Welcome to QuickBooks Online for Nonprofits.
My name is Ufuoma Ogaga. I am the owner of Goshen ...
Bookkeeping & Consulting.
I am a Financial Controller and a QuickBooks ProAdvisor ...
helping nonprofits to increase profitability one mission at a ...
time. In this tutorial,
I will show you how to use the bank feeds to work on the ...
imported transactions that i showed you in the prior video ...
in the banking center in QuickBooks Online.
The top section of the Banking Center shows you ...
the accounts that are already enabled to use Bank Feeds.
If an account is linked to your online bank or credit card ...
account, the top blue portion of the ...
account box will show the bank or credit card balance ...
as of the date of the last sync.
If it is not linked, it will show $0.00 amount.
The bottom portion of the account box displays the ...
current balance in QuickBooks register and the ...
number of transactions displayed in the For Review tab below.
When transactions are imported from a Bank Feed,
they come into QuickBooks as non-posting transactions.
They are not added to your register until you take an action.
Notice the little gear icon at the top right of the ...
transaction list here, you can add or remove the ...
columns that are displayed in the transaction list screen.
Turning on the Check No, Class and Location tracking ...
fields is great when you add transactions directly from the ...
bank feed. The Payee field is useful if ...
you want to build reports based on customer or vendor ...
name. Editable date field is used if ...
you are using bank feeds to enter transactions initiated in ...
a different date or in a different period.
Copy bank details retains a record of the bank text in the ...
memo field of the transaction. This is essential if you forget ...
to add a name to the Payee field.
Remember the account or cateorgy selection is great if ...
you want QuickBooks to always remember what you ...
used before to record a similiar transaction.
Show bank details is useful when you are want a lot of ...
data to the memo field. You can change the number ...
of transactions displayed on this transaction list page by ...
choosing a 150 or more.
Bank Feed transactions are organized into 3 tabs:
For Review, Reviewed or In QuickBooks and Excluded.
The For Review Tab displays unposted transactions from ...
the Bank Feed. The Reviewed or In ...
QuickBooks Tab displays bank feed transactions that ...
have been matched or added to your QuickBooks general ...
ledger register. The Excluded Tab displays ...
transactions that have been removed from the For Review Tab by you.
The For Review tab is where you will begin your bank feed ...
workflow. Transactions are listed under ...
two additional tab headings, All and Recognized.
If QuickBooks recognizes a transaction that is already ...
recorded in the register, it will display a green MATCH ...
tag next to the transaction and it will add it to the ...
Recognized tab.
If you see a Green Box with "XXX Records found"
next to the transaction, this means that QuickBooks ...
Online found multiple possibilities for a match and ...
is unsure what to do.
QuickBooks can also recognize common supplier ...
names and will make suggestions regarding the ...
general ledger account to which it should be coded.
If you accept the suggested account,
QuickBooks will change the account for all transactions of ...
that same name and the color of the text will be ...
changed to green.
For an example, using this checking account ...
that is linked up to Bank Feeds.
I'm going to click on the A1 Rental expense transaction,
which has "Uncategorized Expense"
as the account. I am going to click on the first ...
expense and code it to the Equipment Rental account ...
and click on Add. Notice the other expense ...
transactions for this same supplier have been added to ...
the Recognized tab and the Equipment Rental expenses ...
wording has turned green.
If a transaction has been coded using a predefined ...
Bank Rule, the transaction will have a ...
green Rule tag in the account field.
Watch my separate video on how to create and use bank ...
rules in QuickBooks Online.
To add a new transaction, enter the details about the ...
transaction, such as payee,
category, memo,
class and location tracking. I am going to add the Books ...
by Bessie as a new transaction and choose ...
supplies account. If you need to split the ...
transaction among multiple categories,
click on the split button, enter your details into the ...
popup window and then click Save and add.
You also have the option to make the transaction billable ...
and can enter a customer name,
class and location as well.
Let's match a transaction that is already recorded in ...
QuickBooks. If QuickBooks recognizes a ...
transaction already recorded in the register,
it will tag it as matched in the Action column.
If I agree with the match, I can just click Match and the ...
transaction is moved to the In QuickBooks tab.
I am going to match some of the expenses displayed on ...
my screen that have the green match tag.
If for some reason, QuickBooks doesn't ...
recognize a transaction that is already recorded in the ...
register, you can manually match ...
transaction by clicking on the transaction line,
then Find Match. Using the Chin's Gas ...
transaction as my example, you will see a list of possible ...
matches is displayed in this Match Transactions pop up ...
screen; I can place a checkmark next ...
to the match and then click Save.
You can also match Bank Feed transactions to bills,
open invoices, sales receipts and group ...
multiple customer payments into a single deposit.
If there are open items in any of these categories,
they will be displayed in the Match Transactions pop up screen.
Now that we have finished matching and adding ...
transactions, let's review the bank account ...
register to see how transactions are recorded in ...
the register. So here,
you will notice that the transactions I matched earlier ...
or added earlier, now have a C next to them.
This is different from a transaction that has been ...
marked cleared in the reconciliation screen that will ...
have the letter R next to it.
That is how to use the bank feeds to add or match ...
transactions in QuickBooks Online.
Stay tuned for the next video on how to create bank rules ...
in QuickBooks Online. Thank you for watching!