Unfortunately in QBO any bank you are adding has to be listed on the QBO system:
Do you know a work around?
Hello there, @brentik.
Thank you for posting in the Community. Allow me to help share some insight about adding your bank to Intuit Financial Institution, and other ways to download bank transactions.
Intuit can't make a connection without the bank's partnership, and some banks may choose not to allow a connection. Additionally, it also depends on the bank's agreement.
As my colleague, JanyRoseB, suggested on the post you've shared, you can contact your bank to send a request to be part of the Intuit Financial Institution. Just follow the steps she provided on that post.
In the meantime, you may still be able to download transactions from your bank's website and upload them to QuickBooks Online. The following articles contain more details based on the method you wish to use:
That should get you back on track. Drop me a comment below if you have any other questions about connecting your bank or about downloading bank transactions into QuickBooks. I'll be happy to help you out. Wishing you and your business success.
Online or Desktop I often run into an Employee that is also a vendor for Expense check purposes.
In Employee file = Ann Drake
In Vendor file = Ms. Ann Drake
Works and keeps you on track, Even in reports when you see the Ms or Mr you know it is an expense not related to payroll.
The customer and vendor issue happens when you need to refund (not electronically) to the customer. Same act. Customer file = Big Dog Toys
Vendor file = The Big Dog toys
9 times out of 10 this works, sometimes you get a bank that will not accept the check because it is not the correct business name. In that case you put "the" on the Customer file and leave it off the Vendor file.
Extraordinary Bookkeeping Services
Hi Ray! I'm hoping you can help me with something similar to this but a little different. Tech support was no help. I have a customer that I invoice for products they buy from me and this customer has trade shows that I pay to be a part of. I want to pay them for the show with a "credit memo" that they can then deduct from their next invoice. So they aren't actually ever even sending me an invoice I am just sending them an application for a spot with a payment enclosed. But when I go to make a traditional credit memo in QB you can only choose income accounts, not the expense account I want to use. How do I send them a "credit Memo" that I can apply as a payment towards a future invoice and that I can expense to an expense account?
Hi there, chattypc02,
I can help share information on how to record and manage your transactions in QuickBooks Online.
In your case, you can create a Bill to your Vendor and make it Billable to your Customer.
Once done, you can create an Invoice to your Customer, then link the Billable expense.
That's it! By following the steps above, you're now able to record your vendors payment and apply it to the future invoice.
For more information about this process, you can read this article: How to enter billable expenses.
For future help, you can always visit our QuickBooks Community help website for QuickBooks Online "How Do I" steps: QBDT Self-help.
Keep me posted on how it goes. I'm always here to help in recording your transactions. Best wishes.
Absolutley this is the most accurate way to do this. To do a banlk account will create a incorrect cash in hand profile possibly impacting your taxation.
This is a very tricky situation. To do this correctly takes time . Different experts will explain different procedure . There is no one correct way because on my opinion will respond to your time of business category. For example, if you are exchanging service for service will not be same as to exchange service of Inventory goods.
In any of the cases, one step need to be taken forward. You will need to register and differentiate Vendor and Client. You can not use the same profile for both transaction. For example, if the name of the client is Client X, Inc.., you will enter the client list as Client X_c, Inc to describe the income activity and enter and enter the name ClientX_v under the vendor list to described the expense activity.
After completing the Purchase activity from Client X, d a delay Bill and create invoice . Then create journal entry to link the Account payable and the account receivable of these activities. Enter invoice number of invoice and the bill in space provided for notes.
Special attention is to be taken when entering the journal entry. Make sure that you link both profiles credit and expense relationship correctly.
I know this is cumbersome, but is the correct way specially when noting the taxation that correspond. In some states this types of exchanges in services may be exempted from taxation. But not in all jurisdictions.
Hope this be helpful.
Vendor and customer have to be two unique names. Append a period to one. You need credit memo for vendor side to apply to vendor bill entered later.
Despite properly separating their vendor from customer side you can post an expense on a customer credit memo - you just need the proper product/service created.
Better in my opinion is still using a clearing account and in this situation falls under realm of barter
This is a good work around. I have one question. How will this affect the reconciliation since this is a dummy transaction?
This worked like a charm!
The only thing the author left out is the TYPE of account that PREPAID should be ... we chose 'other current asset'.
I'm attaching a screenshot of the two Journal Entries we created.
After we were done, the customer balance went down to zero, and the vendor balance went down by the amount of the invoice on the customer side. In our case, I don't ever foresee having the customer invoice MORE than the vendor bill, but I'm sure that if it would be reversed the methodology would work the same way.