QuickBooks Online Tutorial: Online Banking / Bank Feeds (2019)

[@IntenselypositiveNOW]

You're a GENIUS! You have no idea the size of the headache you just got rid of for me. Excellent instruction. You are clear, concise, and thorough. They should build a statue to you :-)

[@HectorGarciaCPA]

Intensely Positive haha... thanks, glad is helpful...

[@dblthompson]

Hector - You have no idea how helpful your tutorials are. We just switched to QB Online from desktop and I was feeling a bit overwhelmed (not usual for me). Thank you so much.

[@HectorGarciaCPA]

Awesome! That is why I do what I do...

[@punjabibaba7863]

Hey i am very much new in Quick Book but i am really thank full to yoi that i have understand it all in this video and i am very much known of it now. Thanks to your tutorial.

[@karlaelder8546]

I am so very grateful for a video that is clear and concise! I feel a huge weight off of my shoulders. Thanks so much.

[@HectorGarciaCPA]

Great!

[@joycestewart5857]

Of a WebSeminar, tutorials, other KZbin videos, this was definitely the most helpful on downloading and what to do then

[@HectorGarciaCPA]

Joyce Stewart awesome!

[@ullabrunner7052]

Super helpful, easy to follow. Just switched to quickbooks online and the online classes just were too fast for me to follow. Glad I found your videos!!! Thanks

[@HectorGarciaCPA]

Great!

[@crowncitypropertysolutions5451]

Thank you so much!! just exactly what I needed!! I have been in a panic trying to learn QB their tutorials are not enough!

[@HectorGarciaCPA]

John Hakes not the case with my tutorials... they are pretty thorough

[@a1mobilenotary]

Thank you so much for all of your videos. I'm very familiar with QB desktop, but QB online was whipping me. However, your videos are really making a huge difference for me.

[@HectorGarciaCPA]

Stephanie Newman great!

[@purnimabaranwal]

The video is super awesome. Explained well and clear, most important I came to know about the free quick books for a month. I really needed to practice. Thank you so much Hector.

[@HectorGarciaCPA]

Awesome

[@earthangel7pm91]

THANK YOU! THANK YOU !THANKYOU! Excellent! I was struggling with applying the payments!

[@jahanfaraz3867]

Thank soo much I learnt a lot of things related to banking feed from this video thanks

[@zuleimavaleragraterol4277]

Me encantan tus videos, hasta la forma de hablar en Ingles lo puedo entender Gracias Hector.

[@HectorGarciaCPA]

zuleima valera graterol que bueno! Gracias

[@emilywilson1148]

Hector, you are AMAZING! I just downloaded QB the other day and have been so frustrated. Now I know my issue (not having a correct opening balance from Dec 2016). Perfect timing that you posted this today! Thanks :)

[@HectorGarciaCPA]

Great! That little part has a last minute add on

[@emilywilson1148]

So what would you do for accounts that were opened mid-year? We opened a savings account 9/3/2017. Do I need to go into the register for that account and change the Opening Balance Equity to 9/3/2017 with a $0 amount, or with how much we put into the account the day we opened it? Same question for a savings account we opened on 1/20/18. Do I change the Opening Balance Equity to 1/20/18 with a $0, or with how much we put into the account the day we opened it?

[@HectorGarciaCPA]

Emily Wilson yes... all accounts are opened with zero

[@maddierb6405]

Thank you so much! This is so helpful and informative.

[@viri_01]

Thank you so much! Great video!

[@natalyt42]

What can you do if you used a personal account. How to categorize a personal transaction so it will not affect the business reports?

[@hamzawaheed47]

Thank you very much, Sir!!! You are really a GOOD teacher.

[@HectorGarciaCPA]

Thanks

[@johayram.8505]

Thank you for all your help. I thought I could fix the old negative balance 2020 from the credit cards after I reconcile the bank account. how can I fix the negative balance moving forward. Once again, thank you

[@patricialell3017]

Gracias Hector!! You save my life today!!!

[@HectorGarciaCPA]

Patricia Pascal haha, that’s great

[@RentalRepublic]

Great video and videos... could you do a video on stripe integration into quickbooks online? With a focus on batch payments and split customer invoicing - ie a customer buys two items with differeing sales tax implications.

[@HectorGarciaCPA]

I don’t have one.. don’t use stripe.. sorry

[@paulcoyle3444]

Hector Garcia CPA thanks for letting me know.

[@aualkadir614]

A helpful video.

