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nitsujayyy
November 21, 2024
Question

Quickbooks Bank Feeds Checking account and Credit Card

  • November 21, 2024
  • 2 replies
  • 0 views

Hi all

 

So for setting up bank feeds and etc, I know how to do. Question is how do I start reconciliating all of it. I can link Bank and Credit card.

Bank is easy, I can link with credit card. I have a third party app which imports sales for me. Some transactions are self explanatory, but at times if there's a discount and it's posted a later date, how can I clear it? Sometimes even if I do it shows negative on my customers even thought it's cleared.

 

Credit Card, how would I record this? Is it the same bank,  but instead of a asset it will be liability. Some credit card payments for example shipping can be billed monthly. Some expenses in there are not tied to the business, so how can I clear it even if there's a partial amount?

2 replies

A
ArielI
November 21, 2024

Let me help you with reconciling your bank and credit card transactions in QuickBooks.

 

Regarding your concern about the discount posted at a later date, please record the discount in QuickBooks DT on the date it was processed. When the discount clears later, the customer can mark it as cleared on the actual clearing date. This can be done by either matching downloaded transactions or manually.

 

As for reconciliation, if the posting or clearing date falls within the next statement period, please include it when you reconcile during that subsequent period.

 

For the expenses that are not tied to the business but were paid using business credit cards, these still need to be recorded as they will appear on the credit card statement. You can clear these by recording the amounts accordingly, even if there's a partial amount involved.

 

Moreover, with credit card payments, simply record the payments as they occur, whether partial or full. For more detailed guidance, please check the Setup, use, and pay credit card accounts section of this article: Set up, use, and pay credit card accounts.

 

Finally, when reconciling credit card transactions, ensure that all expenses and payments are recorded as they appear on the actual statements.

 

In addition, I've attached some articles you may find relevant in managing your banking data in QuickBooks Desktop:

 

 

Let us know if you have further questions about reconciling transactions in QBDT. We'll be right here to help you anytime.

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nitsujayyyAuthor
November 21, 2024

Is there any online tutoring to help go over these items or specific cases?

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RheaMaeH
November 21, 2024

Thank you for your follow-up question about getting additional help with QuickBooks Desktop reconciliation, nitsujayyy. We understand you're facing some challenges with bank feeds, credit card management, and handling complex transactions. It's great you've already set up your bank feeds and linked your accounts. Allow me to share insight on these relevant details.

 

Yes, there are several resources available for online tutoring and training specifically tailored to QuickBooks Desktop and accounting practices. We recommend subscribing to QuickBooks Training, where our team of knowledgeable instructors is ready to provide detailed guidance on your specific issues. Additionally, the QBDT Help page offers a wealth of tips and video tutorials to assist you in effectively managing your account.

 

For specific guidance on managing Bank Feeds in QuickBooks Desktop, refer to our comprehensive guide: How to manage your Bank Feeds in QuickBooks Desktop. This resource provides step-by-step instructions to help you navigate this feature more efficiently.

 

To enhance your understanding of account reconciliation, we suggest watching the instructional videos in our article: Reconcile an account in QuickBooks Desktop. These videos offer visual demonstrations of the reconciliation process, which can be particularly helpful for complex transactions.

 

We hope these resources prove helpful in addressing your QuickBooks Desktop reconciliation. Remember, our support team is always here to assist you with further questions or concerns. Your success with QuickBooks is our priority, and we're committed to providing you with the tools and knowledge you need to manage your finances effectively.

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