that case, you would use the Equity account Draw” (or similar) instead of the bank account “Owner’s (Checking) for the deposit. Here’s what the register looks like: Tip# 21 Use Online Banking – Set up online banking and download transactions into QuickBooks. You can save a lot of time if you have many atm or electronic transactions that need to be entered manually as well as with deposits if you don’t track them by customer or use credit card clearing. Another benefit is knowing that your balance is accurate and keeping close track of transactions. “uncleared” Online banking CAN be tricky, and the set up varies somewhat from bank to bank, but it’s definitely worth figuring it out. To get started from the Banking Menu, select Online Banking - Set up account for online services You’ll then be prompted through the wizard which will help you select the account you want to set up, and associate the account with your bank’s online services. Once your accounts are set up, you can send and receive transactions straight from the Online Banking Center (most banks) Once the transactions are imported, QuickBooks will: Automatically match those that are already in your register Post transactions based on re-naming rules for transactions that have been posted to a certain name previously (example: Chevron atm, matched to Chevron vendor previously, will automatically post to Chevron) Display Unmatched transactions for you to post through this window if you wish
that case, you would use the Equity account “Owner’s Draw” (or similar) instead of the bank account (Checking) for the deposit. Here’s what the register looks like: Tip# 21 – Use Online Banking Set up online banking and download transactions into QuickBooks. You can save a lot of time if you have many atm or electronic transactions that need to be entered manually as well as with deposits if you don’t track them by customer or use credit card clearing. Another benefit is knowing that your balance is accurate and keeping close track of “uncleared” transactions. Online banking CAN be tricky, and the set up varies somewhat from bank to bank, but it’s definitely worth figuring it out. To get started from the Banking Menu, select Online Banking - Set up account for online services You’ll then be prompted through the wizard which will help you select the account you want to set up, and associate the account with your bank’s online services. Once your accounts are set up, you can send and receive transactions straight from the Online Banking Center (most banks) Once the transactions are imported, QuickBooks will: Automatically match those that are already in your register Post transactions based on re-naming rules for transactions that have been posted to a certain name previously (example: Chevron atm, matched to Chevron vendor previously, will automatically post to Chevron) Display Unmatched transactions for you to post through this window if you wish
Top-21-Tips-and-Tricks-E-Book.docx