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Beginner to QB - banking -> Expenses

Hello, 

I am VERY new to QB and I am trying to learn the program. 

 

1. Is it required that I import my bank transactions into QB and then filter through them as I enter them into the expenses?  What is the purpose of this?

2. When I reconcile - does the previous step NEED to be completed?  When I reconcile, I am just ensuring that all the transactions in QB balance to my bank account/credit card correct? Would this been the time to ensure that I have all receipts for each transaction?

3. Do you have any guides or sources you can recommend for very new people trying to understand and get to know QB? 

 

Thank you! 

3 Comments
QuickBooks Team

Re: Beginner to QB - banking -> Expenses

Hi there,

 

Welcome to the QuickBooks family.

 

You've reached the right place to ask for help. I'd be happy to assist you with any QuickBooks questions. Smiley Happy 

 

It's not required for you to filter the bank transactions, but I'd recommend filtering them so that QuickBooks knows which is which when a similar transaction is automatically added the next time. This allows your transaction filtering process to be automated saving you from having to filter each individual transaction that comes in.  I encourage to check out this article from our Community https://quickbooks.intuit.com/community/Banking/Add-and-match-downloaded-banking-transactions/m-p/26.... The article will go over how to add, edit and match bank transactions. 

When you say previous step, could elaborate on what you mean by that? For reconciliation, I suggest checking out this article https://quickbooks.intuit.com/community/Banking-and-bank-feeds/Reconcile-hub/m-p/186429. Let me know if you've got questions.

 

Here are some helpful tutorials on how to use QBO https://quickbooks.intuit.com/ca/how-it-works/. Feel free to ask any questions. 

Established Community Backer ***

Re: Beginner to QB - banking -> Expenses


@pjackson2500 wrote:

Hello, 

I am VERY new to QB and I am trying to learn the program. 

 

1. Is it required that I import my bank transactions into QB and then filter through them as I enter them into the expenses?  What is the purpose of this?

 

There is no requirement to use download banking at all, many of us do not.  The work flow is enter transactions, download banking, match.  If you allow download banking to make the transaction entries for you, as intuit advertising makes it seem so nice, your date of the transaction will be wrong, and come year end that can cause issues.

 

2. When I reconcile - does the previous step NEED to be completed?  When I reconcile, I am just ensuring that all the transactions in QB balance to my bank account/credit card correct? Would this been the time to ensure that I have all receipts for each transaction?

 

I think you mean previous balance when you say previous step, yes, that is the last balance that was verified as QB matching the bank.

 

 


 

Established Community Backer ***

Re: Beginner to QB - banking -> Expenses


@pjackson2500 wrote:

 


The most efficient method is to connect your bank, so transactions come in automatically every night. Then "add" them to the books from Banking>For Review (the bank feed), or "match" them if you previously manually entered transactions.  Both these actions remove the transactions from the bank feed.  You are supposed to enter checks with the date when you deliver them not when they clear the bank, so it is technically not 100% correct as the bank feed has the cleared date.  In most cases it does not matter as it's just a few days different, but if you publish monthly reports, look at the transactions that cleared the 1st few days of the month, and if necessary change the date to the previous month.  Same for deposits. 

 

In any case check-writing is on the decline. Most transactions these days are electronic, where the cleared date is usually the effective date.

 

QBO uses "intelligence" to suggest the account allocation based on history for the payee.   It suggests who the payee is for electronic transactions based on the bank memo that comes into the bank feed.  You can of course edit the suggested payee and/or allocation

 

It is still important to reconcile to the statement every month even if you have connected the bank, as transactions may be missed, duplicated, changed or deleted.