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Level 2

fairly new to quickbooks, some questions

Hi guys, I'm fairly new to Quickbooks and bookkeeping in general. Have learned the basics but still stuck on some things. I'm hoping someone can advise me on these questions. Sorry about the wall of text below!

 

  • when I see a payment against a vendor is there a way to see if cash actually left the bank / where the payment was made from? I can manually go to the banking section of QB and check there in 2 different bank accounts in 2 diff sections (the Reviewed and the For Review sections), ie I can manually check 4 different screens. But that sounds really cumbersome. Is there a more convenient way? Similarly I sometimes see bank transactions that haven't been resolved yet, where these funds have already been used to make a payment against a Bill, so I wonder if it's possible for some things to be marked paid when cash hasn't left the bank.

  • when there's transactions on a credit card in QB at what point do we need to find a backup vs just categorizing it?

  • For the bank transactions that hit the banking QB section is there a reference number or something that can tie it to the correct transaction? Sometimes I see two different transactions for the same amount within a few days of each other and I sometimes get stuck as to which bill to apply which payment against.

  • Is there a way to see on a transaction in QB who entered it (there's more than one person who use QB at the office). Similarly when I see transactions is there a way to order them by the date they were entered into the system, as opposed to the transaction date?

 

4 Comments
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Community Champion

fairly new to quickbooks, some questions

4. Yes as long as nobody shares login you can run an audit log but you will not see it in transaction view - only history of the transaction. And they should be in order as entered to begin with

3. No reference to the. You may have to log in to your actual payment provider account or bank account online

2. No idea what you mean by backup. If you do not manually enter the cc charge you may have to categorize it if the rules you or QB sets on your behalf get it wrong

1. Check your online banking.

1b. When you initiate a payment it is considered paid and has nothing to do with real movement of funds. Think about writing g a paper check. You put date you wrote it not the eye you expect it to clear your bank. Otherwise the recipient could not cash it.

 

QB is not real time and other than importing records of activity it is not directly connected to your bank

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Level 11

fairly new to quickbooks, some questions

@Swordfish 

 

These are very good questions. See my answers below:

 

  • when I see a payment against a vendor is there a way to see if cash actually left the bank / where the payment was made from? I can manually go to the banking section of QB and check there in 2 different bank accounts in 2 diff sections (the Reviewed and the For Review sections), ie I can manually check 4 different screens. But that sounds really cumbersome. Is there a more convenient way? Similarly I sometimes see bank transactions that haven't been resolved yet, where these funds have already been used to make a payment against a Bill, so I wonder if it's possible for some things to be marked paid when cash hasn't left the bank.

 

              You can find out the status you want from the bank register. (From the left dashboard, select Accounting > Chart of Accounts  > select Bank account in question > click View Register under Action column). You will see the checkbox column between Deposit and Balance at the right corner. You will see C (cleared), R (reconciled) or blank (not cleared or matched) for each transaction. What you want is C for cleared/paid from the bank.

 

clearned-reconciled-uncleared-blank.PNG

              

  • when there's transactions on a credit card in QB at what point do we need to find a backup vs just categorizing it?

 

You will need to make your own rule, what's best for your business from attaching the receipt for every transaction to the dollar limit from say $100 and up. If you are capitalizing fixed assets say for over $2,500, it's a good idea to have a backup for that transaction.

 

  • For the bank transactions that hit the banking QB section is there a reference number or something that can tie it to the correct transaction? Sometimes I see two different transactions for the same amount within a few days of each other and I sometimes get stuck as to which bill to apply which payment against.

 

Normally you can identify by the Vendor. But if it's for the same Vendor, you will need to open transactions and figure it out manually the money-out for the right vendor and transaction.

 

  • Is there a way to see on a transaction in QB who entered it (there's more than one person who use QB at the office). Similarly when I see transactions is there a way to order them by the date they were entered into the system, as opposed to the transaction date?

 

Yes. Open the transaction in question. At the bottom, you will see MORE, select More and click Audit History. This will give you a history of this transaction from who added to who edited type. You can run the Transaction By Date report and customize it by adding created by and modified by columns and more if needed.

 

You can check-out this getting started QBO tutorial video and others from the YouTube channel:

 

 

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Level 2

fairly new to quickbooks, some questions

Thanks so much!

 

By 'backup' in point 2 I meant invoice / receipt. Meaning if there's a $20 charge for lunch in the credit card statement I'm not going to bother with finding and attaching a receipt. For a $5K charge I'm assuming I should. So I was wondering if there's a suggested amount at which point we should add a receipt / invoice. 

Highlighted
Level 2

fairly new to quickbooks, some questions

Thanks so much for all this! You're wonderful!

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