2.2  If bank not linked to QBO, Manually Import transactions

2.2.B Manually Upload Transactions into QBO

See detailed QBO instructions: Manually Upload Transactions into QBO

Learn how to download transactions from your bank or credit cards and then manually import them into QuickBooks Online.

Connecting your bank and credit card accounts is one of the biggest timesavers in QuickBooks Online. Once you connect, QuickBooks automatically downloads the last 90 days (or more) of transactions from your bank.

If you need to get older transactions from your bank, or if your bank doesn’t connect to QuickBooks, you can upload them manually.

Step 1: Pick a date range

To make sure you don’t import transactions you’ve already recorded, you’ll need to get the date for the oldest transaction in your account. This prevents duplicates.

1. In QuickBooks, go to the Accounting menu, then select Chart of Accounts.

2. Find the bank or credit card account you want to upload more transactions into. Then select View register.

3. Scroll to the bottom of the list.

4. Write down the date of the oldest transaction. In many cases, the oldest transaction is the opening balance.

Step 2: Download transactions from your bank

1. Sign in to your bank or credit card’s website.

2. Follow your bank’s instructions for how to download transactions to your computer. Some banks call this WebConnect. Every financial institution has different stepsHere are steps for Bank of America, Chase, and Wells Fargo.

3. Make sure the date range for the download is at least one day before your oldest transaction.

4. Download your transactions. Save the file somewhere you can easily find it, like your desktop.

Step 3: Review the file format and size

Your bank might give you options for how to download/export your transactions. Pick one of these so you can upload the file into QuickBooks Online:

• 
  
  

  • Comma-Separated Values (CSV)

  • QuickBooks Online (QBO)



• 
  
  

  • Quicken (QFX)



If you can, use the QBO format. QBO files from banks should already be formatted for QuickBooks. If your file isn’t formatted, you can reformat and upload it. The maximum file size is 350 KB. If your file is too big, shorten the date range and download your transactions in smaller batches.

Step 4: Start your upload

For accounts connected to online banking

If your account is connected to online banking, here’s how to start your upload:

1. In QuickBooks Online, go to the Banking menu or Transactions menu. Then select the Banking tab.

2. Select the blue tile for the account you want to upload the transactions into.

3. Select the Update ▼ and then File upload.

For accounts not connected to online banking

If you don’t plan to connect your account, or your bank can’t connect to QuickBooks, here’s how to start your upload:

1. In QuickBooks Online, go to the Banking menu or Transactions menu.

2. Select Upload transactions.

Step 5: Upload your file into QuickBooks

1. Select Browse and select the file you downloaded from your bank, then select Next.

2. From the QuickBooks account ▼ drop-down menu, select the account you want to upload the transactions into, then select Next.

3. Follow the onscreen instructions. Match the columns on the file with the banking fields in QuickBooks, then select Next.

4. When you’re ready, select Let's go. QuickBooks will add the transactions to your account.

Step 6: Categorize the transactions

Now that your transactions are in QuickBooks, it’s time to match and categorize the transactions. They’re not fully in your accounts until you’ve reviewed them.

Step 7: Reconcile the transactions

Your transactions are in QuickBooks. Now you need to reconcile them. This ensures your books are accurate and there aren’t any duplicate transactions.

For instance, you may need to edit your opening balance if the transactions you just uploaded are older than your opening balance. It’s likely you included some (or all) of the older transactions as part of the opening balance total. You need to reconcile the transactions to make sure QuickBooks isn’t counting them twice.

3.  Ensure Bank Transactions are Accurate and Up to Date

3.1  Ensure bank sync has been completed daily.

Confirm recent QBO sync 

3.2 Review bank Transactions for completeness and accuracy

Check transaction for accuracy

1. Verify that Description field is correct.

   1. The Description field populates directly from the bank feed - Do NOT change.

2. Review Payee and Category to ensure correct.

   1. If Payee is not correct, leave blank.

   2. If Category is not correct, code to Suspense

3.3 Set banking rules for transactions - AL only

4.  Clear Bank Transactions

4.1 Add Transaction

4.2 Match Transaction

Match to client invoice

• what if there are 2 matches?

  • do not click on match; leave on feed.

  • tag AL to review feed

  • AL to resolve

Split Bill Payment (Check) to match with Bank Payments transaction

Note: (It is assumed that you are sure that Bill Payment amount is related to the corresponding Bank transactions. If not, need to verify this with AL)

Bill Payment and Bank posting before the Split: Noticed that Bill Payment is $2,959.32 but the Bank Payment Transactions split to $2,100, $450, $250, and $159.32. The Bank Feeds could not match them due to different amounts. And, if posted both it will results to a double posting.

Vendors:

Banking: 

Steps:

1. Open the Bill of the Related Bill Payment (Check)

2. Click the 1 payment made (located below the Payment Status PAID)

3. Click the Date to go to the Bill Payment screen

4. Split the Total Bill Payment. It should be matched with the amount in Bank Feeds

5. Click ''Yes'' 

6.  Go Back to the Bill and Click ''Make Payment'' (located below the Balance Due) 

7.  Make Payment by entering the remaining balance. It should be matched with the amount in the Banking. 

8.  Go Back again to the Bill and Click ''Make Payment'' (located below the Balance Due) 

9.  Make Payment by entering the remaining balance. It should be matched with the amount in the Banking. 

10.  Go Back again to the Bill and Click ''Make Payment'' (located below the Balance Due) 

11.  Make Payment by entering the remaining balance. It should be matched with the amount in the Banking. 

12.  Go back to Banking and there should be a record found by now to be matched. 

Match with Gusto Payroll Journal Entry 

Review accuracy of suggested match

1. Is a match suggested by QBO?

   • Identify if the suggested match is correct by reviewing

     • payee

     • date

     • amount

     • category

2. Examples of common matches:

   • Gusto Payroll Journal Entry (add screen shots and link GDoc)

