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Deadwood Al
March 21, 2024
Question

Importing credit card statements / data

  • March 21, 2024
  • 1 reply
  • 0 views

Pro+ moving to Enterprise soon

I have been looking for help documentation on importing credit card statements and data, and the QB Help system isn't really "helping" ... probably because I don't know the specific words the help system designers used to search by.

 

We used First Interstate (if that matters) and they have instructions on "How to manually import your transactions", that include 

  * select your statement or group of transactions

  * the transactions will be downloaded as a .qbo file. You will find this file on your desktop or in the downloads folder.

  * simply double-click the file and QB will automatically open to import your transactions.

 

Unfortunately, I can't find what QB says will happen to this imported file:

  ? where does it go

  ? are any GL accounts impacted?  Which ones?

I would assume that I would need to deal with each transaction imported to assign the GL that should be hit based on the transaction, and the total of all transactions should be posted to a liability for the amount due to the credit card company/bank. Yes? Does that mean that NO GL account was affected by the import to begin with, or do my assignments also need to un-do what was done on import?

 

Where do I find some documentation on this process and what QB does with the data imported?  Help!!

 

In addition to responses from QB / Intuit staff, I'd really like to hear from some users of QB with "real world" experience in this.

 

Thanks in advance.

1 reply

D
DebSheenD
March 21, 2024

I understand your confusion, @Deadwood Al. Let me help you share information about importing credit card statement in QuickBooks Desktop (QBDT).

 

When importing transactions using  .QBO file, that goes to banking areas. Once done, you can categorize or match transactions and check the accounts affected and it will affect to GL account after matching or categorizing it to banking.

 

I'll also share steps on how you you can download bank transaction in QBDT.

 

Here's how:

If you're using QuickBooks Desktop

  1. Go to Banking.
  2. Select Bank Feeds then select Banking Center.
  3. Find your bank and select Download Transactions. This opens a browser window to your bank's website.
  4. Sign in to your bank's website to download the Web Connect file.

If you're outside of QuickBooks Desktop

  1. Open a web browser and go to your bank’s website.
  2. Sign into your bank account using your normal process.
  3. Download your transactions as a QuickBooks Web Connect (.qbo) file

 

Furthermore, to help you organize your accounts and ensure these match your bank, you can categorize and match these entries.

 

 In addition, you may visit this article to review your banking transaction before the reconciliation process: Fix issues when you're reconciling in QuickBooks Desktop

 

Don't hesitate to post again here if you have other questions or concerns when managing your accounts. I'm always around and happy to help. Take care and stay safe!

D
Deadwood AlAuthor
March 26, 2024

Now that I've had a little chance to review some of the links, I think either I asked the wrong question or I wasn't very clear.

 

When we receive our credit card statements monthly, my predecessor would download the data from our bank (Mastercard handled thru First Interstate). I was not talking about people paying us, I was talking about our employees using their credit cards throughout the month. The are turning in their receipts and when we get the statements we match up the receipts to verify all receipts are present and we download the data from the bank/card carrier. We will subsequently code these transactions to an appropriate GL expense (usually) or other account.

 

What I was asking was 

   *   When we download the data and import it into QB, were does it go? I don't know if it goes into a default holding GL account or if it just sits in "limbo" someplace waiting for us to do the coding and offset the coding with the appropriate offset (a liability).

   *   Where oh where do I find any QB documentation and/or help screens on this process? I can't find any, and that means either QB hasn't prepared any OR I don't know the right words or phrases to use to clarify what I am looking for.

 

We are not using the QB credit card process as I haven't really found much instructional documentation on that yet either, and I'm not sure how we would do that (enter cc charges) from people randomly using there cards and we don't really know about them until around when the statement arrives anyway. If there are any good books or documentation on the recommended process for QB credit card processing, please let me know.

 

Hope this helps clarify what I was asking for.  ??

 

R
Rasa-LilaM
March 26, 2024

Thank you for coming back to the Community, Deadwood Al. 

 

Knowing where your downloaded transactions go is vital for any business. This simplifies tracking and ensures the entries in QuickBooks Desktop (QBDT) match with the actual bank transactions. I'm here to provide clarity on how the program handles imported transactions and help you locate your downloaded data. 

 

 After importing your transactions, you'll be directed to the Bank Feeds Center. The downloaded entries will be shown in the Transactions List (Express Mode), Match Transaction (Classic Mode)screen, and Bank Feeds (Advanced Mode) screen, where you can review them. 

Once you have your electronic account statement, make sure to match the transactions with the ones in QBDT. This way, you can identify the entries processed by your Financial Institution (FI) and those that are yet to clear the bank.

 

The method will vary depending on the banking mode specified in your Checking preference. Check out this article for in-depth information to carry out the task in each banking mode, visit the Review and match transactions section found in this article: Add and match Bank Feed transactions in QuickBooks Desktop.

 

Next, head to the register to see the entries added to your company file. Here's how:

 

  1. In QBDT, tap the Lists menu at the top and choose Chart of Accounts. 
  2. This will open a page that shows the list of accounts.
  3. From there, look for the credit card account and double-click on it to see more details.
  4. Review the information recorded in your register, especially your imported entries. 

We have online resources to help you keep your entries organized, handle online banking tasks, and link an account to the bank feed. Explore the links below for the complete information:

 

 

Regarding your concern about credit card processing, see this guide for in-depth information: Set up, use, and pay credit card accounts. It covers essential topics including adding an account, entering credit card charges, making payments, and recording finance charges.

 

If you come across any import problems or need to gather log files to pinpoint the reason for online connection failure, browse through these guides for detailed troubleshooting steps:

 

Keep me posted if you have additional questions about managing imported transactions and other product-related concerns. I'll be delighted to lend a helping hand. Have a good one, Deadwood Al.

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