Bank Feed Center Navigation 365 QuickBooks Pro Plus Desktop 2022

QuickBooks Pro Plus desktop 2022 bank feed center navigation Get ready because we bookkeeping pros are moving up the hill top with QuickBooks Pro Plus desktop 2022. Here we are in our big feed practice file, go through the setup process with a view drop down open windows on the left hand side company dropped down homepage in the middle, maximizing the homepage to the gray area.


You might be asking yourself why are the icons look smaller than in prior presentations. That’s because we decreased the display size so that we could see more transactions within the bank feeds, you can do that by one way is go into the edit drop down, go into the preferences, I’m going to go into the desktop view.



And then down here and the Windows settings, I’m going to go to the display that doesn’t do something in QuickBooks but opens up the display settings in your Windows system. If you have a Windows system scrolling down, I have this before at 150. To make it a little bit larger, I’m going to put it to 125 so that we can see more of the transactions in the bank feed center.



Closing this back out, closing this back out. Now we’ve added some data into the bank feeds center from the bank. So we can see that by going to the banking drop down, go into the bank feeds. And if we go to the bank feed center, then this and note that this bank feed center would only be there if you had set up bank feeds.



If not, you’d be going into the set up bank feeds, we have set up bank feeds. So we will go into the bank feed center. And we have our card up top and we’re going to maximize this to the gray area this card represents the items that we’ve pulled information from and then we’ve got the data down below.



Now because this card is taking up so much space up top, that means you have less room for the data down below, which is why I decreased the display size so that we can see more of the transactions here on down below.



Note that although we pulled this information into the system from the bank, it’s here in what I call big feed limbo, meaning it gained from the bank, but it’s not yet used to create or check on the information for the creation of the financial statements, the balance sheet and the income statement to prove that, let’s go to the reports drop down,



I’m not going to go to the balance sheet or income statement, but rather to the trial balance, which is under accounting and taxes. And then the trial balance. This in essence being the balance sheet on top of the income statement just to prove there’s nothing in here yet. So we’re gonna say, Oh 101 to one to 1231 to one. And this should be a one to one. But that’s okay. There’s nothing there.



Because it’s a bank feed limbo at this point in time. So that means that we got to do something, I’m going to go back to the open windows on the left hand side, and this area in order to add this information into the system. So it can be used to either create or check the information to build the financial statements, the balance sheet and the income statement.



That is, so as we go through this data we got, we got to basically add it to the system, close the carrot on the left hand side. So we got the review of the card of the information that we’re going to be working on this is the institution, the banking account that we’re basically working on at this point in time, everything’s gonna default here into the unrecognized area.



This will typically be the case when you do the first bank, the bank first bank transfer of the data into your system, because the system doesn’t have enough information to try to guess where to put that information, or at least not to make a very good guess. So they want you to go through and give your approval process to these transactions as we do.



So as we give the system the relevant information, then we can have the system will be more likely to be able to guess on future bank feed data, and be able to start to automate transactions a little bit more easily. Therefore, the first time in the first month that we do these transactions, that’s going to be the most difficult to be adding because we’re gonna have to set up new rules.



And we’re gonna have to assign all the data to basically an account. And then in the following months, just like with normal accounting, some of the transactions should be memorized will see what happened last time. And some of that stuff that has happened the same last time as this time can start to be automated, and then that will make the transaction of the process a lot easier.



So if you’re looking at your bank feeds, and you’re jumping into the bank feeds in the middle, not having it be your first time you’ve used bank feeds, in other words, then you might not have everything in the uncategorized you might have some recognized or partially recognized items, which is the QuickBooks system saying hey, look, I think I got some idea of what you might want to do with these items.



And they’re trying to help you out with that. So let’s just go through this from top to bottom. We’ve got the finish later item up top. We’ve got the rules. We’ll talk more about rules later. So the rules are going to be things that you will allow you to set up rules to make the data input process quicker going forward, making it be more automated.



And this is making it a little bit easier, you might be used to data input fields within like a QuickBooks that will remember like the vendor. So if you pay the Verizon, it remembers that you paid Verizon last time and assigns that to the telephone expense, for example, then it can do that kind of stuff here.



But you can be more specific with it as well, setting more specific rules that can make the automation a lot easier. So the rules are something that will make future data input a lot better. And if you get better at the rules, then you’ll be able to do the data input a lot faster going forward.



And then we’ve got the drop down here, this is going to be the different cards that we can go to represented by the cards up top, we only have one item in there at this time, we can add the account. This is one way that we can basically add an account, you can also add an account when you go to the to the view, or to the list strapped down into the chart of accounts.



You’ll recall in the Chart of Accounts, that we now have the checking account up top, that’s the account that we are working in, that is in essence linked to the bank or in other words, we got the transactions from the bank and uploaded them in this case, and then you’ve got the Find Help information up top, then you’ve got your categories down below, recognized, partially recognized, unrecognized added to the register.



So the ultimate goal here is to get them added to the register, once they are added to the register, then they’re going to be used to either create, or at least to double check the information to build the financial statements, balance sheet and income statement. So if they’re unrecognized, then we have to give more information.



