How banks work


Online Banking with QuickBooks - Ten Tips for Success

Online banking with QuickBooks is a great waydates, you will download transactions twice,
to enter transactions and keep tabs on allcreating unmatchable transactions.6. Match
activity in bank and credit card accounts. Itand/or enter transactions correctly. For
is especially useful if you use an ATM cardexample, if you previously invoiced a
or credit card often and don’t want tocustomer, and are now trying to enter their
take the time to manually enter eachpayment as an individual deposit via your
individual purchase. Frequent, even daily,online banking session, make sure you use the
downloads will help keep your account“Receive Payments” option when
balances current and accurate inentering the payment into QuickBooks. This
QuickBooks.In order for this feature to workwill record that your customer no longer owes
efficiently for you, it is important to learnthat money. Similarly, if you previously
how online banking with QuickBooks works. Ifentered a bill to be paid, and are now
you understand how it works, you can avoidrecording the check written for it via your
problems later. Follow these tips to makeonline banking session, make sure you use the
certain that each QuickBooks online banking“Pay Bills” option. This will
session goes smoothly:1. Correct set-up. Whenrecord that you no longer owe the vendor the
entering account information for the firstmoney. In both of these examples the
time, do not include dashes or spaces in anytransaction should have been assigned the
box that asks for the account or routing“Unmatched” status initially. If
number. They will “confuse” thethe transaction was assigned the
program, and you will have to remove them“Matched” status, do nothing. It
before continuing.2. Make a backup.means you already recorded it correctly in
Don’t neglect this step, particularlyQuickBooks.7. Add all information. When
if you are new to the online banking process.adding any type of transaction to the
Backup the file immediately beforeregister, make certain you enter all
downloading. This ensures that if you wind upinformation: the correct payee, date, and
with a lot of work to clean up, you cancheck number. This is true no matter which
instead restore the backup.3. Download beforeoption you select for adding it: the Add to
reconciling. One problem QuickBooks usersRegister, the Pay Bills, or any other option.
encounter is to find that there are unmatchedNeglecting to add any of this information may
transactions in the Online Banking Centerresult in a transaction remaining
that were previously entered into QuickBooksunmatched.8. Be careful about deleting the
and then reconciled. QuickBooks will notQuickStatement. If the QuickStatement gets
match a downloaded transaction to afilled with unmatchable transactions, you can
reconciled one, even if it is the samesimply delete it, and this is very handy.
transaction. Reduce the likelihood of thisHowever, before you ever delete one, make
happening by downloading immediately beforeabsolutely certain that every transaction
you reconcile.4. Understand your connection.that can be matched, is matched. If matchable
There are two ways QuickBooks downloadstransactions remain on a deleted
transactions: either through a directQuickStatement, you will probably have to
connection, or a “web-connect.” Aenter them manually.9. Upgrade before sunset.
direct connection asks for your password,Intuit cannot support its products forever.
then downloads transactions directly, withoutOnce your version of QuickBooks is sunsetted,
using the QuickBooks internal web browser. Aonline features are no longer available. To
“web-connect” opens thekeep online banking flowing smoothly, make
QuickBooks web browser, then takes you to thesure you upgrade your software before
financial institution’s website. Signit’s sunsetted.10. It can’t do
in to your account, navigate to the accounteverything. Intuit has done an excellent job
you wish to download, then find a link thatcreating a great program, but like anything
says something like, “Downloadelse in life, online banking with QuickBooks
transactions.” Follow the instructionssimply cannot do every single thing that
to complete the download.5. Correct dates forevery single business owner needs. You may
download. If your financial institution useshave a unique need, requiring a unique
the “web-connect” describedwork-around. Contact an experienced
above, it may or may not keep track of theQuickBooks professional who can develop an
last date you downloaded. If yours does not,acceptable alternative for you.Follow these
keep a log somewhere of each and every dateten steps to make each online banking session
you download; refer to it each time before awith QuickBooks the time saver it was
new download. If you accidentally overlapdesigned to be.



1 A B C D 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103