QuickBooks Desktop 2023 bank feed center navigation. Let’s do it within two, it’s QuickBooks Desktop 2023. Here we are in QuickBooks Desktop bank, the practice file, which we set up in a prior presentation, we’re going to be looking at the navigation of the bank feed center.
But before we do, I first want to take a look at the settings. These are our Windows settings. And I’m looking at the scale of the monitor, which I currently have at 125. And prior presentations, it was at 150,
I’m going to lower it a little bit as we go into the bank feeds, you might want to look at your own settings and see which ones are most appropriate for you. Now in the prior presentation, we uploaded some information from the bank, which is now in what I would call bank feed limbo,
which we can get to by going into the banking drop down bank feeds, we now have a bank feed center. Note, if you don’t have any banking information in the system from bank feeds,
you won’t have that bank feed center and you could set up the bank feeds, as we talked about in prior presentations, whether you got the information into the to the bank feeds, or by importing the data, or by connecting to the bank,
it will either way get you to in essence, this point where you now have this stuff that’s in the system, but what I what in what I call Limbo in the system, because it’s not being used at this time to create the financial statements. In other words,
if I go to the reports drop down company and financial the May two major two financial statement reports we want balance sheet and income statement. Nothing’s there thus far.
So back to the bank feeds. So notice that if it’s your first round of of entering data into a fresh new system, first round of bank feeds, the banks not going to have the information,
the system doesn’t have the information necessary to complete the transaction to pull it all the way in to the financial statements.
And we talked last time about the things that are typically missing from the banking transactions, those being that we don’t have the the account to be going to, we know it’s going to the checking account.
But we don’t know the other account, which for deposits would often be income or expenses. I mean, for decreases often expenses, we can get that information usually by the memo,
which helps us to determine you know who we’re paying. And we also don’t have the customer and the the customer or the vendor, depending on if it was a deposit or payment.
Also useful information to be adding into the system. Okay, so clearly, we have this big gap up top, because if you have multiple bank feeds, then you have these cards up top, that kind of will take up that space. So it’s a pretty clean look and feel if you’ve worked in the bank feeds a few years ago,
it was a it was a different look and feel like I liked the current look, but I kind of wish they would get it to the point where they could collapse the cards at the top and give us more data down below. But it is what it is. Let’s go through it one by one we’ve got then the rules, there’s a little icon for the rules.
So we’ll talk about rules. Later as we go, we get set up rules. As we enter the data, the first month of data input is typically going to be a lot more difficult, because we have to set up the rules and assign the accounts assign the vendors assigned to customers. Once we set them up, we could set up rules as we go making the process automated going forward. So it should get easier and easier.
And to do the to do the accounting as we go forward. This drop down shows us the different cards. We’ll also see the cards up top here as a summary. The little orange number shows us the transactions that we need to be dealing with that are pending for the review. And then down below.
One more icon up top there’s an Add Account. So this is one area that we can go and add other accounts which would add other would add other cards as we connect to other financial institutions.
So then we have up top recognized partially recognized, unrecognized and added to the register. So currently, because it’s the first time everything is popping into unrecognized. Now depending on how we set up the process going forward.
As we will see, the rules might help us out as we just import the data automatically to be either added to the read the register recognized or partially recognized. If it’s added to the register,
then that means that we have all the information and we’ve approved it. So it’s going to go into the system and used to be used to create the financial statements balance sheet and income statement.
So if It’s recognized over here, we might need to have a final like approval process.
So we’ll see, as we start to go through this data, how it kind of moves through these fields. Partially recognized, it’s got some information that’s recognized but isn’t yet fully added to the register as would be over here.
Once we start to play with the data, again, we’ll see the data move through some of these fields. Then down below, you’ve got your you’ve got your headings,
this is the general bank data. Now in the QuickBooks system, we have our search field up top, we can search for certain items, we can filter as well. And we also have the cog. Now the cog is something you first want to look at oftentimes,
because sometimes, like here, it only has the memo, and the check number checked off, possibly, we want to at least start off with everything maybe checked off.
And you can see it adds a couple of columns up top. So now we have if I close this back out, we’ve got the type. Now, QuickBooks is usually going to say anything that’s going to be an an increase is going to be a deposit, right?
Anything that’s decreased is going to be a check. deposit is for QuickBooks, the form that is used to increase the checking account.
And a check isn’t just does not just mean a physical check, it means any the form that is used to decrease the checking account. So if I go back to the homepage, just remember that that these forms that are on the homepage are still going to be used, meaning if I look at this deposit form,
even though I’m not going to be entering the data in a deposit form that looks like this, when I do enter the data, QuickBooks will will populate a deposit type of transaction,
when I drill back down on the transaction from the balance sheet, go into the end result, the financial statements back to the data, it will show us a deposit,
the check form is the normal decrease form looks like this, once again doesn’t necessarily mean that it’s a physical check, it means that that’s the form QuickBooks will use to decrease the checking account.
So when you have a decrease to the checking account, you won’t be entering it into a physical check, you’ll be using the bank feeds, but it’s kind of the bank feeds are kind of like a register a shorthand way to write the check into the system.
And then when you drill down on the data, it will actually be a check form. So if I go back on over to the bank feeds in the open windows, so we’ve got those checked off, and then we’ve got to close that out. Again, we’ve got the check number.
Now if you don’t have any check numbers, then you might want to you could just undo that. So if there’s no check numbers in place, you could say okay, check numbers, not helping me.
Because I’ve only done electronic transfers, possibly, you’ve got the downloaded as notice, this gives you some information that that looks like a like memo type of information, which is often useful to pick up the customer or the vendor. If you’re talking about electronic transfers.
