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QUICKBOOKS TIP: how to record a transaction from bank feeds

The bank feeds feature of Quickbooks Online is like a little slice of heaven from Intuit.

If you're new to Quickbooks Online, the first thing you should do is connect your bank account. The application does a pretty good job of walking you through this process, but if you need a step by step go here.

You can connect checking accounts, savings accounts (yes, you should have a business savings!), & credit cards. Doing so is going to save you so much time when categorizing transactions. No more needing to enter each transactions one by one. The bank feeds feature allows you to batch add these entries and (BONUS!) Quickbooks will start recognizing transactions for you and suggesting how they should be categorized.

Goodbye data entry, hello technology.

Once you've connected your bank accounts (& credit cards), Quickbooks will begin bringing in all of your transactions (income & spending) to the Banking section of Quickbooks Online. Transactions are updated every night, giving you real time access to the numbers in your business.

Now, I call this section of Quickbooks the "holding screen". When transactions are listed in this screen (under For Review), they will not show up on your financial statements. They are in a holding area, waiting for you to categorize them.

Let's learn how to categorize them!

You'll click anywhere in the row where you see a new transaction listed.

Assign the transaction a Payee/Vendor

Assign the transaction a Category (expense, income or other account)

Enter a memo if necessary

Click Add

If there are multiple transactions that you see are already assigned a payee and categorized correctly, you can select multiple transactions and click accept.

Be sure to follow these steps for each account that you have connected.

Here's a video for the visual learners!

Want more tips like these?

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