Embedded Files
Weekly (every Friday)
Weekly (every Friday)
Quickbooks - Uncategorized Transactions
Quickbooks - Uncategorized Transactions
GO TO REPORTS - PROFIT AND LOSS - UNCATEGORIZED INCOME/EXPENSE - EXPORT TO EXCEL FILE
Save the summary to Accounting Shared Drive
Send updated Spreadsheet link to Jimmy for checking
Once identified by Jimmy, reclass the transactions to the correct account
Add Rule in QBO for future reference
Weekly Transfer
Weekly Transfer
As discussed with the management, a transfer from the Trust account to Operating account should be made every week by Jimmy. The entries should be coming from Ezlynx. These entries will be coming into Quickbooks as “Agency Billed Income”. Accounting should provide a weekly total Agency billed income report to Jimmy. Please see below steps for reference.
GO TO REPORTS - PROFIT AND LOSS - GENERATE CURRENT WEEK’S DATE RANGE - OPEN AGENCY BILLED INCOME ACCOUNT - EXPORT SUMMARY TO EXCEL
Verify if the invoices has been paid by the insured. To do this, refer to steps below
Login to EZlynx
Go to Accounting Tab, then Billing
Search the invoice number in the search parameter
Open the invoice and check if it has been paid
If paid, include that invoice in the current week's transfer request to Jimmy
If unpaid, open that invoice in QBO and move the date to the following week
Email the summary of verified paid invoices to Jimmy (jimmy@streetsmart.insurance), cc Carlo (carlo@streetsmart.insurance), Jake (jake@streetsmart.insurance), Maris (mreyes@insboss.net)and Audrey (accounting@streetsmart.insurance).
After receiving a transfer confirmation from Jimmy, please recategorize all the Total Agency Billed Income items to “Income” account for the current week. Click SAVE and CLOSE to finalize.
Note : Make sure not to change anything in the entry except for the “account” portion.
DAILY QUICKBOOKS UPDATE
DAILY QUICKBOOKS UPDATE
TRUST ACCOUNT
TRUST ACCOUNT
ACH/CARD BATCH DEPOSITS
ACH/CARD BATCH DEPOSITS
Find an Applied Payment deposit in QBO Trust 3021 banking
2. Find the transactions included in this batch in Applied Payment portal in EZlynx
Login to Ezlynx
Go to the Marketplace-Home tab
Click Applied Pay
In the 'Payout Tab', you'll see the breakdown of the deposit per batch
Find the individual deposit in QBO and move the account 'Trust' to 'Trust Checking 3021'
Do the same process until all deposits in the batch is completed
3. Return to QBO Trust Checking bank Feeds and open the batch deposit.
4. Click the match button and check the deposit included in the batch, make sure that totals are matched.
5. Deposits other than those coming from Applied Pay
Please note that all deposits must have a matching Journal entry from EZlynx.
To search for the journal entry, go to the “advance search”
Search for the Amount of the deposit. Sometimes the transactions in the QBO Bank feeds have the details as to which Carrier/Insured the deposit was from.(In the event that QBO transaction does not indicate any information, make sure to check the details in EZlynx).
If the Journal entry is found in QBO, this means that the transaction was also recorded in EZlynx. We just need to match the Journal entry with QBO.
To match, Open the Journal entry, make sure that it is Debited to 10002 Trust Checking WF (3021), EZLynx always tags the entry to Debit “Trust” so we need to adjust the debit entry to the correct account which is “10002 Trust Checking WF (3021)”
After the Journal entry is checked, go back to the bank feeds and refresh.
You should see the transaction with the “match’ banner. Click Match to
If the “Match’ banner is not present even after refreshing QBO, open the transaction, and click the ‘Find Match” button and look for the transaction in the list that will appear
In the event that we cannot find a Journal Entry from Ezlynx, please advise the accounting staff handling EZlynx to check. Otherwise ask, Carlo, Jimmy or Jake for the details of the transacations
EXPENSES
EXPENSES
Record as 'Company Payables'
For operating checking paid via Melio - account for under Payment to Companies
OPERATING CHECKING
OPERATING CHECKING
DEPOSITS
DEPOSITS
Categorize as Commission income.Transaction’s Payee is indicated in the description
For Edeposits transactions, it always has a check attachment. Open the attachment to identify whom the deposit came from to identify the Payee, then click ADD
EXPENSES
EXPENSES
For new Vendors/Supplier, categorize it first to 'Uncategorized Expenses' for Jimmy's review
Once category is confirmed, set up the approved rules in QBO
For recurring expenses, QBO will automatically identify the transaction with previous historical data as “RULES” have been already set up.