   • Bill.com Journal Entry

   • AR Payments received matching to invoices sent

   • Manual check written by client

4.3 Transfer Transaction

5.  Download Bank Statement

Download bank statement from PH

1. Access bank portal via 1Password login and download bank statement.

2. Save online statement to Egnyte (client's folder)>Bank Statements

6.  Reconcile Bank Accounts in QBO

6.1 Reconcile credit card and bank accounts

1. Reconcile accounts when statements received.

   1. If statement not received prior to close, ensure that all transactions are entered. Note that reconciliation will not happen prior to close.

6.2 Review Uncleared Transactions

1. Sort QBO account register by Cleared Status (you can do this for any Balance Sheet account)

2. Review uncleared transactions for accuracy

3. Specific things to look at / think about:

   • OK to be Uncleared at Month End

     • Manual checks from the last 120 days.

       • If there are checks older than this, work with client to see if they need to be re-issued or turned over to the state.

     • Bank to Bank transfers (from different institutions) that occur at month end - this is a timing difference

   • NOT OK to be Uncleared at Month End

     • Deposits

     • Payroll DD

     • Bank Transfers

7.  Review Banking Transactions

AS Review Procedures

Identify transactions that can have automated rules set up.

AMT Deferred Revenue Best Practice

All Mountain Technology auto defers revenue on product resale items. The revenue is to be recognized once the payment has been 'received' as is indicated on the Power BI report. It's important to match the corresponding cost of goods sold (COGS) in relation to the revenue. And it's equally important to review the Cost of Goods Sold within any given period to ensure there is matching revenue and if not, to defer the expense.

Here are the four possible scenarios from a deferred revenue perspective and the key steps to be followed to ensure revenue and COGS are properly aligned on a monthly basis. Please note that as a best practice Stride will record revenue and COGS on a weekly basis on all "RECEIVED" items and will record deferred COGS at month end on any remaining "OPEN" items, if applicable.

All Mountain Technology - Product Resale Deferred Revenue Matrix

Item

Scenario

Action Per Scenario

1

Received product with COGS posted

Recognize revenue (Db Deferred Revenue and Cr Revenue), and verify COGS posted in same period

2

Received product without COGS

Recognize revenue (Db Deferred Revenue and Cr Revenue), and accrue for appropriate COGS (Db COGS Exp and Cr Def Liab)

3

Open items with COGS posted

Revenue is deferred, and COGS needs to deferred until the product is received (Db COGS Exp and Cr Def Liab)

4

Open items without COGS

Revenue is deferred, and no COGS to deferred - no action required



Step

Weekly Action - Received Items

Comments:

1

Run QBO Deferred Revenue Trxns

Run the BS Deferrred Revenue Trxn Detail report from QBO (YTD)

2

Create a pivot table summary

Invoice (Row) and Trxn Type (Column); sum amounts; copy paste pivot and add filter

3

Identify items with a "Grand Total"

A 'Grand Total' signifies that deferred has not been reclassed to revenue

4

Compare Grand Totals to Power BI Report

Perform a lookup to verify items are on the Power BI report and process accordingly; if not on the BI report verify why

5

Run BI Report and compare to "Grand Totals"

Isolate 'grand totals' on the BI Report; add column and perform lookup; verify all items found on the Power BI report and if not, research why

6

Filter items on received/matched items on BI Rpt

Isolate those products that have been received and match to the deferred revenue report

7

Verify if COGS is recorded in QBO

Using the PO number provided on the BI report, search for the PO in QBO and verify that the COGS was recorded

8

Record JE's as appropriate

If COGS was recorded in the same period, record the revenue (Scenario 1). If COGS was not yet recorded, record the revenue and accrue COGS (Scenario 2)

Step

Monthly Action - OPEN Items

Comments:

1

Review all OPEN items on Power BI Report

Be sure no COGS have been recorded and if so, defer them

2

Verify if COGS is recorded in QBO

Using the PO number provided on the BI report, search for the PO in QBO and verify that the COGS was recorded

3

Record JE's as appropriate

If COGS was recorded in the same period, defer COGS (Scenario 3). If COGS was not yet recorded, no action is required (Scenario 4)

4

Verify all deferred items are addressed

Verify that all deferred items on the QBO detail report are addressed; and all items matched to the BI report are addressed

And here are the key steps from a COST of SALES perspective which should be reviewed MONTHLY to ensure all COGS are aligned with the corresponding revenue and if not, deferred to the proper COGS account accordingly.

Step 1 - Run the COGS GL detail for the current period

Step 2 - Look up the PO on QBO or an external portal as available (i.e., Amazon)

Step 3 - Compare (V-lookup) the QBO details to the BI report and notate the Received Status

Actions:

If COGS PO has a 'Received' status - no action required

If COGS PO has an 'Open' status - defer the COGS as an auto reversing entry

If COGS are not on the BI report or if the PO may not be located, present the unresolved items to the client to obtain their input on the assigned PO number to further resolve.

Stride Clean Banking - Validate

Validate at Month End

Review detailed P&L for any misclassified expenses

 1. Identify errors and recode transaction correctly.

 2. identify transactions that need rules. Set up rules so future transactions are correct.

[Legacy] Cards not on a Board

Stride Clean - Banking Overview

Stride Clean Cash- Process, Systems, Responsibilities