QBO Bank feed

Glenda7 · ‎April 16, 2023

Hello people!

I have a client who has switched to QBO and is now using the bank feed to download the bank transactions. They feel that I should use the payment from the bank account to record expenses then they do not have to provide invoices or receipts for me (paper or digital). They are incorporated so must use accrual method and recording with the payment is actually cash method.

I like the bank feed to match and correct entries that may be categorized wrong or have the taxes incorrect or not all.

Help me find the wording to make them understand that what they want to do is not right.

Trish_T · ‎April 17, 2023

Hi Glenda7,

I appreciate you reaching out here, so you can ensure your client is on the right path. Although QuickBooks Online provides options for recording transactions, it's vital that we remain aligned with government guidelines. With that being said, it's beneficial to take advantage of the Receipt function whenever possible, to upload expenses for tracking purposes. This will also provide complete access to all transactions, should an audit ever take place. I hope this helps!

Please don't hesitate to reach out again if other questions or concerns come to mind. We're here for you!

View solution in original post

Trish_T · ‎April 17, 2023

Hi Glenda7,

I appreciate you reaching out here, so you can ensure your client is on the right path. Although QuickBooks Online provides options for recording transactions, it's vital that we remain aligned with government guidelines. With that being said, it's beneficial to take advantage of the Receipt function whenever possible, to upload expenses for tracking purposes. This will also provide complete access to all transactions, should an audit ever take place. I hope this helps!

Please don't hesitate to reach out again if other questions or concerns come to mind. We're here for you!

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