12/29/16 Bank Feeds

12/29/16 QBOchat

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QBOchat
Thu, Dec 29 2016 21:03:58

12/29/16 QBOchat

Bank Feeds

  1. It’s just about time for @QBOchat ! Last One of 2016! Join in! #QBOChat
  2. Welcome everyone to #QBOchat. Please introduce yourselves to the group -> Name, location & name of biz.
  3. Hi everyone! Alexis here with ClockShark from Albuquerque! Happy New Year!
    #qbochat
  4. #QBOchat is a weekly tweetchat about QuickBooks Online, the best in class accounting platform for #smallbiz
  5. Each week #QBOchat has a topic to guide our conversation. We’ll start posting questions at 3:10PM ET/12:10PM PT.
  6. Today we will be chatting about the #QuickBooks Online bank feed. #QBOchat
  7. Valerie, Product Specialist from Intuit here! Cannot wait to talk about QBO bank feeds! #QBOChat
  8. @QBOchat Alan from Avalara checking in! Good to be backโ€”I hope everyone had a splendid holiday! #qbochat
  9. Kelly with TSheets checking in — tweeting from Idaho! Glad to be at #QBOChat today!
  10. @tsheets Thanks for joining us!! How is the baby coming along? #qbochat
  11. Last #QBOchat of 2016, but the first for @Aura_CPQ! This is Matt from Verenia, checking in. Based in Chicago, currently in Austin, TX.
  12. @QBOchat Hey Cathy! All is calm, all is bright…oh wait, Christmas is over :'( #qbochat
  13. @QBOchat Hi Cathy! We’re always glad to be here! ๐Ÿ™‚ Baby is growing nicely – found out last week it’s a boy! #qbochat
  14. Hello from Houston. Been awhile since I’ve checked in – good to see yall! #qbochat
  15. Let’s keep the intros coming while I throw out a few #SponsorShoutouts. #qbochat
  16. @tsheets What! Must have missed that! Congrats Kelly, that’s so wonderful! #qbochat
  17. already checked in, but forgot to say its @balsamway from beautiful Vancouver Island, Canada !!!!! grey skies and green grass!
    #qbochat
  18. @QBOchat, sure is, glad to be here! Rookie move, didn’t tag the parent co! @VereniaCPQ.
  19. @tsheets Missing the Christmas season like…but yes, I love New Years! #QBOchat pic.twitter.com/fExgB1h614
  20. Wait, which Kelly from TSheets are you @tsheets? That’s awesome news! Congrats! #QBOChat
  21. Hello @avalara – Working on a new project with you. We’re gonna be good friends!
    #qbochat
  22. The first question is right around the corner, remember to use A1, A2, etc when answering a question. #QBOchat
  23. @SherrellTMartin congrats – I left message for Jessica yesterday never heard backs she must be still enjoy holidays
    #qbochat
  24. @vheckman Haha not K-Bistriceanu-it’s Kelly Brown (I run TSheets social)! Thanks! ๐Ÿ™‚ We have a few babies on the way at TSheets! #qbochat
  25. @AmyWalkerCPA Oh awesome! If there’s any way I can help support via social, send an email to social@avalara.com and I’ll follow up! #qbochat
  26. @tsheets @vheckman Thanks for clarifying- I bet there are T-Sheets onesies ready for it! #qbochat
  27. A1: I start with Feed and do all bank fees first, check to see if rule applies then set to auto-add #qbochat
  28. A1. Connect an account from the homepage or go to Transactions> Banking to add an account! #qbochat
  29. Hey Everyone! Multi-tasking today seeing the latest from @Qvinci while keeping 1/2 an eye on #QBOChat!
  30. A1: I only autoadd those that wouldn’t have receipt or import from @ReceiptBank or @Hubdoc
    #qbochat
  31. A1 Match the bank feed to the right account in the COA and watch the magic happen #qbochat
  32. A1: set a rule for all cheques to go to *.* Accounts Payable so they don’t grab last payee (that makes me nuts) ok already nuts!
    #qbochat
  33. Q2: What is the difference between matching a transaction in #QuickBooks Online versus adding a transaction? #QBOchat
  34. Greeting to #QBOChat from Brent Blackburn here in Utah, owner of Biz Books Cloud LLC #learylate #qbochat
  35. Q2: Matching means already added to QBO, adding a transaction is from feed means its new no detail provided to me yet
    #qbochat
  36. RT @QBOchat Q2: What is the difference between matching a transaction in #QuickBooks Online versus adding a transaction? #QBOchat
  37. @BizBooksCloud Hi Brent!! Glad you’re at the chat this week! ๐Ÿ™‚ #qbochat
  38. A1. Search for financial institution,use user id/ password to connect, choose #days of transactions to bring in (90 is default). #qbochat
  39. @BizBooksCloud Welcome Brent! Hope you had a magnificent holiday! #qbochat
  40. Side question – what are some of the most common errors you see in the bank feeds? #qbochat
  41. A2. Matching matches to a transaction already in QuickBooks. Add will add to the books! #qbochat
  42. A1: @vheckman I assumed the bank was already connected when i answered
    #qbochat
  43. Matching a transaction occurs after you have put the transaction in QBO already and then you match it once it clears and downloads #qbochat
  44. Q3: side question errors is matching to wrong transaction because amounts the same with vendor (wrong dates) #qbochat
  45. A2 :adding a transation occurs when you have not already entered it. so you are entering it from the feed
    #qbochat
  46. @QBOchat Inexperienced users matching transactions to incorrect item in registers. Especially with recurring fees.
  47. RT @QBOchat Side question – what are some of the most common errors you see in the bank feeds? #qbochat
  48. RT @vheckman A2. Matching matches to a transaction already in QuickBooks. Add will add to the books! #qbochat
  49. One common error I see: client changes password at the bank but doesn’t update in QB. Click pencil on the card to edit info. #qbochat
  50. Side answer: Most common error is adding deposits after payment received because received payment went to undeposited funds #qbochat
  51. @CathyIconis I love all you do for the betterment of people in our industry. I hope 2017 proves to be amazing for you, my friend #qbochat
  52. Side answer part 2 – if the payment when to undeposited funds you have to got to Bank Deposit to get it into the cash account #qbochat
  53. Q3: How do you match a deposit to an invoice in #QuickBooks Online? #QBOchat
  54. RT @vheckman One common error: client changes password at the bank but doesn’t update in QB. Click pencil .. to edit info. #qbochat
  55. It took some digging, but I found the @Tsheets shirt I got for my 2nd baby. #tsheetsbaby #QBOchat https://t.co/dBKkjTKmsm

