SAVE TIME & MONEY WITH BANK FEEDS

SITUATION:  The Bank Feeds in both QBO and QBD (Desktop) download the same information you get on your bank statement.  These generally are:
Date
Number
Description
Amount

QuickBooks will assign these to:
Date
Number
MEMO (not name)
Amount

PROBLEM:
QBO and QBD relies on NAMES, not MEMOS to organize Vendor, Customer, Employee, and Other (as you have created) transactions.

When you accept a transaction without filling in/populating the PAYEE field, you are leaving out a NAME.  If you go back to verify you paid Vendor X  for an invoice based on accepting the bank feed, you may not see it.

SOLUTION:
With every payment transaction, ALWAYS fill in the PAYEE  field before accepting the transaction.

  1. You usually see the Payee Name in the Memo Line.  Type that in the PAYEE  field.
  2. Click on the Rules Tab, and make a rule to make accepting bank fees more smoothly.

QBO & QBD will gradually develop a set of Rules  for how to auto-fill the payee field.  If you don’t monitor it, you might find all your transactions going to Payee: Wendy’s  Account:  Pool Supplies.  Make rules such as:
If Memo Contains “Sunoco”
Set Payee to “Sunoco”
…you will not have 40 Sunoco Vendors (Sunoco 4567, Sunoco 4609, Sunoco 1590, etc.).  Rules, that is another blog post to come.

SAVINGS AND BENEFITS:
Savings – you will not have to pay ABC hourly rates (ABC = Accountants, Bookkeepers, and CPAs) to enter in all the names so they can do any type of research or analysis.
Benefits – you will develop a system of rules so that your bank feeds will be properly accounted for in QB.

PREVENTION:
QBD
-Go into Reports/ Custom/ Transaction and run a report for ALL dates
-Look in all Bank and Credit Card accounts
-If the NAME field is blank, open the transaction and choose a name of a vendor, customer, employee, or other.
-Save and Close the transaction

QBO
-Run a “Transaction by Date” report for ALL dates.
-Look in all Bank and Credit Card accounts.
-If the NAME field is blank, open the transaction and choose a name of a vendor, customer, employee, or other.
-Save and Close the transaction