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Arif3
January 27, 2022
Question

Bank deposits

  • January 27, 2022
  • 1 reply
  • 0 views

Hi there, 

When we take data from the bank statements into excel (to upload in qbo later) 

do we put numbers as they appear in the bank statements or do we put the opposite. 

for example, if ‘deposits and other credits’ is $100, do we put $100 or -$100 into excel? 
 Thanks so much for your help

1 reply

Angelyn_T
Angelyn_T
January 27, 2022

Hi there, Dildo. I'm can share with you some information on how you can prepare your bank transactions before bringing them to QuickBooks.

 

Usually, you can prepare the numbers depending on what format you're using. QuickBooks Online (QBO) accepts the 3 column format and the 4 column format.

 

The 3 column format includes the Date, Description, and Amount column. Payments or expenses entries should be written in negative and income or deposits in positive numbers.

 

While 4 column format has a Date, Description, Credit, and Debit column. Payments or expenses are placed under the Credit column and income or deposits under the Debit column.

 

To learn more about the CSV formats, you can open this article: Format CSV files in Excel to get bank transactions into QuickBooks.

 

Once your file is ready, import it to QuickBooks manually.

 

When your transactions are in QuickBooks, it's time to match and categorize them. The transactions go into your accounts after you review them.

 

If you have any other questions about your banking transactions, let me know by adding a comment below. I'm more than happy to help. Have a good one!

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