welcome to the fit small business
QuickBooks Online training course in
this lesson we're going to cover how to
manage downloaded credit-card
transactions and QuickBooks Online to
follow along with me
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helpful resources let's get started when
you import transactions from your
business credit cards into QuickBooks
they are unposted this simply means that
you need to review them and provide some
additional information before they can
be added to your register in QuickBooks
in this lesson we will show you how to
review and categorize your credit card
transactions so that they can be added
to your register and financial
statements let's go ahead and navigate
to the banking Center by clicking on
transactions on the left hand menu bar
and then banking at the top of the
banking center all of the bank and
credit card accounts that you have set
up are at the very top of the page if an
account is linked to your credit card
account the top blue portion of the
account box will show the credit card
balance as of the date of the last sync
the bottom portion of the account box
will display the current balance in the
QuickBooks register along with the
number of transactions in the for review
tab in this particular example we've got
32 transactions listed in the box up
above and the 32 transactions listed
below waiting for review if an account
is not linked to your bank account it
will have a zero balance in the top
portion of this box bank feed
transactions are organized into three
tabs for review in QuickBooks and
excluded the for review tab will show
all of the unposted transactions when
you import transactions into QuickBooks
this is where they will appear until you
review them and take action the in
QuickBooks tab will show all of the
transactions that have been matched or
added to
the QuickBooks register and the excluded
tab will show the transactions that have
been removed from the for review tab by
you you want to go ahead and begin with
the for review tab within this tab there
are two additional tabs one is the all
tab and the other one is the recognized
tab on the all tab the all tab will list
all transactions including those on the
recognized tab the recognized tab
includes those transactions that
QuickBooks recognized as already
recorded in your register for those
transactions it will display a green
match tag next to the transaction as you
can see here to add this transaction or
any matched transaction to the register
you simply want to click the match link
in the far right column and QuickBooks
will add the transaction to the
QuickBooks register and included in your
financial statements so it will move
from the for review tab to the in
QuickBooks tab most people tend to be
creatures of habit
whether you are running out to grab
lunch or to the office supply store to
get ink for the printer you will most
likely purchase these items from the
same retailer QuickBooks will recognize
vendor names or descriptions that you
have previously downloaded and will make
suggestions as to which account
transactions should be coded too if you
accept the suggested account QuickBooks
will change the account for all
transactions of that same name so let's
go ahead and take a look at an example
here this Federal Express item if we go
ahead and select that this first field
we want to go ahead and complete the
payee information so we'll put Federal
Express Federal Express is not set up in
our vendor list so we'll go ahead and
click the link below that says add
Federal Express and then we can actually
save it to our list from this screen
the postage field here is the account
that we want to categorize this
transaction to so this is our chart of
accounts and we want to go ahead and
categorize this to postage and so we'll
do that there the last field here is the
description that was downloaded from the
credit card company now we could keep
that description or we could actually
change it to something more specific so
for this example we could put in the
customer who we deliver the package to
in this fields here so once we complete
this field this transaction will be
ready to add to the QuickBooks register
and it's as simple as that as reviewing
your transactions it's so we'll click
Add and this transaction will move from
the for review tab and over into the in
QuickBooks tab when managing downloaded
transactions and the banking Center
there are a couple of issues that you
may need to troubleshoot transactions
that have already been matched is one of
those and sign-in errors is another
let's deal with transactions that have
already been matched
sometimes a downloaded transaction has
to match to the wrong transaction in the
QuickBooks register this can happen for
a number of reasons but usually because
the register transactions are for the
same amount and fall within the same
date range to fix this you simply want
to locate the transaction on the in
QuickBooks tab and you want to go down
and locate the transaction that was
incorrectly matched so we'll go ahead
and select the Federal Express
transaction over to the right is a link
that says undo and so we'll go ahead and
undo that transaction because it was
incorrectly matched so this transaction
will move back to the for review tab so
that it can correctly be matched later
on so we can click over there and now
we've got our Federal Express
transaction that shows up on the for
review tab the other item that might
occur is if you see a
error message similar to this one more
than likely your user ID or password for
your credit card account has changed and
you need to go ahead and update
