One of the many useful features of QuickBooks Online is the ability to download information from your financial institution in the Kansas City area. You may have accounts at Security Bank of Kansas City, Security Bank of Kansas City, Commerce bank or any other of the excellent local and regional banks in the area. Wherever you do your banking, there are many things that you can do after you import bank or credit card financial data. This newsletter covers the initial steps you need to take to use the import feature. We will cover more information in the following newsletter.
Setting up a link to your financial institution is easy in QuickBooks Online.
Click the Bank link on the left navigation pane
Click “Add Account” (upper right corner)
Enter your financial institution’s name (or choose it if already entered)
Follow the instructions from the credit card company or bank (these will include entering at least a name and password for logging in)
If you need help at this point, please contact us. We are QuickBooks ProAdvisors and work with many clients in the Kansas City area to optimize their accounting and their profits. We will be pleased to walk you through the steps you need to take.
Once you have connected to your financial institution in the Kansas City area or across the nation, you are returned to the “Banks and Credit Cards” page. And, of course, here is where you will always to go view this information.
On this page, at the top of the screen, there will be a graphic shaped like a card for each linked account.
Click the one that you want to view.
You will see the “For Review” page. These are transactions that you have already downloaded. Here is where all transactions go before you do anything with them.
Click each transaction on this page to review it. You can organize, or reorganize, this list in the “category” field.
Getting the categorization right is important as it will affect income tax info and reports.
On this page, the “All” tab will also be highlighted. We will deal with that later.
If you need help with connecting to your bank in the Kansas City area, this may be a good time to take advantage of our QuickBooks ProAdvisor Services.
Choose the appropriate category (or split into several categories as needed)
For billable transactions, check that box and pick a customer from the drop-down list (if you do not see the box, click the “gear” icon to the upper right and pick Account and Setting: Expenses.)
Make sure that “Make Expenses and Items Billable” is active or turned on.
Now decide the way that you want to process your transaction.
Choose from the three buttons on top of the “transaction box.”
Add to the account’s register
Have QuickBooks Online find a payment or invoice that it matches or transfer to another account.
When you have made these selections, the transaction moves to the “In QuickBooks” tab where it is available to the account’s register.
You can also use the QuickBooks Online “Batch Actions” tool. This is a useful and time-saving approach.
As an example, there are personal or duplicate transactions that you would prefer not to appear in the current account register.
Click the checkbox in front of each item
Click the arrow in the “Batch Actions” box and choose “Exclude Selected.”
You will be able to find these when you want them under the “Excluded” tab.
And, you can use this tab to Accept or Modify several transactions at the same time.
Everything we have reviewed so far has to do with “All Transactions.” Alternatively, you can click “Recognized.” QuickBooks Online keeps track of financial institutions as it sees ones from which you have downloaded data or created “Bank Rules” as familiar or “Recognized.”
You will deal with “Recognized” in much the same way that you dealt with transactions in the “For Review” section by adding or transferring them.
This function of QuickBooks Online is pretty straightforward but there are a lot of steps to keep track of when you first deal with it. And, once you are comfortable working with downloaded financial transactions, the workflow will become natural.
Feel free to contact us for help getting the initial steps right. We can work with you using your own company data to make things clear and help you avoid making any errors during setup.
For folks who are new to QuickBooks Online, there is a learning curve to go through to get the skill set needed to download financial transactions. Contact us for help.
QuickBooks Online automatically matches transactions that you download with prior downloads from the same institution. Ask us how this works and how you should deal with it.
If going through transaction downloads one at a time is wearing you out, simply click the button for “Batch Actions.” Let us show you how this works.
When QuickBooks Online guesses at how to categorize downloaded transactions, it might not be choosing the
categories you want. Make sure to double check. We will be pleased to help you do this.
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