After downloading transactions into Intuit QuickBooks Pro, the next step is matching the transactions against a checking account and importing any transactions that didn't automatically carry over. You can use the transaction list to check for any line items that weren't automatically matched up with you or your company's banking account and Intuit QuickBooks Pro. This video explains how to reconcile online transactions and how to tell which transactions didn't automatically match up.
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Now that we've downloaded our transactions into QuickBooks, it's time to match them up against our checking account. Maybe there's transactions that you've done in your physical bank that you haven't inputted into QuickBooks yet. A great reason alone to download your physical bank activity into QUickBooks, is so you don't have to input information twice. At the click of a button, you can enter line items into your check register and assign them to accounts such as categorized expense accounts. Let's do that right now. Select Banking from the top menu. Click Bank Feeds and select Bank Feeds Center.
This is going to bring us back into that main screen that we saw before at the end of the last video. I can see how many transactions are waiting to be added to QuickBooks, now this is a result of the download we did in the last video, click the blue Transaction List button, and let's see what we need to import into Quickbooks. What I am looking at on the screen, is the list of the transactions that directly came from my physical bank statements, I've downloaded these. If QuickBooks finds any that definitely matches transactions in my checking check register, it's going to automatically match those.
So, anything that shows up in this list are things that it doesn't recognize. That is, things that it doesn't already have a corresponding line item to, in which these dollar amounts match in my check register. If you want to see what it already matched, in the status field select Auto Matched. It's going to show you accounts that it automatically matched up to transactions that were already in your check register. For example, in the type, the DEP tells me that it was a deposit on September 9th, and here's the deposit amount. So, in my check register in QuickBooks, I already processed this deposit on this date.
And the numbers matched up, so QuickBooks didn't need me to do it again. I'll select All again, and let's say I need to bring over something manually. Take this local grocer pay. The payment came from my business debit card and it was for $61.34. I'm going to place the checkbox next to that. In the action field on the right hand side, I'm going to select Add More Details because I'm ready to input this into QuickBooks and match it up. Here's the date of the transaction. If there was a transaction number or a check number, I could put it in here.
But for now, I have to put in the payee. I can see underneath that the downloaded payee name is the local grocer North Conway. I'm just going to put this in as the Local Grocer because this doesn't already exist as a vendor in QuickBooks or a customer. After I type the payee name and I move my curson over to the next field, I'm going to get prompted that the Local Grocer is not in the name list. It doesn't exist yet in QuickBooks. This I know. I'm going to choose Quick Add, because I just want to quickly get them in there, because I have a lot more transactions to get through. The last thing I have to choose is whether it's a Vendor, a Customer, an Employee, or other.
Now in this case, I'm paying the local grocer this monthly fee to put all my flyers up in their store. So, this is a vendor. Click OK. And, now I have to choose an account this is going to go under. This is the expense account that QuickBooks is going to track this purchase. Now, because I'm paying them to put flyers up all around their stores, I'm going to to select an advertising expense account. I've chosen the account. I'll select Add to QuickBooks. Now, I can add a rule for this so that every time my bank downloads this transaction, it's going to rename this pay to the Local Grocer and categorize it to the Advertizing and Promotion account.
It'll also match it up. I'll click the blue OK button because this is a reoccurring transaction and I absolutely wanted to do this. It disappears from this list and if I choose change by rules it'll show up in this list. So, go through take the time, go through every transaction, add it to QuickBooks, assign an account to it and you'll never have to reconcile your accounts again because you're already doing it right now. At any time, you can select finish later. It's going to ask if you want to confirm all matched transactions to the register.
I'm going to say No for now, we'll do it later. I can close out of the Bank Feeds List and I'm brought back to the home screen. At any time, I can select Banking, Bank Feeds, come back to the Bank Feeds Center. And go back to my transaction list to return to marking all my transactions. This is great because at any time I can go and look up a transaction if I'm not sure what account to select it to or if I'm not sure what that purchase actually was. And then, I can come back. So, if you have a short list of transactions you can get them all done at once, or if you have a very long list you can keep coming back when you have some free time and just whittle down that transaction list.
- Setting up a new company file
- Working with the chart of accounts
- Adding bank accounts and credit cards
- Setting up sales tax
- Adding customer, vendor, and employee profiles
- Billing customers
- Receiving payments
- Handling refunds
- Recording deposits
- Paying employees
- Sharing QuickBooks with others
- Running reports