QuickBooks with this information so you
want to click on this fix-it link and it
will take us to a screen where you can
actually enter your user ID and password
now if for some reason you did not
change your user ID and password but
you're still getting this message go
ahead and follow these steps and instead
of clicking the update sign-in info
button you're going to click the update
and refresh account button since your
QuickBooks has to be connected to the
Internet in order to receive downloaded
transactions there are times when the
connection is lost between QuickBooks
Online and your credit card account and
so this could be another reason why you
might need to come in and update this
information even if it hasn't changed
you still want to complete the user ID
and password fields and then select
update and refresh account and that
should actually resolve the problem you
can reduce the amount of time that it
takes to code and record transactions in
the banking center by setting up
bankrolls
QuickBooks will use Bank rules that you
set up to automatically code
transactions to the right account for
you let's create a bank rule for our
Bluehost transactions so up at the top
of the screen we want to go ahead and
click on the drop down arrow to the
right of the Update button from the drop
down select manage rules and then go
ahead and click the new rule button in
the upper right hand corner so here are
the fields that we need to complete for
our rule the first field is you want to
give these this rule a name so we'll
just use our payee
as the name of the rule in this field
here we need to tell QuickBooks are
these transactions coming in or going
out and so we want to go ahead and say
this is money out these are expenditures
for us in the next field we have the
opportunity to select the accounts that
this rule will be applicable for so this
could be for credit cards bank accounts
we have the option to tell QuickBooks
which accounts this is applicable to and
we could select the default all bank
accounts so we'll do that now let's talk
about the conditions condition here
basically says when a transaction meets
any or all of these conditions so when
you click the drop-down you have two
options all or any of these conditions
now if you've just got one condition
then all is going to do it but if you
set up multiple conditions then you need
to determine whether or not all of them
need to apply so we'll set up with just
a can rule or condition that says
description contains bluehost you have
the option to say the description is
exactly or does it contain I don't
recommend is exactly because typically
the description that downloads from the
bank might be a little bit different
from what you have but we're comfortable
with saying as long as the description
contains a Bluehost
this rule applies if you want to set up
another condition you click the add line
underneath there so what will happen is
if both of these conditions are to be
met and you select all then you'll
notice and to the left of the conditions
right so the word and there so that
means when a transaction meets all of
these conditions that means both of them
if you select any then notice that it
changes to or so either of these
conditions would work if you have for
any selected ok all right so we'll go
ahead and set up a second condition and
we'll say if the bank text contains
Bluehost then this rule will apply okay
so we'll just copy and paste Bluehost
down and so what we're saying here
basically is when a transaction meets
either of these rules whether the
description has Bluehost
or whether the bank
contains a Bluehost then go ahead and
apply this rule so now what we want to
do is tell QuickBooks what the
transaction type will be so we've got
expense check and transfer as our
options so we want these transactions to
be categorized as expense and then from
the drop-down you can select your payee
and if you don't have to pay you setup
you can click the Add button there and
select and add the payee directly from
this screen how do we want to categorize
these transactions
so our Bluehost transactions are going
to be categorized as advertising again
if the account that you want to
categorize isn't set up you can do that
directly from this screen by selecting
the add new option okay and then we've
also got a memo field here and so we can
put in a description that we want to
appear anytime these transactions come
through all right so let's recap our
rule basically what we're saying here is
for any transactions that are going out
of all of our bank accounts and the
description contains Bluehost or the
bank text contains Bluehost we want
those transactions coded as an expense
going to our Bluehost payee categorized
as advertising on our chart of accounts
with a memo of monthly fee okay so
basically that's what that is and then
last but not least this final box
automatically add to my books can save
you a ton of time so what this means is
any time a transaction meets these
requirements instead of going to the for
review tab QuickBooks will automatically
add these transactions to your register
so once if I will give you is I
recommend that you still review these
transactions in the register to ensure
that the rule is working as you expect
it so you want to just make sure that
the transactions are pointing properly
and
to your register and so if you set this
up just make sure that you're good about
doing that so we'll go ahead and save
that rule and that wraps up the lesson
on how to manage downloaded credit card
transactions and QuickBooks Online to
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