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Frequent Explorer *

Bank feed for Investment transaction

I have uploaded my bank feed and one of the transaction is my payment to SOFI for a traditional IRA. It is asking me to add to register. When I click on details it says to put in PAYEE/VENDOR name and account type as Insurance. Is this correct????
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Best answer 07-12-2019

Accepted Solutions
QuickBooks Team

Re: Bank feed for Investment transaction

Hello Nira P,

 

You'll want to add SOFI as a vendor and use the Owner's Equity account when creating an expense. However, it is still recommended to check with your accountant.

 

Let me guide you through on how to create an Owner's Equity account.

  1. Click Accounting.
  2. Click Chart of Accounts.
  3. Click New.
  4. Under Account Type, choose Equity. Choose Owner's Equity under Detail Type.
  5. Click Save and Close.

Once done, match your downloaded transaction with your QuickBooks transaction.

 

Feel free to read this article about: How to pay for personal expenses from a business credit card or bank account.

 

You might also want to check this handy article for future reference: Banking and bank feeds for QuickBooks Online.

 

You're always welcome to post anytime if you need help with anything else.

 

4 Comments
Anonymous
Not applicable

Re: Bank feed for Investment transaction

It's great to have you here today, @Nira P,

 

 

Yes. You're doing the right thing with adding the bank transaction into QuickBooks Online. The system will only prompt you enter the details of the payment if the system cannot detect any possible match because there are missing information. (Example: Vendor Name, Category, or Account).

 

To make sure this doesn't happen in the future, make sure you can add your insurance agency or other agencies you're making payments to. Here's how to set them up in QuickBooks:

 

  1. Go to the Expenses menu and select Vendors.
  2. Click the New Vendor button.
  3. Fill out the details of the Vendor Information window.
  4. Hit Save.

You can also add the account in the register through these steps:

 

  1. Click the Gear icon, then choose Chart of Accounts.
  2. Hit the New button.
  3. Fill out the Account Type and Detail Type drop-down menus.
  4. Enter the Account name.
  5. Click Save and Close.

That's got it. You may refer to this video tutorial with the steps to manage your Chart of Accounts: Chart of Accounts (Tutorial)

 

Please let me know if you have additional questions about QuickBooks online banking. I'll be more than glad to assist you further. All the best!

Frequent Explorer *

Re: Bank feed for Investment transaction

Jen, Thank you so much for the response. This particular transaction is actually money that is automatically going into the owners IRA account via ACH. Quickbooks auto selected the insurance category. Should I be setting up my SOFI as a vendor and as an expense? Or should it be considered investment or Owners Equity? I eagerly await your response Thank you, Nira
QuickBooks Team

Re: Bank feed for Investment transaction

Hello Nira P,

 

You'll want to add SOFI as a vendor and use the Owner's Equity account when creating an expense. However, it is still recommended to check with your accountant.

 

Let me guide you through on how to create an Owner's Equity account.

  1. Click Accounting.
  2. Click Chart of Accounts.
  3. Click New.
  4. Under Account Type, choose Equity. Choose Owner's Equity under Detail Type.
  5. Click Save and Close.

Once done, match your downloaded transaction with your QuickBooks transaction.

 

Feel free to read this article about: How to pay for personal expenses from a business credit card or bank account.

 

You might also want to check this handy article for future reference: Banking and bank feeds for QuickBooks Online.

 

You're always welcome to post anytime if you need help with anything else.

 

Frequent Explorer *

Re: Bank feed for Investment transaction

Sheilla, That was exactly what I was trying to figure out! Your answer was really helpful. I will surely consult with an accountant as well!! Thank you once again!! Nira

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