Bank Feeds Credit Card Data Setup 460

QuickBooks Online 2021 Bank feeds credit card data setup. Let’s get into it with Intuit QuickBooks Online 2021. Here we are in our quickbooks online bank feed test file and prior presentations, we set up the bank feeds for the checking account, we added the data into the system where it was then in what I would call the bank feed Limbo in the transactions area, then we practice taking it from here, adding it to the financial statement information.


similar process can be done with the credit cards, credit cards also being handled by financial institutions that we can basically linked to in a similar fashion, it’s a little bit more confusing for people to wrap their heads around because we’re dealing with like a liability type of account here. But once we do, it’s going to be basically the same kind of concept that we’d have with the checking accounts. When we then go to the transaction detail down here, we’ll have multiple tabs down here for multiple types of bank feeds.



Also note that if you have multiple different items, financial institutions where you have bank feeds from, you’re going to have instances where you have intercompany inter bank fee transactions, such as for example, when you pay off the the card, the credit card with the checking account, both sides of those are going to show up on the bank feeds. And we can think about what to do with those types of items in the future. Let’s open up our balance sheet and income statement first to consider what would the checking account will look like with a credit card accounts we’ll look like right clicking on the tab up top and duplicate.



I’m going to right click on the tab up top and duplicate again, we’ll then go down to the reports on the left hand side, we’re going to be opening up the profit and loss report the income statement, the P and the L profit and the loss profit and loss, the P and the L report, let’s do the range change up top from a one a one to zero to 1230 120, we’re gonna go ahead and run that close up the hamburger hold down Control, scroll up just a bit to get to that one to five, then we’re going to go to the tab to the left, open up the balance sheet by going to the reports we’re looking for the BLS balance sheet.



So we’re going to go on down to the balance sheet, we’ll do the date range change going on up top from January 1 2020 oh 101 to zero to 1230 120, running that report. And then we’re gonna close the hamburger. And let’s consider the balance sheet. What we set up before Now, of course, is the checking account. We’re still adding data from the checking account. But we’re just thinking the fact that the checking account is here, we’ve been doing that with the bank feeds.



Now we’re thinking about having a credit card account, which is going to appear somewhere down here and the other current liabilities, the fact that it’s down here and other current liabilities is a little bit more confusing. Note that credit cards really are fairly straightforward until we have the outstanding balance meaning if you buy something with a credit card, and then you pay off the entire balance each month, then it’s a fairly straightforward process, when it gets a little bit more confusing will be of course, when you’re purchasing something on the credit card, and then each month,



you don’t pay off the full balance, you paid the minimum deal or whatever whatever’s due at that point, then of course, we’re gonna have the liability, that’s going to be outstanding for the credit card balance. So we can track that in a similar way can can save a lot of time, because we’re going to purchase a lot of things possibly on the credit card, that’ll make it easier for us to automate our expenses, recording the transactions as we do so, and then be able to reconcile our accounts in a similar way as we can with the checking accounts and the cash accounts.



So if we go to the first tab, then what we can do to set this up is we can go on down to the chart of accounts down here. So I’m going to go to the accounting down accounting, and then we’ll take a look at the good old Chart of Accounts. And we can set up a credit card type of account. So it’s going to be an other current liability, but it’s a credit card, specifically credit card type of account. So we’ll close up the hamburger to do this, get some more space.



And then we’re going to add I’m going to say I want a new thing, new thing, it’s going to be the type of account not another current liability, but rather credit card specific has to be credit card because like with the bank accounts, those are the accounts that have the special functionality of being able to attach to the bank feeds. So we’re gonna say this is going to be a credit card type of account. And then up top, if you have multiple credit cards, you might want to name it a little bit more specifically like visa, American Express, and so on and so forth.



You might also if you have multiple credit cards, then have a parent account called credit cards, and then possibly sub accounts here for the multiple credit cards that would fit within it. And that way, it could make it a little bit nicer when you externally report something because you can you can collapse the subsidiary accounts and just report credit card liability, or you can expand for for the purposes of data input,



which will make it easier to see the more data of the actual credit cards, possibly the last four digits of the credit card number, making it easier for you to know which card you are dealing with. But we’re just going to go generic here credit card. And so I’m going to go ahead and save it and then close it so I’m going to save It and close it. So now we’ve got our credit card account down here. So there it is, now we can try to do our bank feed connection with it. So I’m going to go back up top to the transactions tab. And then I’m going to go up top to the transactions.



