Bank feeds can save a lot of time on data input but once the data is downloaded from the bank we still need to organize the data and upload it to the QuickBooks software. We will discuss options for organizing checks and outflows downloaded from QuickBooks bank feeds.
Once transactions are downloaded they are not all included in the QuickBooks data. We often need to add more information to the data downloaded from the bank to add the information to QuickBooks. We also need to be careful that we do not duplicate information.
Once the data is downloaded from the bank it may require actions from us. Our options are to use Quick Add, an option that is not recommended unless all required field are filled out, add details, select bill to be marked as paid, match to existing transaction, or ignore. We will discuss each option in give example for many.
We will often us the add details field to add required information such as account and vendor. Once we add this information and approve the transaction we may be asked to save a rule that will make the same changed in the future.
The select bills to mark as paid option helps us to link the payment to the bill. In other words, if we entered a bill the journal entry would be an increase to accounts payable and whatever other account the bill was for, possibly an expense. When we get the check in the bank feed we want to make sure an match it up with the correct bill to reduce accounts payable.
The match to existing transaction option will allow us to match the transaction to an existing one which is helpful to stop duplicate transaction.
The ignore option will not add the bank feed data to QuickBooks and may be another option to reduce duplicate transactions.
For more accounting and QuickBooks information see accounting website.