Maximizing Bank Feeds
Maximizing bank feeds to it's fullest potential is one of the best tools in QuickBooks Online. It is by far the biggest time-saver. I recently had to redo the entire QuickBooks data file for a new customer. It needed to be done quickly as she needed an accurate Profit and Loss report. The bank feeds in QuickBooks Online (QBO) allowed me to redo this file efficiently and also made reconciling a breeze! PS: It turned really cold here in SW Florida. Down in the 60's...brrr. But I also heard it is a winter wonderland up north. Just in time for Christmas!
Use vendor names to help the machine learning
Many clients allow me to view their books. All the time, I see where they use the bank feeds for populating transactions, but they do not create a vendor name. A vendor name will help the program with the "fine tuning". Additionally, the vendor name is important on reports too because you want that detail. If all you download a check or expense with a blank payee or vendor name and all you have for detail is the description, your reports will look unfinished. Also, it will be more difficult to do a search, to get a total by vendor, or just easily track the expenses by category.
Maximize bank feeds...getting started
In the video, I demonstrate the best practices when it comes to bank rules. There is a (sometimes hidden) magic button. I will show you how to get it to reappear when the program "guesses accurately" the category for the vendor. By simply changing the vendor's expense account to a different selection than what was "guessed" by QBO and then putting it back to the proper category, you will get the box "we'll set xyz vendor to auto expense from now on" and then the place to make it an auto rule will also be available.
Keeping the bank feed tray clean
Keeping the bank feed receiving tray clean will mean less work coding daily transactions. It works perfectly for those transactions you see every month and the category does not change. IE, Verizon Wireless is auto coded to telephone or office expense. You set it and forget it. The bank will send the transaction over when the feed auto populates. This auto transaction will not show on the list of transactions waiting to be entered because you told QBO where it goes each month. It will just happen automatically. One less transaction to enter! I guarantee you that you can probably reduce the data entry time for transactions in half with this feature.
More automation, more time for you
The less you have to do in QBO, the more time you have to do other things. Maybe run your business. Maybe family time which is oh so important at this time of the year. This is probably the feature that saves me the most time and allows me to do more client files and provide my services at a very affordable rate to them. It gives me more time to take on that Advisory role instead of Data Entry Queen.