With the latest update of the iOS App for QuickBooks Online you can now:
- view and match bank feeds with a simple swipe action
- create transactions in foreign currencies
- view and search your ‘Chart of Accounts’
- create a balance sheet report
These new features enable you to run your business on the go saving you time and improve your business productivity by giving you instant insights into your business like cash at hand for example.
The long awaited functionality comes from your browser to your mobile, you can now review, categorise, match, accept, exclude, and refresh transactions. Click the ‘Banking’ button on the left-hand side bar to bring up your bank accounts. Tap the account that contains transactions you want to categorise. If you have multiple accounts swipe through them or tap the list button at the bottom of the page to see your list of bank accounts and then tap the one you want. Then tap ‘New Transactions’. By default, all transactions in the account display.
To quickly review transactions QuickBooks has already recognised, categorised, and matched for you, tap ‘Recognised’. If QuickBooks correctly categorised and matched the transaction, swipe to the right to accept it. If you’re not sure, tap the transaction name to review the details and make changes if necessary. You can change the category, add a split, select the payee, location, class, and add a memo. Note: if there’s a description for the downloaded bank transaction, and you checked the ‘Copy Description’ checkbox in QuickBooks Online on the web, you’ll see the bank description in the memo field. When you’re done, tap ‘Accept‘.
You can also save more time by sorting your transactions or categorising your transactions in bulk tapping the … button.
The App will also show possible matches to payments from customers and expenses paid to suppliers and more. For example, if an invoice payment matches a downloaded income transaction, QuickBooks will suggest it as payment for the invoice. Just look for the icon, and to accept the transaction simply tap ‘Accept’. The same applies for any bank transfers you may have made.
You can also exclude a non applicable transaction by tapping in and then tapping the trash icon.
Finally you can refresh you bank feed at any time by tapping the refresh icon or by tapping into a specific account and then pull down on the page.
Prior to having access to the Multi-Currency functions on your app, please ensure that this is turned on in your QuickBooks Online file on the web. As per the Multi-Currency in QuickBooks Online, the exchange rates are updated every four hours with Wall Street on Demand rates. You can however manually change the rate if you require a different rate to be used. Click on the ‘Company Preferences’ cog icon in the top right-hand corner, and under ‘Settings’ click on ‘Company Settings’, and from the left-hand side navigation bar click on ‘Advanced’, move down to the ‘Currency’ tab and turn on Multi-Currency.
- Click on the pencil icon to open the currency tab
- Select the ‘Multi-currency’ tick-box
- Select the ‘I understand I can’t undo Multi-currency’ and click ‘Save’
Once the Multi-Currency has been turned on you can assign a foreign currency transaction to customers, suppliers, banks and credit cards.
The assigned currency can to used in transactions such as invoices, estimates (quotes), payments, sales receipts and expenses.
Chart of Accounts
The ‘Chart of Accounts’ can now be seen from the app and the individual register can also be viewed. See below, you can also click to edit account name or description, filter by account type and search transactions.
** Note in the register list view second screen shot, QuickBooks Online can only fetch and display one year of transaction data.
Products and Services
Also being able to access ‘Products & Services’ gives you an overview of all your products and services in QuickBooks Online and the ability to create new items.
Click the Products and Services button on the left hand side bar, this will bring up your list of Products and Services. Click on the plus sign to create item.
Now you can search for text in more fields in a list, such as address, date and more.