Category Archives: Transactions

How do I permanently delete “Excluded” transactions in bank feeds?

 

You can permanently delete bank downloaded transactions in QBO now.

In order to permanently delete a bank downloaded transaction (or multiple transactions) from the banking center, you will first need to move it from “New Transactions” tab to “Excluded” tab.

To move from “New Transactions” tab to “Excluded” tab:

  • From the home page screen > Go to the left navigation bar
  • Click Transactions
  • Select Banking. You’ll see the “NewTransactions” tab, click the checkboxes to the left of the date for the transactions you want to exclude.
  • Once you’re done, click the “Batch Actions” drop-down arrow and select “Exclude Selected.”The transactions move to the “Excluded” tab.

excluded

You can now permanently delete from “Excluded” tab.

To permanently delete-excluded bank transactions.

  • From the home page screen > Go to the left navigation bar
  • Select Transactions
  • Select Banking
  • Select “Excluded” tab
  • Select Batch actions (drop-down arrow)
  • Select Delete
  • You can select to delete a transaction or multiple transactions

Screenshot 2015-09-10 08.55.15


How to permanently delete bank downloaded transactions in bank feeds


 
helpful videos

Is it possible to see which expense transactions don’t have a scanned receipt attached to it?

Yes, you can verify receipts attached to ALL your expense transactions.

From the home page screen > left navigation bar > expenses > choose baby gear (far right corner) > show more > select “attachments”

This will add “paper clip” column. Number means “you have receipt attached”. If it is blank, it means you do not have receipt attached to this expense transaction. You can attach receipt from here as well, just click that transaction.

It is a good practice to attach receipts to all your expense transactions. Also, this will go a long way in case you are audited.

Click on the screenshots below to enlarge them
verify receipts column

verify receipts column1

 

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2015 Laser 1099-MISC Income, Federal Copy A, Bulk

2015 Laser 1099-MISC Income, Federal Copy A, Bulk

How do I match transactions when bank feed deposits (from Stripe) are net and not gross

This is what you need to do!
First, when you create sales receipt or invoice > choose deposit to “Undeposited Funds” account, not bank account.

(I am giving lengthy steps, but it moves real fast)

Let us start from your banking center.

Find the deposit amount you want to match.

Highlight and click once. Transaction screen will expand.

Look for “Find Match” or “Find other match transactions.”

It will take you “Deposit” screen.

Select transactions to match (check customer payments). You are still looking at the gross level payments.

Getting closer, next step is where you make adjustments for Stripe fees.

Pull down “resolve difference” arrow and select “Add New Transaction.”

Select “Add New Transaction” and screen with expand with “Add New Transaction” section

You will also notice resolve difference amount which should be the same amount as Stripe Fees.

Go to “Add New Transaction” section

This is where you will enter Stripe fees.

Select account category (most likely merchant service fee expense account)

Enter negative amount for fees (same as resolve difference amount. example for ten bucks -10.00).

Save. Screen will disappear and it is posted to QuickBooks.

Back to banking center again!

If this does not work (because it was downloaded as bank transfer type), you will need to take manual route.

Bank Deposit (create + sign > other > bank deposit) > check payments > add fees to new transaction section as a negative amount. Same steps above.

Go back to banking center > now you should see green match sign > select match > done.

Click on the screenshots below to enlarge them
1receive_payment

2deposit

I accidentally deleted the Cost of Goods Sold in my Chart of Accounts. When I went to recreate it, the detail no longer includes a general COGS option. How do I re-add the top-level COGS detail?

Luckily, you cannot delete account in new QuickBooks Online. You can make it inactive only.

To make it active again:

  • Go the Chart of Accounts (Company Gear (upper right corner) > Lists > Chart of Accounts
  • Include Active checkbox (see attached screenshot photo for reference)
  • Chart of Accounts page will refresh itself
  • Scroll down the page and look for “Cost of Good Sold (deleted)”
  • Highlight it (click once, not double click)
  • Select “Edit” button
  • New Account page will open
  • Remove the check mark from the “Inactive” box at the bottom left corner of the Account page
  • Save

Note: Now, you will also need to DELETE (make it inactive) another Cost of Goods Sold account you created

Include Inactive
Include Inactive

 


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QuickBooks Online: How to Record Fees from Credit Cards, PayPal, Merchant Services

Your customer paid the Invoice in full amount, but then fees are taken out by your credit card merchant processor before it is posted to your bank account.
This quick video shows how do you enter it in QuickBooks Online?

QuickBooks Online: How to record fees from credit cards, paypal, square, merchant processors

QuickBooks Online – How to enter various expenses in QBO?

The tutorial video below explains how different expense transactions are entered in QuickBooks Online. It is a step-by-step process of learning how to enter expenses in QBO. This is probably the best in-depth video that covers vendor expenses in QuickBooks Online. I highly recommend you to watch it.

 

Let me summarize the content of this video:

  • It explains how to enter expenses like debit card, credit card, ATM, cash withdrawal, bank fee, wire transfer, write check, enter Vendor Bill to pay later as A/P, Pay Bill by the Check and create Purchase Order and more.
  • It explains how to set up and enter billable charges to customers.
  • It explains how to set up and enter expenses by class tracking and location tracking.
  • Lastly, it explains how these entered expenses will show up on various financial reports.

Click on the screenshot below to enlarge it
vendors

 

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