This is where the bank feeds are in the banking tab, and then and then link and accounts, and we’re going to go ahead and link and account. So we’ll select that item. And then we can select the institution, whatever whatever the institution is. So let’s say like it’s an American Express card, let’s say. And then if you type that in, you got American Express down here, credit card type of account. So I can then I can set that up, and say that American Express business credit card, and so on, and so forth. So I’m going to continue with that.



And then of course, you’d have to verify and connect to your bank in a similar fashion as we did with with the bank feeds for the bank and account you have to have, they might have a little bit of differences depending on the institution to verify so that she can get the connection to the bank feeds. So that’s the one method you can use, which of course is to connect directly. The other method that you could use is to is to go to your institution and download the transactions.



And again, this might be helpful, just like we saw with the checking account, when you first set up the items so that you can get more information. So there might be a limit. In other words, as to how far back you can go. And if you’re doing a whole year’s worth of data. For example, if it’s the end of the year, and you’re trying to do the taxes for the whole year, and you want to pick up a whole year’s worth of data, then you might want to go to the institution and see if you can download the QuickBooks file in a similar fashion, as we saw with the with the banking information,



at least for the first round, and then go from there with the linking from that point forward, whether you upload the information or whether you do the linking, once the data is in the system, it’ll be basically the same at that point, having the information into what I would call the bank feed Limbo stage. So I’m going to stop it at this point close out of that. And now I’m going to imagine that we’ve already downloaded our information from this process, it’s going to look like this, it’s going to have basically a cubio type of file. So it looks like this.



This is the data file that we picked up from from we’re imagining our credit card company, which we’re now going to be uploading to the system, which will be similar to having a link which will once again put that data into what I would call the bank feed Limbo area that we can then use to to transfer to our accounts. So I’m gonna hit the drop down up top. And we want to upload from a file this time upload from the file. And then I’m going to browse and find it. I’m looking for a QB o type of file. So here it is, that’s the one you can see that’s the one right here, it’s a QB o type of file, you can have a CSV file if they don’t have a QB o file, but the QB o will probably work the best.



So then I’m going to go ahead and say let’s next down here. So we’ll say Next, I select the account. Now I’ve already set up the account, if you had not set up the account, you could set up the account as you go. But we set up the credit card account right there. So I’m going to pick up the credit card account. Notice the accounts that are applicable up top are typically the ones you’re looking for are the bank account account and the credit card account. So I’m going to say,



Okay, and then we’re gonna say next. Then it says the import is completed or the import completed. Next step, accept your transactions, you’re in control of how your bank info goes into QuickBooks transactions will only show up in your banks after you review and accept them. Meaning I would I would say they’re in bankfield Limbo until you take them out of limbo and say it’s okay to be go on to the Graceland of the financial statements. So we’re gonna go, let’s go or we can x out of that I’ll go to let’s go because that looks fun. Or now we got the two things up top, the two tax now we got our checking account information still.



And then we got our credit cards, we can do our toggle back and forth between the two here or we can do the toggle up top, back and forth between the two there. And then scrolling down, we’re going to have our detail in the basically the bank feed Limbo in a similar fashion. As we saw before, notice that although we have this more detail, no impact has yet happened to the financial statements, hopefully. So there’s going to be no change. If I refresh this at this point in time, there’s nothing in the credit card amount there is a beginning balance, what did they do to the credit card amount, let’s go into it, they put the opening balance here.



So they still increase the opening balance. So you want to be kind of careful with that opening balance transaction when you first the first time you connect the bank feeds. So be careful with that. I’m going to leave that here for now. And then the next on the income statement, we got no transaction on the income statement. When they put something into the opening balance like they did here. The other side went into the opening balance equity account. So it’s in the opening balance equity account down here.



So if that transaction was a problem, and you didn’t want to have that in there, then you can remove that transaction by going by going into it here. And you can delete that transaction if again, it’s not something that would be applicable by going to more and then delete the transaction there or adjusted as would be needed. But that should be it that should be all that has been added at this point in time. All new transactions are in bank feed, Limbo, and we’re going to go through and add some of those transactions, at least to our financial statements in future presentations.

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