Typically, the more information is at least going to be the account that it needs to go to because remember what we have here on the deposit, we know the amount, we know the date that it was deposited.



And then we might have some more information like with a memo, most likely, if there were electronic transfers, the doubt or the download description, and then the bank memo, what we don’t often have is the customer or the payee information and the most critical thing being the account. So we’re going to have to add those things.



And once we do, then it should be able to be ready to add it to the register. Now if it recognizes some things, then it might go to the partially recognized and say, Hey, I’ve partially recognized some stuff. But you might need to make some modifications before you add it to the register. And if it’s recognized, then this is kind of a holding ground to say, hey, look,



I’ve recognized it, I have enough data to basically add it to the register. And you should be able to go into this field and just say Now just add it. So it’s in that as a holding field, instead of just automatically adding it to create transactions to your financial statements, you still can go in there and approve the transactions to move them over.



As we enter the data in these items, then, in future downloads, it’ll be a little bit easier for us to do this. So then we got the descriptions up top, notice this icon right here will basically select all the items down below. You can also like click one of these and hit the shift arrow and then click another one. So it selects multiple items at one time, you can remove all the checks by double clicking on that twice, it can sort you got the types here.



So these are types and deposit and then the checks. Remember that as you enter this data into the system, you can think about this as similar to entering data into like the check register, in that it’s a quick data input field that is mirroring what’s going to happen with an actual form.



So in other words, if I unhide, the caret and go to the Home tab, then when we’re entering data, usually it’s if it’s a deposit, you can think of it as a deposit form is what is actually going to create it be created, even though you’re entering it with a bank feed. So when I enter the deposits and go back into them, you can imagine this is the data input form.



If you’re used to this data input form, you’re given the same data in like a register more of a register type of format, very condensed format. And then the other side is a check type of form. Everything that’s a decrease is a check type of form. Now when we talk about a check form, we don’t necessarily mean that it’s actually a check with a check number to it. This is the form that represents a decrease to the checking account the other side going somewhere else, typically expense accounts.



So when we think about decreases, that we’re entering directly into the, into the into the bank feeds, you can think of it kind of like entering into the register, and you need the information that would be generally populated for a check, that’s going to be in that little condensed area in the register.



When we go back into it. After having created the check. It’ll look like this. It’s not going to take you back to the register or to the bank feeds. It’s going to it’s going to this will be the actual form that’s going to be generated generally. So let’s close that out. Let’s go back to the bank feeds. And I’m going to close the caret on the left hand side. We’ve got so these so we can sort it by checks.



We can sort it by any of these items up top checks or deposits That’s so that’s nice, we got the date, we could sort it by the date up top, if we so choose as well, that’s going to be the date that it cleared the bank, not the date that it that it was put into our books, if there is a difference, if we’re creating our books from the bank information, then it’s going to be when it cleared the bank.



But if we’re creating our books and using the bank feeds to check what we put on our side, a full service accounting or bookkeeping system, then then you can have a difference between this date and the date that we input our input date being earlier than these dates.



Also, before I go too much further, you got the cog over here, I want to hit the cog, because you might not have all of these items checked off. And so if so you won’t see as many. So if I can, if I uncheck this one, for example, I’ll lose the memo field.



So there goes the memo field, check number if the check numbers aren’t important as they aren’t really in our case, because I don’t have any checks in this particular data set, you can take that off, or the customer jobs may be off by default. So I’m going to turn them all back on right now. And then close this out.



So we’ve got the check number. Now the check number would be useful. Of course, if you’re writing checks, if you’re not writing checks, then you could turn off the check number.



And it will not be useful if all your data is electronic transfers. The download as information usually gives you this kind of description. Note that you can widen the cells kind of like you would do in Excel by putting your cursor between the fields dragging to the right. And so now you’ve got your data information.



If you have electronic transfers, whether they be deposits or checks, then you’re often have an information that’s that’s kind of like the the stuff that you can build the vendor from notice that you might start to say, hey, look, this is the vendor. And I don’t need to add the vendor because the vendors pop right there.



No, that’s not the case, you’ve got to add the vendor over here. Because if you don’t, you may still be able to add the information into the system, but you will lose a level of the level of detail in your data input into the system.



In other words, if I was to say, Hey, this is for some some kind of an account, like the supplies account or something, and I put the account over here, that’s all I really need to enter the transaction so I can add the account of supplies, and then it would decrease the checking account with a check type of form, the other side would go to an expense account of supplies, but I would not have a vendor.



That means that the supplies would still be able to be populated on the income statement and the balance sheet would be okay on the cash side. But I would not be able to support, I would not be able to have supporting reports that are broken out by vendor, because I don’t have a vendor, it wouldn’t show who I paid in the system.



So you’re losing a level of detail on the subsidiary kind of reports, if you don’t put the the vendors in place. The same on the deposit side with the customers, the customer field and this customer field, by the way, is something that’s new, they didn’t have it last time.