Double check the details and ADD the transaction to finalize
CREDIT CARD TRANSACTIONS
CREDIT CARD TRANSACTIONS
The Company currently has 2 credit cards that are used for the expenses listed as follows:
A. Trust CC 2617 - used for Payment to carriers
B. Business CC 6714 Software and technology stuff, Business Expenses and Subscriptions. Rules were already set up. You just need to double check the details and ADD. Otherwise, put it under uncategorized transactions and send to Jimmy (See Weekly Task above)
*The Bank account used in paying off the credit card expenses is the WF Trust Checking (3021). MOSTLY
QBO Reconciliation
QBO Reconciliation
Daily QuickBooks Update
Trust Account
Deposit
Find an Applied Payment deposit in QBO Trust 3021 banking
Find the transactions included in this batch in Applied Payment portal in EZlynx
Login to Ezlynx
Go to the Marketplace-Home tab
Click Applied Pay
In the 'Payout Tab', you'll see the breakdown of the deposit per batch
Find the individual deposit in QBO and move the account 'Trust' to 'Trust Checking 3021'
Do the same process until all deposits in the batch is completed
Return to QBO Trust Checking bank Feeds and open the batch deposit.
Click the match button and check the deposit included in the batch, make sure that totals are matched.
Deposits other than those coming from Applied Pay
Please note that all deposits must have a matching Journal entry from EZlynx.
To search for the journal entry, go to the “advance search”
Search for the Amount of the deposit. Sometimes the transactions in the QBO Bank feeds have the details as to which Carrier/Insured the deposit was from.(In the event that QBO transaction does not indicate any information, make sure to check the details in EZlynx).
If the Journal entry is found in QBO, this means that the transaction was also recorded in EZlynx. We just need to match the Journal entry with QBO.
To match, Open the Journal entry, make sure that it is Debited to 10002 Trust Checking WF (3021), EZLynx always tags the entry to Debit “Trust” so we need to adjust the debit entry to the correct account which is “10002 Trust Checking WF (3021)”
After the Journal entry is checked, go back to the bank feeds and refresh.
You should see the transaction with the “match’ banner. Click Match to
If the “Match’ banner is not present even after refreshing QBO, open the transaction, and click the ‘Find Match” button and look for the transaction in the list that will appear
In the event that we cannot find a Journal Entry from Ezlynx, please advise the accounting staff handling EZlynx to check. Otherwise ask, Carlo, Jimmy or Jake for the details of the transcations.
Expenses
Check with EZlynx as to the classification of the expense.
Please note that all Expenses must have a matching Journal entry from EZlynx.
To search for the journal entry, go to the “advance search”
Search for the Amount of the Expense. Sometimes the transactions in the QBO Bank feeds have the details as to which Carrier/Insured the expense was from.
If the Journal entry is found in QBO, this means that the transaction was also recorded in EZlynx. We just need to match the Journal entry with QBO.
To match, Open the Journal entry, make sure that it is Debited to 10002 Trust Checking WF (3021), EZLynx always tags the entry to Debit “Trust” so we need to adjust the debit entry to the correct account which is “10002 Trust Checking WF (3021)”
After the Journal entry is checked, go back to the bank feeds and refresh.
You should see the transaction with the “match’ banner. Click Match
If the “Match’ banner is not present even after refreshing QBO, open the transaction, and click the ‘Find Match” button and look for the transaction in the list that will appear
In the event that we cannot find a Journal Entry from Ezlynx, please advise the accounting staff handling EZlynx to check. Otherwise ask Carlo, Jimmy or Jake for the details of the transactions.
Operating Account
Operating Account
Deposit
Categorize as Commission income. Transaction’s Payee is indicated in the description
For Edeposits transactions, it always has a check attachment. Open the attachment to identify whom the deposit came from to identify the Payee, then click ADD
In case the transaction has no details indicated in the description, please check with EZlynx accounting staff. Otherwise ask Carlo, Jimmy or Jake for details.
Expenses
For new Vendors/Supplier, categorize it first to 'Uncategorized Expenses' for Jimmy's review
Once category is confirmed, set up the approved rules in QBO
For recurring expenses, QBO will automatically identify the transaction with previous historical data as “RULES” have been already set up.
Double check the details and ADD the transaction to finalize
Credit Card Accounts
Credit Card Accounts
The Company currently has 2 credit cards that are used for the expenses listed as follows:
A. Trust CC 2617 - used for Payment to carriers
B. Business CC 6714 Software and technology stuff, Business Expenses and Subscriptions. Rules were already set up. You just need to double check the details and ADD. Otherwise, put it under uncategorized transactions and send to Jimmy (See Weekly Task below)
*The Bank account used in paying off the credit card expenses is the WF Trust Checking (3021). MOSTLY
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