    It took some digging, but I found the @tsheets shirt I got for my 2nd baby. #tsheetsbaby #QBOchat pic.twitter.com/dBKkjTKmsm
  56. Bit of advice for connection errors before calling support: click “update”, check to see if you can log into bank website. #qbochat
  57. A3: For deposits with merch fees, click on the assoc deposit, post the diff to the expense acct. Think Shopify. #QBOchat
  58. @QBOchat @tsheets Oh my goodness!! I can’t even handle all of that cuteness! <3 #qbochat
  59. RT @vheckman Bit of advice for connection errors b4 calling support: click “update”, check to see if u can log into bank website. #qbochat
  60. @vheckman Good point! You might have to enter a security answer or something! #qbochat
  61. A3: @AmyWalkerCPA do you mean where a fee has been deducted at source of payment? didn’t think of that – thanks for tip #qbochat
  62. @QBOchat @tsheets Oh man, that’s crazy adorable! I’m gonna have to look into whether or not we’ve got Avalara orange baby shirts… #qbochat
  63. A3: way #1 as long as the amount is exact it should aut match in the feed #qbochat
  64. @AmyWalkerCPA Good point, I like how the @PayPal connection will finally pull that fee in separately. #qbochat
  65. A3: we don’t have paypal connection in Canada yet ๐Ÿ™
    #qbochat
  66. @avalara @tsheets You should!! I really just get stuff for my kids, so any swag for kids would probably be welcome by all. #qbochat
  67. A3: way #2: go to Receive Payments & record the pymt; be sure deposit account is cash account; go back to feed & it should match #qbochat
  68. Q4: How do you manually add transactions to #QuickBooks Online? #QBOchat
  69. @QBOchat – Paypal is an ugly thing. I enter a invoice, then code all received to accts rec and then apply payments. its cleaner #qbochat
  70. A4. Assign category, click to expand details if you want to add customer, mark billable, assign class/loc, or split. Then “Add” #qbochat
  71. A4: post everything from the feed. just be sure to watch the account # for transfers and dates for multiple trans with same amt #qbochat
  72. p.s. I am assuming you mean through the bank feed, yes? #qbochat
  73. @QBOchat – to clarify I only enter 1 invoice for month from paypal summary. I don’t have any clients with paypal with inventory
    #qbochat
  74. @vheckman or also manually adding the .qbo file if you can’t connect to the bank #qbochat
  75. A4: If I have a lot of old transactions, I download to a .csv and use a great converter from @propersoft to upload thru bank feeds. #qbochat
  76. @balsamway Paypal is a bear to deal with. I remind people all the time it was built for consumers not biz owners #qbochat
  77. RT @vheckman A4. Assign category, click to expand details …add customer, mark billable, assign class/loc, or split. Then “Add” #qbochat
  78. @AmyWalkerCPA If it’s a CSV what does the converter do? or does the converter convert it to a CSV? #qbochat
  79. @AmyWalkerCPA You could also get the .csv data from Hubdoc, right? Just might not be as far back. #qbochat
  80. A4. Gotcha! Can upload csv, .qbo, .qfx or .ofx files. Update> File Upload in upper right of banking page #qbochat
  81. Q5: What are #QuickBooks Online bank rules and how do you use them? #QBOchat
  82. @schultetonya – woot woot was just about to send a “calling Schulte & Schulte” where are you ?
    #qbochat
  83. @SherrellTMartin Thanks! Good to see you my construction accounting friend! ๐Ÿ˜€ #qbochat
