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QuickBooks Bank Feeds

QuickBooks Tip: Working the Bank Feed

Automation is just one of the pillars of your firm’s core focus. QuickBooks’ Banking screen delivers on AI using its pursuit of zero data entry. Whenever you connect QuickBooks to your bank and bank card accounts, your data is imported which means you don’t have to type it. Then you can certainly use QuickBooks’ bank rules to automatically categorize and record the game. It’s like putting your bookkeeping hands free.  It accelerates the process, increases consistency, and reduces errors linked to manual input.

However, if used incorrectly, you might just accelerate in pretty bad shape. As national trainers for Intuit, we’ve been teaching accounting professionals round the country simple tips to work the lender feed for a long time. So we’ve created a step-by-step guide with your instructions for top level practice for working the bank feed.  There’s more to know,  you need to comprehend this first. Read on below and send this connect to whoever you understand who needs it. And don’t miss out the PRO TIPS at the conclusion!

Navigate to QuickBooks Online’s Banking screen and then click the green Add account button.  Follow instructions to get in touch to your on line bank or bank card account
Once connected, click that account’s tile into the upper half of the Banking screen and find the For Review tab regarding the lower half of the Banking screen to see a grid of information along with of one's activity for that account. Don’t worry, none of this happens to be recorded in your books yet. But look at all of the data that you will no longer have to enter manually!
In the event that you click any row in the bank feed, it will probably expand and give you options for recording that activity.  Right above the grid’s column headers, try to find two tabs – All and Recognized. Click the “Recognized” tab and work these rows first. You can find 3 forms of “recognized” bank feed:

  • MATCH: try looking in the Action column on the far right side for a blue “Match” link telling you that QuickBooks has detected that this transaction could have been already recorded. Click “Match” to link the bank activity about this row into the already-entered transaction so you don’t add a duplicate.
  • RULE: Look in the Category column for a green “Rule” stamp alerting you that this bank activity fits the criteria of a bank rule that you created.  QuickBooks could have already applied the rule and already assigned the category.  It’s waiting for you yourself to click on the blue “Add” link in that row’s Action column to record the transaction regarding the books.
  • SUGGESTION: Here’s where in actuality the AI really kicks in. While you start coding and adding your bank feed into the books, in the long run QuickBooks will learn and work out recommendations for you.  Without any match with no rule at play, you’ll find these suggestions in green font when you look at the “Recognized” tab for the review.  Modify as needed, and then click the “Add” link for the reason that row’s Action column to record the transaction on the books.

Related Post: https://accountinpro.blogspot.com/2020/12/quickbooks-bank-feeds.html

Now back into the “All” tab to code and click “Add” to record the remainder activity from the books.  You may also add attachments from here.
While you go, spot the small url to “Create rule using this transaction”.  Make use of that and that means you never have to code that form of activity again.  When designing the rule, look at the box to “Auto-categorize and auto-add” and you’ll never have even to examine and click “Add”.  QuickBooks will automatically record this bank activity for you personally.  Autopilot!

Although, if you still run into some issues regarding the process of Importing and Downloading the duplicate statement of QuickBooks Bank Feeds, you may connect to Intuit

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