I have been vehement about my passion for QuickBooks® Desktop Products (Pro, Premier and Accountant) and QuickBooks Enterprise Products for quite some time. I even made a pretty bold statement by taking charge of all the QuickBooks-related demonstrations in QB Power Hour Webinars, and even in episodes like QBO vs. QB Desktop, while Michelle Long does almost all the QuickBooks Online Demonstrations.

I also took the strong position for why I like the Desktop solution over the QBO solution in almost every way. Honestly, there is one SINGLE reason why I take this position: TIME. Given my long history of Microsoft Excel skills and the proliferation of amazing data conversion and importing tools, it’s easier for me to go with the faster solution to reduce data entry time.

However, one area where QuickBooks Online completely reigns over QuickBooks Desktop is Bank Feeds. In QBO, Bank Feeds have been the biggest influencer in my practice (Today, we activate more new accounts in QBO than of QB Desktop). With so many improvements to Bank Feeds in QBO, there’s no longer a time issue, and as matter of fact, I do write-up (cash basis bookkeeping) much faster in QuickBooks Online than QuickBooks Desktop.

This transition has really happened over the past 12 months – Intuit has outdone themselves in taking our feedback and translating it into very useful and transformative new features. Bank Feeds, also known as “Online Banking” or “Downloaded Transactions,” in QuickBooks Online, have transformed how we (accounting professionals) approach data entry and bookkeeping. Unfortunately, words do not quiet describe this experience, so I recommend you read the following list of improvements, specifically made to QuickBooks Online Bank Feeds over the past year (source: www.qboblog.com). Watch the video I recorded, showing the results from these enhancements:

September 26, 2014, Update:

Bank rules. Process bank feed transactions faster and with more control using bank rules. Create rules to scan bank items for certain details, and then assign specific payees and categories to them. Applied rules appear on the Bank Transactions page   here and  here. To get started, go to Transactions > Banking > Update > Manage rules (upper right corner).

October 28, 2014, Update:

Recognized bank transactions. Go to Transactions > Banking >  Recognized to view items (shown in green) that are already matched, have a rule applied or use categories from related transactions you previously accepted. To accept these transactions in QuickBooks, click the checkbox to the left of the Date column header and choose Batch actions > Accept Selected.

 

Bank rule “or.” Apply a bank rule when a transaction meets condition 1, condition 2 or condition 3, etc. Example #1: If the description is Amazon or AMZN, set the payee to Amazon and category to Office Expenses. Example #2: If the description is Burger King, McDonalds or Taco Bell, set the payee to Fast Food Vendor and category to Meals and Entertainment. Transactions > Banking > ▼ to the right of Update > Manage rules > New rule >  any.

 

Turn off automatic categorization. When you change a bank transaction’s category, it’s automatically used for future transactions with the same vendor name. You can now turn off that auto-categorization. For example, let’s say you categorize a transaction from Mahoney Mugs as Promotional, but you want future transactions from that store to come in uncategorized … if you turn off automatic categorization, future Mahoney’s Mugs transactions won’t appear in the Recognized list, and will come in uncategorized so that you can put them in the right account yourself. Transactions > Banking > click a transaction to change its category > Edit this setting >  Leave uncategorized.

 

Import bank .csv files. You can  download a .csv file of your transactions from your bank’s website. This is especially helpful if QuickBooks isn’t able to directly connect to your bank. Here’s a sample .csv file for reference. Transactions > Banking > ▼ to the right of Update > File upload.

 

December 4, 2014, Update:

Export bank rules, then import them to other QuickBooks companies2. This is convenient if you manage multiple companies, like accountants do! Choose which rules to import, and then  set up payees and categories in the destination company to support the new rules. Transactions > Banking > ▼ to the right of Update > Manage rules > ▼ to the right of New rule > Import/Export rules.

 

Match transactions filtering. When you click a transaction and select Find match, the Match transactions window lets you filter transactions by type. Transactions > Banking > click a transaction > Find match >  Show.

 

Partially match bank transactions to open invoices and bills. For example, a 7 deposit can fully or  partially match multiple open invoices. Transactions > Banking > click a transaction > Find match.

 

December 22, 2014, Update:

Payee column on bank feeds page. Based on your feedback, a  payee column is now available1! Once you enter a payee, QuickBooks remembers it for future transactions. Transactions > Banking.

 

February 3, 2015, Update:

Tab from field to field in the bank feed expanded row. Press Up/Down arrow to select within a field or among radio buttons. Transactions > Banking > click a row to expand it.

 

February 26, 2015, Update:

Specify a bank feed rule  transaction type. We added this based on your feedback, especially for transfers: if you have a regular transfer between two accounts, create a rule to save time. Transactions > Banking > ▼ to the right of Update > Manage rules > New rule.

 

  • Reorder bank feed rules1. Because rules are applied in numerical order, and you can apply only one rule per transaction, reordering lets you easily control which rules to apply. Drag in the leftmost column to reorder. Transactions > Banking > ▼ to the right of Update > Manage rules.

Here’s an example:

  • Rule 1: Categorize all transactions under as Miscellaneous Expenses.
  • Rule 2: Categorize all Starbucks transactions as Meals & Entertainment.

In the case of a Starbucks transaction, only Rule 1 is applied.

 

April 29, 2015, Update:

Permanently delete excluded bank transactions. Transactions > Banking > Excluded > Batch actions >  Delete. Based on your feedback, you can now delete excluded transactions!

 

Specify a bank feed rule  transaction type. We added this based on your feedback, especially for transfers: if you have a regular transfer between two accounts, create a rule to save time. Transactions > Banking > ▼ to the right of Update > Manage rules > New rule.

 

  • Reorder bank feed rules1. Because rules are applied in numerical order, and you can apply only one rule per transaction, reordering lets you easily control which rules to apply. Drag in the leftmost column to reorder. Transactions > Banking > ▼ to the right of Update > Manage rules.

Here’s an example:

  • Rule 1: Categorize all transactions under as Miscellaneous Expenses.
  • Rule 2: Categorize all Starbucks transactions as Meals & Entertainment.

In the case of a Starbucks transaction, only Rule 1 is applied.

 

September 25, 2015, Update:

Re-order bank accounts on the home page and Banking page. This is especially helpful when you have a lot of accounts connected. Order them by most used first, or alphabetically, or whatever works best for your business! On the home page, 1) click the pencil to the right of Bank accounts, 2) drag accounts up or down in the order you want, and then 3) click Save. Any changes you make affect both the home page and Banking page.

 

Replace the Description column with the Bank Detail column. QuickBooks cleans up bank transaction details with a simpler   Description column, but if you like, you can change to the  full description from the bank. Transactions > Banking > table gear >   Show bank details.

 

 

“Copy bank detail to memo” turned on by default. This is useful when viewing bank transactions in reports or the register. If you don’t like it, though, you can turn it off. Transactions > Banking > table gear >  Copy bank detail to memo.

Share and Enjoy:FacebookTwitterLinkedInDiggdel.icio.usStumbleUponTechnoratiGoogle BookmarksRSSPrintPDFemail