  84. A5. Rules are a way of fine-tuning QuickBooks suggestions/ memorizing how you want a transaction treated. #qbochat
  85. @balsamway Ah, thanks! I was trying to clean up some @Hubdoc stuff and let time get away from me. #qbochat
  86. @schultetonya Hiiya Tonya! Welcome! Hope you had a wonderful holiday! ๐Ÿ˜€ #qbochat
  87. A5 Rules also make it possible to code a vendor to different accoun t depending on things like amount, etc #qbochat
  88. Rules help you control how a transaction gets recorded through the bank feed #qbochat
  89. A5: Yep – what @vheckman said ! Agreed couldn’t say it any better! and great way to find missing detail from client
    #qbochat
  90. A5. When you create a rule, you set conditions. Example: Money Out, Contains Shell, Less than $50 :: Travel: Gasoline Expense #qbochat
  91. like a restaurant bill under $10 goes to owner draw RT @QBOchat @BizBooksCloud What is a common rule that you setup? #qbochat
  92. @avalara Thank you! Hope the same for you as well! Our holiday was quiet – which was NICE! #qbochat
  93. A5 Bank rules are ok for our clients, but we don’t use them a ton – too many variables on the AP side. More use them for deposits. #qbochat
  94. A5. Also set rules to leave uncategorized in the feed, instead of QB suggestion. Amazon, etc. might be different each time. #qbochat
  95. RT @vheckman A5. When you create a rule, you set conditions. Ex: Money Out, Contains Shell, Less than $50: Travel: Gasoline Expense #qbochat
  96. @vheckman What do you mean by leave uncategorized in the feed? #qbochat
  97. That is a new one on me too RT @QBOchat @vheckman What do you mean by leave uncategorized in the feed? #qbochat
  98. @vheckman– I do this for every client. Prevents confusion & mistakes. @QBOchat #qbochat
  99. A5. I LOVE catch-all rules. Example: Money Out, Contains Marriott OR Hilton OR Hyatt :: Travel: Hotel Expense. #qbochat
  100. RT @vheckman A5. Also set rules to leave uncategorized in the feed, instead of QB suggestion. . #qbochat
  101. @QBOchat @vheckman Let me try to take a screenshot for uncategorized. Hang on. #qbochat
  102. Q6: How can you fix an error that was made during processing the bank feed in #QuickBooks Online? #QBOchat
  103. RT @vheckman A5. I LOVE catch-all rules. Example: Money Out, Contains Marriott OR Hilton OR Hyatt :: Travel: Hotel Expense. #qbochat
  104. @expensify My husband got five days off from his corporation! I just took Monday (and still ended up fielding one client call! LOL #qbochat
  105. RT @QBOchat Q6: How can you fix an error that was made during processing the bank feed in #QuickBooks Online? #QBOchat
  106. SideComment: I just figured out that the order of the accts in bank feeds can be changed from the home screen. <3 @QBOchat #qbochat
  107. We use the heck out of QBO rules. Definitely makes the back end faster! #qbochat
  108. @schultetonya @QBOchat The order they’re listed across the top in the bank feeds. I like most important/used accts first in line.
  109. A6: you can go to the In Quickbooks tab in the feed and select Undo #qbochat
  110. Q6 if you applied a payment you can simply go to the transaction and “unmatch” #qbochat
  111. Q7: What do you do if your bank feed isn’t updating in #QuickBooks Online? #QBOchat
  112. RT @jonalynsullivan Q6 if you applied a payment you can simply go to the transaction and “unmatch” #qbochat
  113. @QBOchat Doing this will prevent QB from suggesting a category each time. It's "techincally" a rule #qbochat https://t.co/yKNnKsZlAw

