Quickbooks Flashcards
What is a bank rule
A bank rule looks at transaction from your bank or credit card and then either adds to your books automatically or pre categorizes them for you to review
How do you create a bank rule
Open QBO, select Banking, then select Rules and then select New Rule. Give the Rule a name, Choose Money out or Money In. Choose what accounts rule will apply to
When creating a new rule you can choose description, bank text or amount. After you make the choice you can set a condition. What does setting a condition mean?
A condition means the transaction will contain or doesn’t contain or is exactly then you show the write in the applicable text. For the amount option your conditions can include that it equals, doesn’t equal, is greater than or is less than
YTV: How to use bank rules in QB / QuickBooks
When setting choosing a Transaction Type, what are the options?
Expense, Transfer, Check or Credit Card payment
YTV: How to use bank rules in QB / QuickBooks
After choosing a Transaction Type, what is your next step?
You will choose what Category to apply it to if the Transaction Type is an Expense or a Check. If it is a Transfer you will choose what Balance Sheet Account and if it is a Credit Card Payment you will choose the appropriate Credit Card. QuickBooks can also spit transactions
YTV: How to use bank rules in QB / QuickBooks
What happens if you turn on Auto Confirm what happens?
QB will apply this rule to any downloaded transaction that it applies to and confirms it immediately and bypasses your opportunity to review the transaction before QB adds it to your books.
YTV: How to use bank rules in QB / QuickBooks
How can you see the categories Vendors are being categorized to
Run a P&L, click on total expenses then Group y Vendor. You can also run an Expense by Summary
Under the “Banking” Menu what are the 3 tabs available for reviewing transactions that get downloaded to the register
The 3 tabs are:
* For review -
Shows transactions downloaded from Bank or Credit Card that were not auto confirm
- Categorize
Shows transactions previously recorded in QB and their category - Excluded
Shows transactions excluded from QB
QB Bank Feeds can what automatically
The Vendor or Customer
The Income /Expense or Transfer account
QBO Bank Feeds/The QB Dude
Bank Rules can be based on text in the what
The rules can be based on the text in the “Bank Text” (Memo Field or the “Description” Field
QBO Bank Feeds/The QB Dude
How does QBO determine what goes under the “Description” column with the banking register
QBO takes a tiny bit of the bank memo and puts that as the description. If you click on the transaction it opens up ALL the information about the transaction. The long field of information is what QBO calls the “Bank Text”. The little bit you see in the description is QBO’s interpretation of the Bank Text or Memo. The bank text comes from the information on your bank account. The “bank text” is the large text field that comes from your bank statement.
QBO Bank Feeds/The QB Dude
What is a good way to name your bank rules
Name it using the same text that its looking for such as “ATM”
QBO Bank Feeds/The QB Dude
I have two accounts with QB that are set up as QBO Accountant versions. The two accounts are located under user id:
jimgarrettcpa
jim@jgarrettcpa.com
What clients are under what account
jimgarrettcpa
Under this user id as of 8-2-23 I have QBO Accountant file for Craig Borges New Orleans Fish House (I believe this is payroll only ). Additionally I have an QBO file for Magnolia Fwd.
jim@jgarrettcpa
Intuit sends me a text code so I can access. Under this user
it shows up with
James J Garrett CPA. Under this I have the following clients:
19th Hole Juice Company (May be an old file)
Jade, A Plant Gallery Store
JC Nola, LLC
La Boat
The Plant Gallery - TPG
Sometimes I have to click on Go to QuickBooks
Borges Tanner
All QBO Accountant files show Accountant at top of left panel and also make available Accountant Tools
How can you locate the QBW file location where Quickbooks is located
Source: Intuit Support
You can press F2 on your keyboard. On some keyboards you may also have to hold the Fn F2 key down. This will bring up the Product Information screen.
What are the two views in QBO?
There is a business view and and accountant view.
The business view simplifies your workspace so day-to-day tasks like sales and billing are easier. This lets you do your accounting without learning complicated accounting terms or processes. If you have accounting experience or want complete control over features, use accountant view.
To change the view, go to settings and select switch Business view or Accountant view
