Master QuickBooks Online: Bank & Credit Card Feeds for Small Businesses

What you will learn:

QuickBooks Online setup and navigation
Bank feed configuration for bank and credit card accounts
Efficient transaction categorization and general ledger assignment
Mastering bank reconciliations for both cash and accrual basis accounting
Generating and interpreting insightful financial reports
Streamlining data input from multiple accounts using bank feeds
Creating sophisticated bank feed rules for automated data entry
Troubleshooting common bank feed issues and solutions
Time-saving techniques for QuickBooks Online users
Practical application of learned skills through a step-by-step project

Description

Unlock the power of QuickBooks Online bank feeds and credit card feeds to automate your accounting!

This comprehensive course, taught by a practicing CPA, goes beyond the basics. We skip lengthy introductions to full-service accounting systems and dive straight into practical, real-world applications. Perfect for busy small business owners and those already familiar with QuickBooks who want to maximize efficiency.

Learn how to effortlessly import bank and credit card transactions, categorize expenses, and reconcile your accounts. We'll cover cash vs. accrual basis accounting and demonstrate how to effectively use bank feeds for both. This isn't just theory; we’ll walk you through a detailed practice problem using sample data you can easily import into your QuickBooks Online test drive.

Struggling to find a practice file? No problem! We’ll guide you on utilizing Intuit's free test drive, their 30-day trial, student/educator discounts, or even discuss potential options with your accountant for access.

This course is your fast track to mastering QuickBooks Online bank feeds, saving you time and ensuring accurate financial reporting. Whether you're a solopreneur, managing a small team, or simply want to improve your accounting skills, this course will give you the knowledge and confidence to effectively manage your finances using QuickBooks Online's powerful features. Enroll today and transform your accounting process!

Curriculum

Introduction

This introductory section sets the stage for the course. The "Overview" lecture provides a comprehensive introduction to the course content. The "Documents To Download" lecture contains any necessary documents. The lecture "315 How Do Bank Feeds Fit Into My Accounting System" provides context, explaining how bank feeds seamlessly integrate into your existing accounting system and workflow within QuickBooks Online.

Getting Set Up

This section focuses on the essential setup steps. Lecture "2 Getting Set Up" covers the initial setup of QuickBooks Online. Lecture ".05 Recommendations For Success" offers valuable advice for maximizing the effectiveness of the course. Lecture ".10 Purchase With 30 Day Trial" guides you through utilizing a 30-day trial for practical hands-on learning. Lecture "320 Project Outline" presents a structured project outline to keep you on track throughout the learning process.

Month One - Set up Bank Feeds

Dive into the practical steps of setting up your bank feeds in QuickBooks Online. "3 Month One - Set up Bank Feeds" starts the process, providing the initial setup context. "325 Set Up Bank Feeds" covers the specifics of setting up bank feeds. "360 Download Transactions From Bank" guides you through downloading transactions. "365 Import Bank Data" shows you how to import these transactions successfully into QuickBooks Online.

Month One - Add Transactions from Bank Feeds

Here, you'll master adding transactions from bank feeds. We walk you through a comprehensive range of transaction types, including expenses ("370 Add Expense transactions"), capital expenditures ("375 Add Capital Expenditures"), inventory purchases ("380 Add Inventory Purchase"), investment payments ("385 Add Amount Paid for Investment"), owner withdrawals ("390 Add Owner Withdraws"), bank service charges ("395 Add Bank Service Charge"), customer deposits ("395 Add Customer Deposits"), sales tax ("400 Sales Tax"), owner deposits ("405 1 Deposit Owner"), and loan deposits ("405 Deposit Loan").

Month One – Bank Reconciliation

This section focuses on the crucial step of bank reconciliation, covering the process for the first month and explaining its importance. "5 Month One – Bank Reconciliation" provides context for the reconciliation. "407 Bank Reconciliation" provides detailed steps for completing your first month bank reconciliation.

Month One – Compare Cash basis to Accrual Basis Using Bank Feeds

Understand the differences between cash and accrual basis accounting. "6 Month One – Compare Cash basis to Accrual Basis Using Bank Feeds" sets the stage, and "410 Compare Cash to Accrual" illustrates practical application using bank feed data.

Month Two – Upload Bank Transactions

The second month's process is addressed in this section. "7 Month Two – Upload Bank Transactions" introduces the process, and "415 Upload Bank Transactions" shows you how to efficiently upload transactions for month two.

Month Two – Add Transactions from Bank Feeds

Continue the transaction addition process for month two. This section covers diverse scenarios, including adding expenses ("420 Add Expenses"), insurance transactions ("420 Add Insurance"), payroll checks ("425 Add Payroll Checks"), inventory ("430 Add Inventory"), loan payments ("430 Add Loan Payments"), draws ("435 Add Draw"), invoice reconciliation with bank feeds ("440 Invoice & Bank Feeds"), payment receipt reconciliation with bank feeds ("440 Receive Payments & Bank Feeds"), and sales receipts reconciliation with bank feeds ("445 Sales Receipt & Bank Feeds").

Month Two – Bank Reconciliation

The second month's bank reconciliation process is covered in this section. "9 Month Two – Bank Reconciliation" provides the overall context, and "450 Bank Reconciliation" guides you through the detailed steps.

Month Two – Analyze Reports

Learn how to analyze reports after completing the data entry. "10 Month Two – Analyze Reports" gives an overview, and "455 Reports After Second Month" shows you how to effectively interpret and utilize the generated reports.

Credit Card Bank Feeds

This section extends the bank feed concept to credit card accounts. "11 Credit Card Bank Feeds" introduces the topic, "460 Credit Card Bank Feeds Upload" shows how to upload credit card transactions, "465 Add Credit Card Bank Feed Data" covers the data entry, and "470 Reconcile Credit Card" covers credit card reconciliation.

Bank Feed Rules

Master the art of using bank feed rules to automate data entry. "12 Bank Feed Rules" gives an overview, while subsequent lectures cover various rules and techniques for simplifying your workflow. Specific rules explored include handling deposits from the same customer in different accounts ("475 Bank Rules Deposit Same Customer Different Account"), setting amount limits ("480 Bank Rules Amount Limit"), splitting transactions across two accounts ("485 Bank Rules Split Into Two Accounts"), handling a single vendor with transactions across multiple expense accounts ("490 Bank Rules One Vendor Two Expense Accounts"), and further advanced rules and techniques ("495 Bank Rules More Rules & Techniques").

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