A recent conversation in my Facebook group was all about how to attach bank and credit card statements in QuickBooks Online. I thought it would be a great to show the two methods of doing this.
Using zero dollar transactions to attach bank and credit card statements in QuickBooks Online
The first way to attach bank and credit card statements in QuickBooks Online is a bit more “old school” method, and my preferred way of doing this, because you can create custom reports that make it easy for users to find statements for any account in one place.
First, create a new vendor that corresponds to the account: in this case, we’ll add “Amex 30018 Statements” to our vendor list:
Vendor Center > New Vendor
Next, you’ll navigate to the Amex register and create a transaction that posts to/from the Amex account, and has the same ending date shown on the statement:
Quick Create > Expense
Do the same for all of the accounts that you’d like to attach bank and credit card statements in QuickBooks Online: PNC, Bank of America, even PayPal.
Now you can create a report that will list all transactions to which attach bank and credit card statements in QuickBooks Online. We’ll set the filter to just show transactions for the current year, and selected vendors:
Reports > All reports > Transaction List By Vendor > Customize
Sharing the report for other users makes it very easy for everyone to access the bank statements. They simply open the report (or bookmark it for easy access) and click on each transaction to find the statement attached.
Using the vendor detail page to attach bank and credit card statements in QuickBooks Online.
The second method is much more simple, but doesn’t allow for the ability to see all statements in one list or report.
As in the first method, you create a new vendor.
Next, you simply navigate to the vendor detail page, click on the attachments tab, and drag and drop the statement.
Vendor List > Edit Vendor
Either way works, you just need to decide what method works for user needs, when you attach bank and credit card statements in QuickBooks Online.
One of my favorite things about QuickBooks Online is the ability to attach documents to transactions, customers & vendors. It’s a great way to keep track of receipts, engagement letters, and W9s. However, there’s a limitation to this: users are not able to attach documents to sales tax transactions or payroll tax payments, made outside of QuickBooks Online Payroll epayments and efilings (ie: Michigan Unemployment payments have to made directly online via the MiWAM site.)
I have a simple work around that allows me to attach efile and epay confirmations, and at the the same time, make it easy to find these transactions via a QBO search.
I use Zero Dollar Transactions to upload Sales/Payroll Tax confirmations in QuickBooks Online.
First, let’s look at a Sales Tax payments. Here we are, processing the Sales Tax payment, after clicking on “Sales Tax” from the left nav:
This is where we can enter the confirmation number from our online payment – note, no place to attach a PDF confirmation from the state’s website:
To do that, we need to open the Sales Tax Liability register, from the Chart of Accounts:
From the register, I want to add a new Journal Entry:
Here’s how to enter the JE:
The date for this JE should be the same as the date you posted the Sales Tax payment in the QBO Sales Tax Center. Now, you can easily search for these transactions, using the Vendor Name:
This process works exactly the same for payroll liabilities, we just use a Vendor Name specific to the type, such as “Michigan WH Confirmations” or “Michigan UIA Confirmations”.
Another way we use the zero dollar transaction is to attached statements to registers.
You can see an example of that below. We reconcile this transaction when we reconcile the account.
And again, assigning a Vendor Name helps us find statements later:
I’m Shannon Phares, Operations Director at Kildal Services. The new year begins with me being pushed and encouraged by many friends – including StacyK – to go beyond the fence, open the gate, and get out of my comfort zone for once! The thought of being on camera or video scares the crap out of me! However, I felt compelled to create a short video to help our clients with a common problem: managing Undeposited Funds.
Undeposited funds really does make sense, I promise.
I recently completed another QuickReview™, and after Stacy spoke to the client, she hired us for the clean up. Shortly after, I received an email from the client in which she said that no matter what she did, she just wasn’t grasping the concept of Undeposited Funds. I decided we needed a resource to share with her – and future clients – to help explain it all.
Because this is not the first time we’ve seen our clients struggling with how to use the Undeposited Funds account, I decided to put on my “big girl pants” and make my first ever video. (I even managed to stomach watching the entire thing myself.)
Stacy always tells clients to think of Undeposited Funds as the accounting system equivalent of their cash drawer: it’s where the payments a business has received are “stored” until they get taken to the bank. It’s a way of ensuring that deposits in QuickBooks Online match what was taken to the bank and ultimately shows up on the statement.
Using Undeposited Funds in QuickBooks Online helps make bank reconciliations easier at month end.
Here it is, my video on managing Undeposited Funds in QuickBooks Online:
Shannon Phares, Operations Directory, graduated from Walsh College of Accountancy with a BA in 1999. She is also a Certified Bookkeeper through the American Institute of Professional Bookkeepers, a Notary Public, and a Certified QuickBooks ProAdvisor. Shannon has extensive experience with QuickBooks Enterprise Solutions, inventory management, setup and data clean up. Our clients love her attention to detail and her ability to quickly analyze an issue and offer solutions (which is most likely a result of her obsession with all things forensic!).
Hey friends! If you could help me to help my friend, Steve Blundell. He works for Intuit, and is looking into developing some new resources for accounting professionals. He is specifically looking at the need for content that helps accountants set up new or existing clients within QuickBooks Online for specific verticals.
Are you interested in content that helps accountants set up new or existing clients within QuickBooks Online for specific verticals?
Steve is looking to get some feedback on what would be helpful for accounting professionals when setting up a specific industry (ie: restaurant, contractor, etc.) and has created a survey to gather more info on not only whether there’s an interest in it, but what accounting professionals would want these resources should include.
Here’s the email he sent me:
My name is Steve Blundell from Intuit. We are working to develop content that helps accountants set up new or existing clients within QuickBooks Online for specific verticals. With the help of QuickBooks Online ProAdvisors these guides have been developed to make it easy for you to serve a multitude of verticals from within QuickBooks Online.
An example of an industry guide is attached. We would like to ask you to take a few minutes and review the guide and take just a few more minutes to respond to a survey HERE so we can best develop this content based on your feedback.