Perhaps one of the biggest benefits I see in Quickbooks is updating bank and entering details in Quickbooks having downloaded bank transactions, saving input time, and that it also guesses what entries are for.  The process is as follows:

  • From the Left hand navigation select Transactions Banking
  • This will show details of any bank accounts you have linked
  • Click on Update in the top right hand corner
  • If this is the first time you have used this option it will ask for some security information, otherwise just upload the latest transactions immediately (except for Barclays which asks for additional security each time
  • This will populate the New Transactions tab with all the new entries, and each one will have a button depending on it’s status
  • To look at any entry in more detail just click on the relevant row for the entry which will expand the details
  • Match – this means that Quickbooks has found an entry already made and has assumed that it relates to this one from the bank.  Check that it is right particularly looking at the date as it may match an entry to the wrong month if it is a regular amount
  • Add – this means you can tell Quickbooks what to do with the entry:
  • For income most of the entries are hopefully sales and if you have already entered the invoice, click to open the entry, click the match button and it will show the possible matches.  Click on the relevant one then the Add button
  • For payments it will identify any regular payees (eg Amazon) and guess the category (eg Computer costs), if it correct, just click to Add
  • Some it will not be able to guess (for the first time at least), so you will need to change the category from “uncategorised” to the relevant cost for your business and then Add

This process takes alot of effort out of keeping the books up to date, and automates some of the process too which is a great time and energy saver, and one of the biggest benefits of the software.  Alastair Wood is a Quickbooks Quickbooks ProAdvisor2Certified ProAdvisor and these posts are intended as assitance and reminders on how to use the online system.  There is also a useful help function in the software aswell as numerous resources online, but if you are uncertain please ask.  This information is based on the product as it was presented when the article was written.  If you would like advice in this or other areas feel free to call.  Alastair Wood, AW Accounting, Gravesend, Kent – Accountants who “speak your language”