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RFBSDot
March 1, 2021
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Can I run and use QB without linking the bank accounts?

  • March 1, 2021
  • 2 replies
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So, I've been using quickbooks since the beginning of January and I have to admit that I am really, really struggling to get my head around it. 

I'm finding it difficult to deal with the payments that don't match invoices, paypal payments, I'm having to exclude a lot of bank transactions because the amount deposited doesn't match the invoice and so on. 

 

I'm thinking that it might just be easier for me to do it all manually rather than linking through the bank accounts. Does anyone else do this? Does it work? 

 

Thanks in advance. 

 

Best answer by MJoy_D

I can provide some information with adding your transactions in QuickBooks Online (QBO), @RFBSDot.

 

Yes, adding your bank account to your QuickBooks Online (QBO) is optional. You'll just have to add all your income and expenses to your account manually. 

 

You can create invoices or sales receipts in recording your sales transactions. Choose to create an invoice for a deferred payment. Use sales receipt if payment was made on the spot. See this article for detailed guidance: Understand the difference between invoices, sales receipts, bills, and statements in QuickBooks Online.

 

To record your expenses, you can choose to add them by entering bills, cheque, or expense. You can create a bill if you'll pay it later. For expenses to be paid immediately or that have already been paid, use a cheque or expense depending on how you made the payment. Refer to this article for more information: What is the difference between bills, cheques, and expenses?.

 

Here's also an article for more information on how to categorise and match online bank transactions in QuickBooks Online.

 

Let me know if you need further help with adding your transactions and or anything else, by leaving a comment below. Take care and have a great rest of the day!

2 replies

MJoy_D
MJoy_DAnswer
March 1, 2021

I can provide some information with adding your transactions in QuickBooks Online (QBO), @RFBSDot.

 

Yes, adding your bank account to your QuickBooks Online (QBO) is optional. You'll just have to add all your income and expenses to your account manually. 

 

You can create invoices or sales receipts in recording your sales transactions. Choose to create an invoice for a deferred payment. Use sales receipt if payment was made on the spot. See this article for detailed guidance: Understand the difference between invoices, sales receipts, bills, and statements in QuickBooks Online.

 

To record your expenses, you can choose to add them by entering bills, cheque, or expense. You can create a bill if you'll pay it later. For expenses to be paid immediately or that have already been paid, use a cheque or expense depending on how you made the payment. Refer to this article for more information: What is the difference between bills, cheques, and expenses?.

 

Here's also an article for more information on how to categorise and match online bank transactions in QuickBooks Online.

 

Let me know if you need further help with adding your transactions and or anything else, by leaving a comment below. Take care and have a great rest of the day!

    R
    RFBSDotAuthor
    March 2, 2021

    Thanks for getting back to me, that's really helpful. 

    If I unlink the accounts, can I manually reset the opening bank balance for the start of the year, so I make sure that I can get everything on an even keel? 

    MaryLandT
    MaryLandT
    March 2, 2021

    You'll be glad to know that you can edit the opening balance of your bank account, RFBSDot.

     

    You can modify it through the Account history. And, here are the steps to follow:

     

    1. Go to Settings ⚙️, then select Chart of Accounts.
    2. Locate the account, then go to the Action column and select Account history.
    3. Find the opening balance entry.
    4. If you've got the Date column sorted from newest to oldest, the opening balance entry may be at the end of the list.
    5. Select the opening balance entry.
    6. Edit the amount. Tip: If you're not able to edit the amount directly on this screen, in some cases you can edit by selecting the Edit ✎ icon.
    7. Click Save. 
    8. Your change will not be saved if you navigate away from the register without saving.

    If there isn't already an opening balance listed and you want to enter one, see How to enter an opening balance for an existing account.

     

    If you're trying to edit an opening balance when reconciling an account in QuickBooks Online with your bank or credit card statement, see Fix an opening balance to match a bank statement.

     

    Keep me posted if there's anything else I can help you with today. Just tag my name, and I'll get back to you.

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