And it’s really nice that you could that you can populate the customer and job as you go through the system, you would like to be able to populate the vendor basically as you go through the system, and the job and the customer so that you can put the data input field directly here as quickly as possible when you’re doing a lot of data input at one point in time.



So that fields going to be usually important. Now notice that if you have checks, you’re not going to have much in that data field. And you might have to be going back to your bank data to look at the actual canceled checks in order to pick up the vendor information for it. So checks checks gives you the added detail of the check number,



which is nice for verification. But it doesn’t give you as much information as the electronic transfers and the dates are not going to be as relevant because it takes a longer time for the check to clear the bank, the memo can give you a little bit more data as well, sometimes it might not be as useful of a data.



But sometimes when you have multiple trends, multiple line items that are going to the same person, or the same place like if you have multiple like Amazon areas or something, sometimes the memo could be a distinguishing factor between the transactions.



And you might be able to use something in the memo to make a rule to better automate transactions, which otherwise would not be as easily automated because possibly they’re going to the same vendor, but they have some distinguishing factor. So you can look for those kinds of distinguishing factors as you get better and better at automating your system with the use of rules.



So then you’ve got the account that this of course of the accounts that we have to assign. If it’s going to be a something that’s going out like a cheque, you would most likely have some kind of expense that we would have to assign, which we’re going to add as we go here.



And then if it’s a deposit, most likely it would be income that we would be adding. And then we got the customer field we’ve got the the pay payment amount and the deposit amount. Then we’ve got the information on the right so this is what we can do to them. Once we add the data that is necessary to add.



We can simply hit add here which will add it to the added to the register and start to create it The actual financial statements with that information, we got the drop down, we can add more details, if you go to this item, it’ll expand. So we’ve got more information that we can enter into the system, we’ve got the date, the memo, the number, the payee, and then the account the customer the memo, and you can make it billable.



So here’s an added item that wasn’t in the private, previous field, billable meaning, you know, it’s a billable item, like we’ve seen in a check type of item. And if there’s a matching system, if it’s matching an existing Transaction, it will go here.



Now if you’re entering, remember that there’s different accounting methods that you can use, if you’re using a cash method, and you’re dependent on the bank to create the financial statements, then it’s going to be, then you’ll be here and you’ll just be adding the transactions as they cleared the bank. If on the other hand, you are all have already entered transactions, then you would be matching them out.



So if you had a deposit that you already entered on your side, because you had to record the accounts receivable, for example, for the invoice and then the receiving of the payment, then you’re looking to match this up to something that you already entered in your system, it should be able to do that automatically, because it’s going to try to match up the dollar amount and the date, those are the two primary components, it has to match out so that you can match out.



And basically by doing that, in that system, which we’ll talk more about later, you will be you’ll be doing more of a bank reconciliation process for that particular component. So we’ll talk more about the individual transactions later, you go to the drop down, you got the matching that goes back into the same matching second tab here.



And then you’ve got the ignore. That’s basically like deleting the transaction, you want to be very careful with deleting transactions, because these transactions cleared the bank. So unless the bank is wrong, the transaction needs to be included in the system some way. Now it’s possible that you got you got the transactions input two times it was a double duplicate transaction.



That’s the only time when you would really want to kind of delete the transaction. Otherwise, it should be a legitimate transaction because it has cleared the bank. So if you have already had it in your system, if you put for example, a deposit in your system, and this one is doubling it up, then what you want to do is match it to what you have put in your system, that being part of the bank reconciliation, comparing what the bank did to what you did.



But if you entered it twice, possibly by having the bank reconciliations overlapped on each other or something like that, then at that point, you might want to might want to use the Delete, you also have the search field up top, which is nice, you could type in something like this, like that.



And then you could search and you could put all these transactions in one at one place. And then you can put your cursor here, click on one, for example, hold down Shift, and you can select multiple transactions at one time, which can be nice. So you got your search field, and then you’ve got your filtering field, you can filter by the checks or deposits.



So if you just want to look at the outflows checks being the outflows we just got the outflows can be quite useful. And if you want to look at just the inflows just to deposits, those can be quite useful. And then I’m going to go down and then you could check, you could take a look at the range.



So if you just want to look at the first month of data input, which can be useful as well, you can look at it month by month and enter it that way. Now note when you enter the data, there’s a couple different methods that you might do, you might try to look at it on a month by month method, and try to enter the data on a month by month and then kind of reconcile to the bank statement, that’s probably the safer way to go.



Or you might say I’m just going to sort everything by the by the description, which kind of puts the vendor information lines up by who you paid typically. And then you can just try to add everything in batch in bulk, which is usually the faster way to do this. So just keep those two options in mind. In future presentations.



We’ll go through these and try to break them out piece by piece. We’ll start off thinking about like the easiest types of transactions in which you’re building your financial statements directly from this data on a cash basis system more than a cash basis systems, you’re dependent on the bank.



And then we’ll think about then we’ll kind of deviate from that. And think about more of an accrual based system a little bit more complex of a system and how we can use this data to construct our financial statements.

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