How to Manually Enter Banking Transactions in QuickBooks Online

Author : samohay
Publish Date : 2020-08-13 08:56:55


How to Manually Enter Banking Transactions in QuickBooks Online

Hey, Samohay is here. In this tutorial i am going to cover how to manually enter banking transactions in QuickBooks online to follow along with me login to your QuickBooks online account now.

Let's get started the most efficient way to import your banking transactions into QuickBooks is by automatically connecting your bank account to QuickBooks or importing your banking transactions from an excel csv file click here to view instructions on how to import your banking transactions.

If you are unable to do this because your financial institution is a smaller bank that does not offer either of these options you will need to manually enter your banking transactions into QuickBooks before you can manually enter your making transactions into QuickBooks you need to setup the bank account to start navigate to the chart of accounts list by clicking on the gear icon located to the left of your company name below the your company column.

Select chart of accounts the chart of accounts will display on this screen we want to go ahead and click the new button over to the right and these are the fields that we need to complete to set up a new account category type all checking money market and savings accounts that you connect to QuickBooks will fall into the bank category here detail type this field allows you to select the type of bank account that you are setting up.

But will go ahead and select checking our options here our cash on hand checking money market rent held for trust savings and trust account in the name field this is how it's going to display the name of the account in QuickBooks I recommend that when you indicate the name here in this field you want to include the last four digits of the account number as well this will help you to easily distinguish accounts when writing checks and reconciling and we will copy this name information also to the description field the balance field is probably the most important field in this setup be sure that you have a copy of your bank statement handy in order for you to successfully reconcile your bank accounts.

 

You need to indicate the ending balance on your bank statement here the bank statement that you use will be determined by the date that you start using QuickBooks for example if you start using QuickBooks as of January 1st then you want to use an ending balance on your December bank statements when you set up your bank account in QuickBooks the as of date is going to have the same date as the bank statement that you used for the balance information once you have verified all the information is accurate you want to go ahead and save and close.

Once we do that the new account will appear on the chart of accounts list on the next screen now that we're back at our chart of accounts here is the account that we just set up and we want to go ahead and take a look at the check register so click the blue link to the far right that says view register there are several fields of information in this screen that we need to enter when we enter a manual transaction into QuickBooks so the first field here is the bank register field from here.

If you click the drop-down you can determine what bank account you are in so determine what bank account that you want to actually wipe the cheque from or enter a transaction from this view you want to be able to select the account that you want to enter the transaction from the ending balance is the current balance of the bank account when you create a check and QuickBooks the bank account balance is immediately updated regardless of whether or not you have printed to check in the reconciling bank accounts lesson.

We will walk through step by step to show you how to reconcile bank accounts in QuickBooks the date field is going to be the date of the transactions or for example the check date or the deposit date the reference number and type field is going to have a reference number such as a check number and then the transaction type will be right below that so for example check transfer or deposit the payee and count field for withdrawals this field will include the payee and the expense account the purchase was categorized to four deposits this field will include the customer the payment was received from along with the income account.

It was categorized - typically in the memo field you would include some additional information about the transaction for example August rent or an account number you want to enter the amount paid in the payment field if applicable or you want to enter the deposit amount in the deposit field if that's applicable the balance field is the running balance that is automatically updated after each transaction to enter a banking transaction we want to go ahead and click on the drop down arrow to the right of add check and select from the following transaction types.

We will go ahead and enter a check for paul's plumbing here so we'll select the transaction date and the reference number will be the check number we'll select our payee as plumbing supplies our US and the memo field will indicate what we purchased payment field will indicate the amount that we pay for the purchase in the field right below the payee field this is the account that we want to categorize this expense to and once we have entered all the information we can go ahead and save our changes if you do need to make changes to a transaction that was previously entered into the check register.

We can easily do that if we go back to our chart of accounts and then from the chart of accounts we want to go ahead and click on the view register and the far right column next to the bank account once we are in the register we need to locate the transaction that we want to make changes to and you simply just click in that area of the transaction and it will activate all the fields that we can edit so you can make any necessary changes that you need to and then go ahead and save.



Category : general

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