Notice if you wrote a check, or you just deposited cash into the account, you’re not going to have this stuff. Because QuickBooks doesn’t have it right, it wouldn’t have it if you had entered electronic transactions, the payee, this is going to be the vendor and the customers.
And so you’re going to want to add that that’s not usually included, although you might assume that Amazon over here, for example, is the vendor that you can add. But if you do not add the vendor, you might still include it into the system, because you might still add an account.
But you won’t have the added data of being able to search by vendor, we’ll talk more about that later, you got the bank memo. So this is going to give you more information oftentimes than just the download as and sometimes it can be useful because it might have different numbers and whatnot.
So a lot of times this is bank jargon, that doesn’t make any sense unless it’s internal to the bank.
But sometimes it’ll have some information that will will help you to to make your rules and assign out transactions that are similar in nature, but not exact. So it’s often useful to show the memo as well as as the download deposits. When you’re looking at the cog.
The account is the account we’re going to assign it to. Obviously there are no accounts that are signed thus far, because we haven’t entered any accounts. So So QuickBooks isn’t going to guess they’re not just going to say, well, it’s a deposit, I’m going to put it to the income account.
Because if you had a chart of accounts, it might try to guess a little bit but again, you want to be really careful for the first month of transactions.
And then we’ll talk more about those later we got the customers and jobs and then we’ve got the payment and then we’ve got the deposits.
So the payments are obviously going to be the decrease and the deposits are going to be the increase so we have this data that’s populated into categories. And then the action is the action that we can take add, we can add it if it’s good to go.
But we need to add more detail detail. To do that, add more details, if you go on to that it gives you a more detailed screen. So you can add those details. And then we’ve got a match to an existing Transaction.
So we’ll talk more about matching that would be in a system where you’re not using these bank feeds to actually create the financial statements.
But using them more to match the accounting system that you’ve been putting in place, we’ll talk more about that in the future.
And then ignore is basically deleting the transaction from here, the bank feed, which is bank feed limbo, you only want to do that quite reservedly. Like you would only usually do that, if you had you had already, for example, this was the first time I entered the data,
and I already had some of that data in place, then then I’ll delete the duplicate transactions. But normally going forward from there, you shouldn’t have any duplicates, and you shouldn’t want to delete anything, because if there’s a transaction that cleared the bank, then unless the bank is wrong,
and even if it is, you’re going to want to account for the fact that that whatever’s on their financial statement, then then you don’t want to delete it right. So so you’re gonna want to keep it on on the books, typically.
And you’re not going to want to be deleting things typically, because again, this is data that comes directly from from the bank. So you would assume it would be correct unless it’s a duplicate of information.
So, so going into here, then we can probably remove, so the type the payee F, maybe I can get rid of the check number and save me a little bit more space here. And then we can look at our filtering options. So we can filter by deposits are checks, for example.
So if I say I just want to see the deposits, then we’ve just got the deposits, we could sort it by just the checks. And now we’ve got just the checks.
So that can be useful, I’m going to do that that can be a little bit jarring these filters, you can also of course filter by date. So sometimes it might be useful to enter the data date by date. And month by month, I mean, so I can close that back out.
Now sometimes those filters after you take an action get a little bit messed up. So they so you do a filter, and then you and then you make a change. And sometimes the filters get removed.
So they’re not, they’re not always as reliable as they could be your the other way you could filter the data is by by these icons up here the type. So I can increase you know, checks or, or deposits, I can fill I can then sort by date, which is a common, of course way to be looking at it,
we might note that if you’re entering a lot of data at one time, sometimes it’s useful to enter one month at a time, and then do the bank reconciliation just to verify that everything is going well.
And then do the next month, that can be useful. But also, it can be a little bit more time consuming. Because the other way you can sort it is by download transactions.
And this one, of course puts like transactions in the same place, which usually if you’re talking about electronic transactions, these are going to be like like the vendors or the customers or have the vendors or customers in there. And that is quite useful. Because now I can batch transactions.
So I can I can start to memorize transactions, batch them. And I can use this field on the right, I can hold down Shift and select all three of them.
And then I can batch add them over here. So that’s quite useful as well way to sort them, you could sort by the memo for similar purposes. And then you could sort by account.
But once you have the account and the payee, and you’re probably going to be adding them customer and you could sort by you know payment, or deposit. So those sorting fields are nice, the most common fields to sort by most likely date, and most likely the download types and the bank memo types.
So those are those items, then of course you got that batch add that we just looked at. So I can select like all the items here if I wanted to and do a batch kind of mountain item down here.
So for example, if I if these were imported incorrectly, I can delete them all if I if I wanted to with a batch action, we can modify them or add and confirm them.
So if I want to add and confirm a bunch of time I can do that. More likely, you’re going to be unchecking this and checking off like a group of them.
So if I want to go from here to here, I can hold down shift and check them off at one time and then start to work more quickly and add them all at one time.
I’m going to click this off twice your batch adding you can modify them. You can you can add and confirm them at one time and you can ignore them. So that’s the general outline of them.
So what we’re going to so what we’re going to do going forward is we’ll take we’ll imagine some of these transactions are for specific things.
And we’ll start with like the most basic type of transactions as if back to the homepage, we have a cash based system, not only a cash based system, but like gig work type of company or something where we can depend on the bank feeds to create the financial statements.
And then we’ll take a step back and think about a little bit more complex situation, like sales receipts and invoices in our accounting cycle, as well as then taking a look at at inventory.
And so we’ll we’ll kind of move forward in that fashion so we can get an idea of how you might work around certain issues with the bank feeds starting with the the easiest system,
the one where you can just try to automate everything and then try to think about where that system will not fully work and then how to make work arounds to make it work.