QuickBooks Online: Banking Transactions (Advanced Tutorial)

[@divinaflamingarrow9556]

Thank you so much for coming out with these business basics. Now I feel a bit more aware and relaxed as a new business owner. This is perfect timing!!!

[@HectorGarciaCPA]

Great

[@EnikoMitrea]

Loved your presentation on the Reclassifications, it really helped me understand the difference between the methods of change.

[@HectorGarciaCPA]

Great

[@elizabethrigby3901]

" just a second.. i need to breathe " 😂 Thank you good sir

[@HectorGarciaCPA]

:)

[@pinayjunk110]

Thank you so much Hector. I am learning a lot from you. I was just waiting how you do the Vendor Credit return.

[@gracietiu5389]

Wow! Thank you for this, Hector! You weren't kidding when you said Advanced. This will save me a ton of time.

[@anniegrider5547]

Hector, your videos are invaluable

[@HectorGarciaCPA]

:)

[@puranluthra6762]

Good Tutorial on banking. Thanks

[@HectorGarciaCPA]

Sure, you're welcome

[@sawanathagoolsawat9655]

How should we take care of bounced check in Banking module?

[@josangloria2111]

Love this video! Very well and clearly explained, thanks Hector more power!

[@angelinaahn5575]

Just an amazing tutorial. Thank you so much!

[@micah1054]

Hi Hector. I enjoy how clear your videos are. Can you share information on how to record SCORP SEP IRA employer contributions into QBO.

[@HectorGarciaCPA]

dont know enough about it

[@juliaadams8250]

Thank you, Hector, for this amazing video. Clear and to the point

[@HectorGarciaCPA]

Glad you liked it

[@virginiazhang8467]

Hi Hector, how do I close the book for the year 2022 on Quickbooks?

[@bettycurtis5581]

Hi Hector, thanks so much for taking the time to teach differect concepts. I was wondering if I can change the end date of a reconcilliation done back in March 2020 without having to undo all the rest of the months reconcilliation? I accidently put the year 2021 instead of 2020.

[@gina4man]

thank you for the video, it really help me on the credit issue. Unfortunately, I didn't find your video on time. I made a headache for me. Now the card rec is out of balance because of the beginning balance of the other card. I connected all the credit card and now i have a beginning balance (I totally did it backwards) I'm trying to fix it now.

[@HectorGarciaCPA]

If it’s that much of a mess considering starting over

[@rosanneturkington8622]

can you show how to record wire transfers

[@jamiemarshall8284]

How can you change the date of the transaction when you add it so, it matches the issue date not the date it hit the bank?

[@HectorGarciaCPA]

You can change it after downloading it

[@sabinkhadka9386]

Could you please reply to me Hector? In the banking tab that is in your video showing, there are many things included such as , Payee, category of match, spent, received and Action . But in my quickbook account what I can see is Date, Description, Amount, Assign and confirm. Why I cannot see Category of match , spent , received and action like your. Could you please help me? ( I am new to quickbook and I have been watching your video as a guide)

[@kamransamad9686]

wonderful explanation, thanks

[@HectorGarciaCPA]

You are welcome!

[@dottiebonventre5004]

small church here. What is the best area to add donations and then to make one deposit for all transactions? Would I use receive payment or sales receipt.

[@HectorGarciaCPA]

Sales receipts if you want to track donor names

[@mariomolina6095]

Thank you Hector, this video is very helpful.

[@HectorGarciaCPA]

Mario Molina you welcome

[@tahirataj6977]

Hi! so we don't have to create bills in vendor section to record vendor payments? right! we can just directly add from bank feeds.

[@HectorGarciaCPA]

You can enter the expense directly in Bank feeds, but if you do that, dont create a bill becasue it will replicate

[@kellyminer3423]

Truist Commercial currently charges $14.95/month

[@HectorGarciaCPA]

For QuickBooks Desktop only. QBO works without paying the fee

[@chiix02]

I download the transactions but only showed me starting 01/11/2019 not the dates before. what can i do?

[@HectorGarciaCPA]

You need to manually download them as CSV probably.

[@maureengoodman9682]

How would you record a single bank feed transaction from/to a vendor that reflects the months expenses and income/sales

[@eric4brs]

Did PNC bank renege on this Hector? Your tutorial makes it sound like PNC is one of the good banks that allows >90days of transactions, but all of my calls to PNC customer service end with it being only 90 days of QBO transactions, everything else is only CSV with very limited fields. Thanks.

[@HectorGarciaCPA]

I don’t use PNC so dont have Way to test it. But somE banks have that limitation

[@bethrahe54]

Absolutely love your videos! I do have a categorization question....We are an IT company and are buy a lot of things for our clients, Software programs, computers, etc. We "pass-through" these expenses on to our clients. How do I categorize these expenses? COGS or just expense it? I would think that expensing it would increase our expense accounts leading an accountant to believe these are our expenses and not those of a client.

[@HectorGarciaCPA]

Put them in q category called reimbursable expenses under cogs. Once they are invoiced they will wash

[@thomasbenson3237]

For unknown transactions, how do you know how to categorize them? It seems like it'd be inefficient if at the end of each month you had to call the client and ask them what a certain charge was or multiple?

[@HectorGarciaCPA]

It is…. But putting it in “Ask Client” is what i Do

[@DT817tx]

For your chart of account numbers is there a reason you use high numbers? For example you have expense at 60000. I know some people use just 600. Personal preference?

