Hi everyone, Bobbie Witt with Bookkeeping Confidential, here with you today. We are a full-service virtual bookkeeping firm here to help you bring profit to your business and eliminate the time and burden of bookkeeping from you. If you want to talk with me more, please feel free to call our toll-free number: 877-454-2249 or visit our website. Look at our resources page, our blog and you can always contact us. Today, we’re going to talk about QuickBooks, Bank accounts, and your Expenses (How to Connect QuickBooks to Bank Accounts).
Connect Quickbooks To Bank Accounts: Step-By-Step
If you haven’t already connected your bank and credit card accounts when you set up your QuickBooks, you can always do it very easily by clicking on connect account. In this sample data, this is already connected so we don’t need to worry about that today. Go back to your dashboard and once the bank imports you’ll get items to review and to what accounts you have set up over here.
Click on review. QuickBooks will categorize based on history. For Books By Bessie, it’s calling it uncategorized income but we don’t know that it’s not so we’re going to change that. It’s probably a refund or something they purchased. So, we’re going to put it to office expense then click add. It automatically goes into the register that you’re working with and in this case it’s the checking account. And, you can always go over here to go to register and it brings up your check register. And there you can see the Books by Bessie that I just put in there.
Go back to the dashboard. Let’s look at another one. And, for this one, notice it says match, one record found. That means the person has already done their work and entered the deposit. Now, the bank is seeing matches. Again, you can click on it. You can match it if you know this is correct. You can add it to make sure you know where it’s going, who it’s from, and you can record a transfer. In this case, we’re going to match it. As you can see here, there are quite a few matches; people pre-did the work.
Follow along with video below
Let’s go over to reports. Go down to your expenses and vendors, and then there’s also what you owe. Click on vendor balance detail. This is a good report because you can see your vendors and what’s owed by vendor. Another good report for your boss or whomever is writing checks is the unpaid bills report. These are all dates and you can hand this over to them so that they can do their budgeting for the payables that they may be working on this week. It shows you the unpaid bills, similar to vendor summary but in this instance it definitely is the unpaid bills.
Scroll down. Open purchase orders. There are many reports between what you and expenses and vendors that can give you a handle on your expenses and your spending to help you with your budgeting.
If you need anything else, please feel free to call us.