you might have heard how nice it is to use the bank feeds feature in QuickBooks desktop
and QuickBooks Online but what our bank feeds what does that mean bank feeds are when your bank takes
the transactions that it recorded in your bank account and your credit card account and downloads
them through the internet to your QuickBooks file now you may well ask why use bank feeds well the
bank is already recording all of your transactions why should you have to record them to just copy
the transactions from the bank into QuickBooks and that would save you time but wait the bank
doesn't know what category of expense each check is the bank doesn't know what income category each
deposit is and the bank certainly doesn't know which customer or vendor was involved in each of
your transactions and the biggest concern is that banks make mistakes so how does it work well first
the transactions download into a review list and do not affect your financial records the review
list allows you to add the expense or the income account as you go through the transactions one by
one the review list allows you to add the vendor or customer as you go through the transactions one
by one now the review list allows you to reject the transaction completely if it is a mistake
by the bank so this helps you catch false charges as they happen now for every concern someone has
about using bank feeds there is a solution you may do placate a transaction because you're recording
the transactions and QuickBooks at the same time the bank is recording it in their records however
sometimes instead of adding from the review list you can match from the review list to
an existing transaction this will help prevent duplicate transactions if both you and the bank
are recording the same transactions the bank could incorrectly add a transaction but you can
remove a transaction from the review list without entering it into QuickBooks you may accidentally
accept the bank charge that's wrong but you can move the transaction back to the review list if
you accidentally accepted it into QuickBooks that you should not have so for any concern you have
there's a solution and as you watch the videos you will see this is a very helpful tool sometimes you
have to edit a transaction after adding it from the bank feeds one example of this is
tracking expenses by job this is also called job costing but every once in a while you might have
to enter it from the review list and then find it in the way that you prefer to find recently enter
transactions and edit it for additional detail webconnect files are going to help you when you're
using your bank fees because file these are files that import directly into your review Center from
the bank fees these are fire files that are made available by your financial institution and there
are several different kinds of web connect files and that basically means they have different file
extensions the great thing about using web Connect files is that if you accidentally erase anything
from your review list you can import them again with web connect files bank feeds do not replace
the need to do bank reconciliation you could have accidentally added a transaction instead of
matching it and that's a common mistake when doing bank feeds you could have matched the transaction
in the review list to the wrong one in QuickBooks so you might think that you're reviewing the
transaction they come in and you don't have to bother doing bank reconciliation but just the act
of reviewing the transactions through bank feeds could open up the door for these two mistakes that
the bank reconciliation process will catch there are many other ways to transfer transactions to
and from QuickBooks Online and QuickBooks desktop and I have included all of the ways that I know
additional to bank feeds in this entire course and all the videos of this playlist I think
you should watch all of them thoroughly at some point at least one of them will be important for
you to know I thank you for your attention and good luck with the rest of the course