[@GlobMarble]

Hi. In case if we take an order over the phone and accept payment trough QB or credit card terminal, transaction become closed and added to our income account in QB. In few days bank transaction get synchronized with QB and i have to categorize it somehow. What category or account i should use to add the transaction to QB and prevent duplicated income?

[@HectorGarciaCPA]

Needs to be matched.

[@GlobMarble]

How can it be matched? Order is paid and closed. it's not an open order anymore.

[@darcydivanterra2276]

Thank you for all of this amazing information! I believe one can now downgrade from Essentials to Simple Online. I checked this with QB support, but am nervous about pulling the trigger-would hate to lose data!!!! Advice?

[@HectorGarciaCPA]

Darcy DiVanterra you will lose Bills only

[@lpa9974]

When I click on “add” for each transaction in the bank feed, it also forces me to click “add” twice to select/ignore a Class. I cannot find where and how to turn off Classes. (Per instructions, there is no “settings and accounts” in the settings wheel?!?!) Maybe I am on the wrong screen? Thanks for you help. Take care.

[@HectorGarciaCPA]

Should be under settings, advanced

[@tiffanybonetti6193]

How do I enter a credit card payment in quickbooks? What would it be categorized in chart of accounts?

[@monyreyes9373]

Amazing Hector🙏👏🏼👏🏼!

[@HectorGarciaCPA]

Thanks

[@ruhis8760]

How do I handle net payroll payment (bank withdrawals) from bank feed. I should not add them as payroll expense as payroll runs through Quick books and add gross pay as payroll expense.

[@dinoslandscapingmasonry6382]

Hola, Una pregunta, como lo puedo hacer en este caso, yo los mando los invoices a los clientes y ellos pagan online por cheque o targeta de credito, pero cuando en Banking hago update bajo que lista los puedo poner, se supone que deve ser match, pero ya no me da esta opcion porque cuando el cliente pago online el invoice automaticamente se actualiza y sale "pagado" gracias esa es mi pregunta, y los tutoriales que hace es de mucha utilidad, gracias aprecio mucho todo su duro trabajo.

[@bfourney]

@ 1:15 so nice how intuit has raised the price 300% in 4 years while making the software worse every year

[@uroospunyali8861]

Hector, how do we match the total deposit of several invoices for the day? Do we need to create a separate invoice for that deposit? Because the total deposit which included the receive payments of the day and also old post-dated checks, which do not match with individual invoices?

[@southlandarcherysupply6126]

Thanks for the great tutorial. One question, how to enter a vendor credit card transaction for inventory? I downloaded the credit card transactions, but I am not sure which account should I apply to the transaction.

[@HectorGarciaCPA]

tim zheng you have to create the bill first with the inventory items.. then go to pay bills to create the payment from the credit card for that bill..

[@HectorGarciaCPA]

tim zheng yes you can send all the vendor bills to cost of goods sold.. then make a Journal entry against Inventory Asset to adjust

[@cherishmendioro6740]

thank you sir

[@derricki8900]

Hi Hector! I have to say I truly appreciate your videos. They certainly helped me last year. This year I jumped back into quickbooks online and noticed that i was unable to reconcile my account from where i left off last year because the amount shows negative by alot yet the bank balance (from where i last reconciled last year) and current quickbook balance are accurate. Do you have any suggestions?

[@HectorGarciaCPA]

Derrick I have have to reconcile from the begging for if make an adjustment

[@LocalRune1542]

I've been look through all Quick book video but I don't see any tutorial about how to inter start up cost in to Quickbook. Can you do a tutorial about how to record a start up expense to Quick book ? Thank you so much

[@HectorGarciaCPA]

Suab nkauj hmoob there wouldn’t be a tutorial about that... get your accountant involved, he/she can help with that

[@gwindingwi_80]

Dear Sir, kindly advise how to record dividends paid onto QBO. QB year end close does NOT clear dividends paid off retained profits. Over time the retained profit figure would just rise and rise and the dividends paid figure would also rise and rise. How do I go about this please?

[@harrisburghomesforrent6543]

Hi Hector. I love your videos. My question is: how do I know if my bank will support the web connection option? I dont use a national bank like Chase etc. thanks

[@HectorGarciaCPA]

Harrisburg Homes for Rent you would need to try it... I don’t know if there is a list somewhere

[@yvonnetsang6746]

Thanks for making this video, finally I found one video that is what I am looking for. I am new to quick book but I watched few videos and I got a basic understanding about quickbook. My question that I am having at the moment is: there is a deposit transaction in my bank feed, I try to match it with one of my sales invoice (which already created). However when I click on match, the invoice that I wish to match does not show up (even all the search criteria are correct). To give you some background information, we use different currency, the reporting currency is HKD while the invoice that I need to match is in AUD. The money we received is sitting at our HKD account. There is no problem for other similar transaction, that we bill in USD and receive HKD and I would able to find and match the transaction with the invoice . But just this client I am not able to do so. Would you have any advise on such? Many thanks.

