anyone have a howto to get qb up to speed with my bank account? I have a busines checkin account. I downloaded a qbo webconnect file specifying everything from August of 05, imported it - 2 unmatched items it says.. There are actually more than 12 not to mention the initial money I transfered into the account. When I try to enter the info manually, I don't know 'who' the money comes from..I can't seem to enter the statement lines properly - who does it come from? certainly my personal checking, but that's external to the business. Any hints?
The best hint I can give you is to speak with an accountant regarding the setup of your books, and/or a bookkeeper familiar with QuickBooks regarding the daily procedures required for you to keep accurate financial records.
QuickBooks is a software package for business accounting. Do not be fooled by the familiar checkbook interface. QB requires some rudimentary knowledge of business accounting.
As regards your business checking account, as you've noted, the download information from your bank ONLY gives you amounts (some banks give names as well if the money was transferred electronically). Additionally, the 'who' is only part of the issue, you also need to know what accounts the income and expenses should be posted too. You need to enter account(s) for EACH transaction. Also note that if you are putting money into your business from your personal checking, it is definitely NOT 'external to the business'.
Once you have your accounts set up, you will want to enter names of the 'who' that you deal with regularly. There are different name types (examples are vendors, customers, 'other names', employees). Then, you will need to go to your original banking statements, and look at who/where the money in the checkbook came from and went too. For expenses, you have your copies of the checks written. For deposits, I'm guessing you have only your memory.
If your accountant has already completed your tax forms for last year, and if you are on a 'first of the year' tax basis, you might want to enter just the opening balance for the accounts as of this year. That will save you 5 months of data entry.
I think I've got it.. I didn't see the button that says add one to register on the imported statement pane... there, I'm able to add everything. I deleted my accounts and started over. Also, by using the 'owner's capital' item/account as the source, I can keep my personal checking out of the business checking since i'm a sched c filer.
I noticed you were given your newsgroup 'initiation' by Allan. He can be a bit acerbic at times. If you post here regularly you need a tough skin. Thing is, Allan is a treasure tome of information regarding QuickBooks and general bookkeeping and/or accounting information.
Ahhh. Dang! Re-reading your original post, I can see I fell for the 'complex theory' vs. 'simple process' interpretation again. Kinda like when the 5 year old asks 'Where did I come from' and gets a biology lesson instead of being told 'New Jersey'.
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