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Quickbooks Bank Import - Association Issue

Posted on 2013-01-23
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Last Modified: 2013-01-24
Trying to use the Quickbooks download file from my bank. When I get the file, and try to import it into my checking account, I get a number of issues for account transactions, that don't actually map to "Payees". Two examples are "ATM CHECK DEPOSIT" and "BANKCARD". The former is the bank's reference to the fact that my deposit was made at the ATM, as most of them are. The latter is the bank's reference to the fact that my payment wasn't made via check - it was paid by my bank card, again, as most of them are.

I don't want to create accounts for them. That wouldn't make any sense. They are from/to different customers/vendors. I similarly can't create Aliases for them. What I really want is for the software to recognize the fact that the deposits and withdrawals have been taken, and then relate them to deposits I've already recorded, or to purchases/payments made.

How do I do this? Maybe I just need to not use this feature...?
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Question by:d0ughb0y
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John Hurst earned 1100 total points
ID: 38813848
You cannot do this from the bank download because the money is combined (multiple items in one deposit) and the back does not provide any intelligence about the deposit. My bank appears to operate roughly the same as your bank and that is no surprise.

What I do for deposits (and what I see my clients do) is record the payment in QuickBooks into "undeposited funds". Undeposited funds is a standard QB account. So, for example, Receive Customer Payment and point the money to Undeposited Funds. Now when you go to the Bank to make the deposit, keep a note of the items you deposited. Then in QB, go to Bank, Make Deposit and check of the items you put in the Bank. Now the deposit in the QB Bank Account matches the bank item exactly.

For credit card payments, the easiest way in QB is to use the Credit Card account type. This brings up the credit card form with all the details you need. In most cases, we get statements for credit card purchases. So then clear the QB credit card account when you make the payment. Again the payment in QB matches the bank item.

You do need a credit card account in QB for each credit card you have. Multiple cards of one type (e.g. multiple AMEX cards with one master account) can have one account in QuickBooks. But Master Card would be a different QB account.

So in summary:
1. Then are no aliases in QuickBooks with respect to accounts.
2. Receive Payments to Undeposited Funds / Make Deposit uses only Accounts Receivable and the Cash Account.
3. Make Bill to Accounts Payable / Pay Bills by Cheque uses only Accounts Payable and the Cash Account.
4. Credit cards are more picky in that you need an account with Credit Card type for each credit card name you have. Enter expense details by the credit card form and pay the Statement to clear the account.

In all cases above, the intelligence (customer invoice details and vendor expense details) is held in QuickBooks, not at the Bank.

Make sure you are using Invoices (Accounts Receivable), Bills (Accounts Payable), and Credit Cards (special Accounts Payable).

Do not make direct customer receipts or expense payments directly to the QB Bank Account. It will be nearly impossible to reconcile simply.

.... Thinkpads_User
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Author Closing Comment

by:d0ughb0y
ID: 38814853
Most of your answer is just running QB the way it's supposed to run, which I generally try to do. My problem is/was that I don't always succeed in that, and I sometimes don't reconcile for a few months. So when I tried to download my bank stuff into the account, much of it wasn't there, like it should have been, I guess. I'm going to have to reconcile now, to figure some of it out. But thanks for confirming my suspicions.
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LVL 98

Expert Comment

by:John Hurst
ID: 38814915
You are most welcome and I was happy to help. May I suggest trying to work out a go-forward way, reconcile back and then going forward reconcile monthly. At the end of the day, reconciling monthly is less work overall than reconciling multiple months at a time (I have done the latter).  Cheers, .... Thinkpads_User
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LVL 8

Author Comment

by:d0ughb0y
ID: 38814929
Oh - I agree. I just sometimes get lazy. ;) Thanks again!
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