[@HectorGarciaCPA]

Multi currency is not my specialty

[@cherylbodette9637]

If it's a payment from my bank to my credit card... would the payee be the credit card and the category be the credit card as well?

[@HectorGarciaCPA]

Yes that works. But there os also a Transfer of Credit Card Payment transaction type you can use

[@irish0614]

Hi Hector. I just have a quick question. How would you know the outstanding transaction in the bank feeds? Thank you

[@HectorGarciaCPA]

If they are there in the “for review” section, they are outstanding

[@irish0614]

Oh I see. All transactions that is under "for review" is outstanding. Thank you so much, Hector. Your videos is really big help for me and for us!

[@jl2808]

You are the best!

[@HectorGarciaCPA]

Thanks.

[@jl2808]

@@HectorGarciaCPA How do you classify cash deposits from the Bank feed? Thanks for your response

[@HectorGarciaCPA]

Jorge L income if there are no invoices. If there are invoices, you need to match them.

[@jl2808]

@@HectorGarciaCPA Oh ok I am working on a restaurant's books and I enter the monthly sales as a sales receipt and the cash and CC deposits as cash in the bank account. Does that make sense?

[@HectorGarciaCPA]

Jorge L The Cash should match the sales receipt

[@jameku2620]

I accidentally deleted on transaction bank registered, how can I recover this transaction?

[@cuvang162]

my bank -Citizensbank in MA only offers .PDF online statements. How can I transfer data into QBO? Please help

[@HectorGarciaCPA]

You need .QBO file or direct connection

[@affebanane3039]

If my bank is not supported I have to enter the CV manually every time. Will quickbooks regonize the vendors so it will categories automatically every time if I did it once?

[@HectorGarciaCPA]

Affe Banane it will work similarly as a direct download

[@hankgs7]

When I do a banking transfer from my business acct to my personal acct(to pay bills) - should I put it in the "Owners Pay and personal expenses" category?

[@HectorGarciaCPA]

Owners pay yes

[@shirleychua9992]

Hi Hector, do you provide services like assisting a company that just signed up for QB online and needs help to get onboard QB quickly?

[@HectorGarciaCPA]

Shirley Chua yes.. usually $500 for a session. My partner is not a CPA and charges $390 (but you can’t really ask him “tax questions”)

[@yvonnegalvan1121]

Im new to this but if a transaction is a personal transaction, do you exclude it?

[@FinePointsBookkeeping]

You should keep it, and categorize as "owners draw" which needs to be an equity account.

[@AGSammy]

where does the transaction go when you add/match it?

[@HectorGarciaCPA]

Based on the category you used.

[@Steph-wn2xg]

Hi Hector, Thank you so much for this informative video! I am getting everything set up with quickbooks online but i wanted to know step by step the procedure to get to the reconciling part. We have a construction company, most of the daily materials and other expenses for the jobs are purchased only through cheque. I want to know if i have to enter every single cheque into quickbooks prior to downloading the bank statement and then reconcile. Or can i just download the bank statement and from the scanned cheques which the bank provided, i can put expenses and deposit into their corresponding account and then reconcile?

[@HectorGarciaCPA]

Stephany Klischuk you download the transactions from the bank. You really can’t scan checks for that, the payee of the check does have to be entered by hand.

[@orangzebkhan7153]

Connecting to bank is free or paid?

[@HectorGarciaCPA]

Orangzeb Khan in QB Online is FREE

[@kathydines1129]

I have no UPDATE button on my bank feeds.

[@HectorGarciaCPA]

Because you have to connect the banks first

[@smileonlegs1]

Does this talk about how to set up online payments? i cant see that

[@HectorGarciaCPA]

No, online payments is different than bank feeds

[@smileonlegs1]

@@HectorGarciaCPA Do you have a video about that? Online payments.

[@HectorGarciaCPA]

NJ you paying a vendor? Or a customer paying you?

[@sniperacs]

How about QBSE connect to bank, download transaction (because manual upload automatically exclude duplicated), but not show them in “transactions” tab ?

[@HectorGarciaCPA]

sniperacs QBSE doesn’t have these tools

[@muhammadlaeeq7562]

You made the things more difficult. you have to teach only how to work on bank feed and matching.thats all