[@HectorGarciaCPA]

Personal preference

[@Malik-ix2kx]

One of the best video ever❤️

[@HectorGarciaCPA]

Glad you liked it

[@pandasdecalsandsigns805]

Hi Hector Great video I have question, hope you can help Why when I do a manual upload CSV file I get the transactions duplicated 5 times

[@HectorGarciaCPA]

You might need to look at that CSV file first

[@WillGibbons]

Fantastic! Thank you so much.

[@HectorGarciaCPA]

you welcome

[@mcob53]

Hi Hector, Last checks I made this month are gone from the bank register. How can I recuperate them?

[@HectorGarciaCPA]

I dont know what you mean by “gone”.. but is they are missing, just recreate them

[@maxamuudsalaan6957]

No fill gril all mene broblen

[@Jenna-bq1jy]

Hi Hector, I'm halfway into this video (1:37:44) and have a question for you. You have great detail with your chart of accounts (separating work + personal) I was told to have a completely separate QBO account for our LLC S-Corp and not have our personal home info sharing it (even though I'm organized). When we were a "SoleP", I had business categorized in the main income/exp and personal items (home bills etc) in "other income/exp", which made it easy for tax time deductions. It's only my husband and I who are 50/50 so we don't have to show shareholders or officers anything. Is it best to keep it 100% visually separate having two QBO accounts?

[@HectorGarciaCPA]

Ideally you would never mix busienss and personal

[@aimtowin]

Hi Sir! I have a client, who's using Bank of America but now he change his bank to Chase. May I ask how can I zero out the balances of the old bank accounts from BoA without affecting the new bank accounts using QBO? Thank you!

[@HectorGarciaCPA]

You need to identify the money transfer from the old account to the next

[@aimtowin]

@@HectorGarciaCPA thank you!!!

[@shohagahmed3149]

Thank you very much.

[@ma.mermanepomuceno6036]

split payment - could be possible for the same category but of a different "payee" instead. ?

[@HectorGarciaCPA]

Yes

[@marydenny5231]

Thanks Hector for all the info. I do have one problem I can not solve: when we receive an ACH deposit from Our Sunday Visitor(we are a church) for contributions that our parishioners give it comes in to the "banking section" as money spent instead of money received. I can not for the life of me figure out what is going on. So as of this evening i have disabled all of the rules thinking that one of them is causing this. what do you suggest and//or think the problem is stemming from? Or could it be on the banks end and Our Sunday Visitor ? thanks

[@HectorGarciaCPA]

Dont know why is happening but you can delete that download and enter it manually into the register

[@marydenny5231]

@@HectorGarciaCPA that is what qb told me. I will be talking to the bank(if you can get through, LOL) and OSV to see if something is just not right when transmitting the info. thanks Happy New Year!

[@chiix02]

Wells Fargo charge $15 monthly

[@HectorGarciaCPA]

Miranda Campos for QB Desktop yes.. for QB online, No

[@lourdesrijo-ortiz2653]

Hi Hector, Can you run the balance sheet by class on QuickBooks Online?

[@HectorGarciaCPA]

No… only by location.

[@raymondpelaez9950]

Learning

[@gabrielabevilacqua9643]

Amazon can be tools n supplies Why wouldnt we code it to thst gl

[@HectorGarciaCPA]

Amazon could be anything really…

[@bfourney]

Hey Hector thanks for this deep dive, it's extremely helpful. Couple of credit card specific questions: How do you handle/classify credit card annual fees? Under bank fees or something else? Also what about credit card cash back? Is that under "other income" or "interest received" or owner equity or something else? I also have some situations where a business card sent me a check for cash back that I then deposited to my business bank. Ugh.

[@rodolfotabotabo4800]

Awesome and very helpful videos. Thank you very much! More blessing will be with you always!

[@elizabethrigby3901]

Bank fee / refunds and rebates 🎉

[@ryander24millersson74]

Hi Hector, you have great videos. I have one question. How could you split transaction if one part is spend in to my business but the other part spend to my personal usage. For example, i am working from home, and I want to split my rent expenses, because I have an office at my home. I payed my full rent from my business account but only 30% is my actual business expenses, the rest of the 70% is for my personal use. How can I record this in to the quickbooks online? I am a sole trader by the way, and I use the Ireland version of the quickbooks.

[@HectorGarciaCPA]

You can use a equity account like owners draw or Shareholder distributions for the personal account

[@ryander24millersson74]

@@HectorGarciaCPA thank for your quick answer! I just wanna say thank you for all of your videos what is all professional and time saving and clear and understandable and helpful.

[@pattysmith5308]

Hey very informative. But I have a questions if you download the bank account into QuickBooks do you still enter your deposit from undeposited funds.

[@HectorGarciaCPA]

If the payments are combined with others yes. But once you download, you match the payments with the deposits

[@pattysmith5308]

@@HectorGarciaCPA thank you. But I am confused on what is the purpose of downloading your bank account if you have already enter your deposits and your checks manually.

[@joestrainworldvideos3977]

@@pattysmith5308 Hi. This is a philosophy from QB that gives me headaches to. If you really know bookkeeping from scratch I find that I have a hard time to understand QB. Maybe because I used SAP for more than 20 years.

[@princesstolentino4015]

Hi hector! Thank you for this. How to record a loan payment for PAYPAL BUSINESS Loan? Is it recorded in P&L or Balance sheet?

[@HectorGarciaCPA]

Balance Sheet. Loans are a liability: kzbin.info/www/bejne/rKSvmn-dbsepgac

[@Avital4414]

Superb

[@edwarddakin2216]

If this doesn't get you excited, you have no soul

[@HectorGarciaCPA]

Correct

[@HectorGarciaCPA]

I created an updated (June 2020) Video on Bank Feeds: kzbin.info/www/bejne/g2GWqayLgaiVjck