    @QBOchat Doing this will prevent QB from suggesting a category each time. It’s “techincally” a rule #qbochat pic.twitter.com/yKNnKsZlAw
  114. yes! RT @AmyWalkerCPA: I just figured out that the order of the accts in bank feeds can be changed from the home screen. <3 #qbochat
  115. @vheckman Nice!! What is the easiest way to add bank rules to a QBO account? #qbochat
  116. RT @QBOchat Q7: What do you do if your bank feed isn’t updating in #QuickBooks Online? #QBOchat
  117. COOL, HAD NEVER SEEN THAT RT @vheckman @QBOchat Doing this will prevent QB from suggesting a category #qbochat https://t.co/XpC2bYzyaI

    COOL, HAD NEVER SEEN THAT RT @vheckman @QBOchat Doing this will prevent QB from suggesting a category #qbochat pic.twitter.com/XpC2bYzyaI
  118. A7: click the update button – top right corner of screen #qbochat
  119. oops, sorry for screaming that, I am not a raving lunatic ๐Ÿ™‚ #qbochat
  120. Update> Manage Rules RT @QBOchat: @vheckman Nice!! What is the easiest way to add bank rules to a QBO account? #qbochat
  121. Another fun thing about rules: You can export them & import them into another company! In manage rules, dropdown next to new rule. #qbochat
  122. Q8: How can you use #QuickBooks Online recurring transactions to help save time coding transactions? #QBOchat
  123. Still, I don’t go around screaming things ๐Ÿ™‚ RT @SherrellTMartin @BizBooksCloud hahaha I would say you are a #qbo raving fan #qbochat
  124. @vheckman I wonder if people are sharing their templates yet. ๐Ÿ˜‰ #qbochat
  125. I am happy I am getting everyone yelling today ๐Ÿ™‚ #qbochat
  126. @vheckman I tried that but it didn’t seem to do alot if banks are different with their detail. #qbochat
  127. You all know about “Show Bank Details”, right. Click the “baby” gear in the bank feed. Changes QB description to bank’s. #qbochat
  128. cont… Love this when comparing bank feed to bank website/statement, especially. #qbochat
  129. Just a few minutes left for this week’s #QBOchat. What is your favorite take away?
  130. A8. Love using Recurring Txns for expenses, checks, etc. to have quick matches in bank feed. #qbochat
  131. @QBOchat Happy New Year to you all! Looking forward to an exciting 2017 with the #qbochat community.
  132. RT @vheckman You all know about “Show Bank Details”, right. Click “baby” gear in the bank feed. Changes QB description to bank’s. #qbochat
  133. A8: For monthly accruals and loan payments. Just need to update the amounts/splits during closing. #qbochat
  134. Happy New Year everyone! We hope you all have a fun and safe weekend. We’re looking forward to a great 2017 with #QBOChat! ๐Ÿ™‚
  135. @vheckman Um no but just noticed you can edit the date. You are making my year right now #qbochat
  136. RT @vheckman cont… Love this when comparing bank feed to bank website/statement, especially. #qbochat
  137. A8 great for transactions that you don’t get a receipt for like Legal Shield #qbochat
  138. Happy you all get excited about bank feeds- fun sharing tips. Happy New Year!!! See you all next year! Be safe! #qbochat
  139. Too many good take aways to list! Thanks, everyone! Here’s to a successful 2017! @QBOchat #qbochat
  140. RT @QBOchat Just a few minutes left for this week’s #QBOchat. What is your favorite take away?
  141. @QBOchat Love seeing all the tips and tricks being shared between professionals. Happy New Year everybody! Looking forward to 2017! #qbochat
  142. Next week we’ll be discussing your 2017 Resolutions! Schedule it on your calendar now! #QBOchat
  143. best takeway being able to create rule to leave uncategorized !!!! Amazon #qbochat
  144. That’s it for this week’s #QBOChat, thanks for taking the time to tweet with us!

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QBOchat Admin

#QBOchat began in July 2013 with the simple idea to host a weekly Twitter conversation around QuickBooks Online (QBO). We have since grown into a very strong community comprised of a diverse group of users. Our weekly tweet chat is held each Thursday at 3:00PM Eastern. The discussions cover a wide range of topics including QBOโ€™s latest features and updates, business operation tips and apps that integrate with QBO, to name just a few.

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