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Level 2

Tips for Remembering to Record Transactions in BOTH QuickBooks Desktop AND Online Bank Account

Hello, This doesn't happen often but I hate it when it does happen.

I keep track of about 22 registers on QuickBooks Desktop 2019 (from 5 companies and one personal account). 

A couple times per year, I will record a transaction in QB Desktop, for example a bank transfer, and forget to make the actual transfer online (on the bank website)...and this will result in an overdraft to one of the accounts.

Does anyone have a tip/suggestion to remember to ALWAYS record the transaction in QuickBooks Desktop and to actually do the transaction in real life? Thank you.

Solved
Best answer 02-22-2019

Accepted Solutions
Level 15

Re: Tips for Remembering to Record Transactions in BOTH QuickBooks Desktop AND Online Bank Account

"Yes, I reconcile timely, monthly. This time, the closing date of the statement was yesterday and the overdraft occurred today. I had not reconciled yet."

 

Now that we can access a transactions list on line and see Daily Balances, you likely need to do this more often, such as every Monday or Friday. I have a client with 250 transactions daily, and she reconciles Daily.

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6 Comments
Anonymous
Not applicable

Re: Tips for Remembering to Record Transactions in BOTH QuickBooks Desktop AND Online Bank Account

Do the one online first.  Only when it is done, then record it in QB.

Level 2

Re: Tips for Remembering to Record Transactions in BOTH QuickBooks Desktop AND Online Bank Account

Thank you. I will try that. Do you have any tips on how to remember to do both? Online and QuickBooks? I guess I might have to slow down a bit and try not to do so much on auto-pilot. Think of it as a two step process.

Level 10

Re: Tips for Remembering to Record Transactions in BOTH QuickBooks Desktop AND Online Bank Account

If you use the bank feed, it's just one click after you've executed the transfer at the bank

Level 15

Re: Tips for Remembering to Record Transactions in BOTH QuickBooks Desktop AND Online Bank Account

Let's review this: "I keep track of about 22 registers on QuickBooks Desktop 2019 (from 5 companies and one personal account)."

 

That means you are managing 6 Company Data Files.

 

"A couple times per year, I will record a transaction in QB Desktop, for example a bank transfer, and forget to make the actual transfer online (on the bank website)...and this will result in an overdraft to one of the accounts."

 

And when you Reconcile, you are verifying and managing this stuff. You reconcile Timely, to catch these things before it turns into a bigger mess. This is Cash Flow Management.

 

"Does anyone have a tip/suggestion to remember to ALWAYS record the transaction in QuickBooks Desktop and to actually do the transaction in real life?"

 

Find out if your bank will "set the flag" in QB to allow you to Send from QB. You open Transfer or Write Check, make the entry, then Send it through Online Banking tools in QB. It's one of the Boxes to select. You would then see it in the Banking Tools, that you have Transactions to Send.

 

This has existed since QB started allowing for connectivity.

 

I have attached an image showing how the newer Bank Feeds shows a Pending Transfer to be sent.

Level 2

Re: Tips for Remembering to Record Transactions in BOTH QuickBooks Desktop AND Online Bank Account

Thank you so much. I didn't know this was an option. We use a small local bank. Will talk to them and see.  Yes 6 company files with 22 registers total. Yes, I reconcile timely, monthly. This time, the closing date of the statement was yesterday and the overdraft occurred today. I had not reconciled yet. 

Level 15

Re: Tips for Remembering to Record Transactions in BOTH QuickBooks Desktop AND Online Bank Account

"Yes, I reconcile timely, monthly. This time, the closing date of the statement was yesterday and the overdraft occurred today. I had not reconciled yet."

 

Now that we can access a transactions list on line and see Daily Balances, you likely need to do this more often, such as every Monday or Friday. I have a client with 250 transactions daily, and she reconciles Daily.

View solution in original post

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