helpful for us to know that it’s something you’re wanting!
Morgan does offers coaching through her Bookkeeper Business Coach course (finepoints.newzenler.com/courses/bookkeeper-business-coach), where she walks you through setting up your business and gaining your first few clients. In there she answers specific questions asked of the students.
Thanks for reaching out! :)
Krista (FinePoints Assistant)
@@FinePointsBookkeeping okay that good, however I know a little bit about bookkeeping. I wanting more hands on so I know what to do for clients. In the coaching do she teach you the basics of bookkeeping? At least that get me started
I have a client who's bank account keeps disconnecting what do you do in that case.
Hmm, mine does periodically, but not every time. If it is every week, that seems strange--you could try chatting with Intuit to ask. I'm guessing it is something to do with the bank's security. Which bank is it?
I've encountered this issue as well. I've noticed it more with credit unions such as Navy Federal. Now PNC is doing it. It will keep happening based on the banks security updates
What in the world