WSW - Podcast The New Bank Feed in QBO: How to Navigate & Manage Transactions
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[00:00:00]
Welcome and Catch Up
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Dan DeLong: welcome to another Workshop Wednesday, casual conversations for serious workflows brought to you by schoolofbookkeeping.com, where it's keeping you learning QuickBooks your way. How are you, Rachel?
Rachel Dauchy: I'm good. How are you?
Dan DeLong: Very good. Very good.
Derby Hats and Fascinators
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Dan DeLong: Just got off that- I love your hat ... work. Yeah, thanks. It's actually my late- It's
Rachel Dauchy: cool.
It looks really good [00:01:00] on you. You usually always wear a baseball cap, but I like
Dan DeLong: that. Yeah, but now I'm... Now I look like a newsboy from, England.
Rachel Dauchy: No you, look like you're, like, the p- like Peaky Blinders. Do you know what that is?
Dan DeLong: No.
Rachel Dauchy: I don't really know either. I It's a show. But they have that look.
They wear those- Okay ... newsboy caps.
Dan DeLong: Yeah. This is actually my late father-in-law's hat. And-
Rachel Dauchy: Oh ...
Dan DeLong: that was, I'm like, "I want that hat."
Rachel Dauchy: Oh, that's so sweet.
Dan DeLong: But yeah, after the Kentucky Derby I feel like I should be wearing, fancier hats.
Rachel Dauchy: I know, and I'm sure Theresa wants to wear fascinators and-
Dan DeLong: Yes
Rachel Dauchy: fancy hats every day.
Dan DeLong: Yeah, and I found out why they're called fascinators, because it's fascinating how expensive they
Rachel Dauchy: are. Ah. Oh, Dan.
Dan DeLong: Three, three bills, whoo, just for one hat that we'll never wear again, which is up here, and I don't know what we're gonna do with [00:02:00] it. Because, as in an RV, space is limited.
Rachel Dauchy: Sometimes a woman just needs to buy something frivolous.
Dan DeLong: That's right. That's right. They actually do have a, a nonprofit. We may swing back when we pass through Louisville again. There's a nonprofit that takes the, hats, the fancy hats, and then they repurpose them or resell them, and then the proceeds go to cancer research.
It's really neat. Oh, very cool. Neat way to give back of, and then- Yeah ... not feel so- Frivolous.
Rachel Dauchy: Yeah.
Dan DeLong: For the hats, but gotta have hats. There was lots of hats. I don't know if you saw my Facebook post, but there was plenty
Rachel Dauchy: of- Yeah, I know ... really
Dan DeLong: big hats
Rachel Dauchy: I've never been there, but I know that's a big thing.
I- that's on my bucket list. I wanna go.
Workshops Moving Inside
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Dan DeLong: Anywho so as we had mentioned last time the workshop is, going to be transitioning. After we're done with this series [00:03:00] of the new user interface we've got a f- a few more on, the on the normal delivery method of the workshops. But after that we're gonna be taking taking the workshop indoors.
Inside of School of Bookkeeping. We'll be broadcasting the workshops and actually opening it up for people who are able to access the, workshop listing. They can, participate in, the in the workshops where we can have a, open session of, questions. And what we found is that when we do these workshops and we share screens and things like that, there potentially could be personally identifiable information, and we don't wanna be sharing that across the interwebs.
So we are going to put them inside. Now, you don't have [00:04:00] to pay for access to that. We do have a free access option at School of Bookkeeping, and I'm looking for the QR code here. There we go. So you can scan that QR code and get free unlimited access to the workshops. Al- so you can see all the, prior ones as well as when we do go live every Wednesday.
So we'll, try to keep the same schedule and cadence. At that time, we'll be able, you'll be able to join or hop in, ask your questions, participate. We could see you too, if, if- if you want. Not everyone wants to turn on their turn on their video which is, totally understandable or if you're wearing the right hat or
not.
But, you can access the workshop listing there for free and then be, get notified when we do go live. And if you're able to attend, great. If not, you [00:05:00] can always watch the replay. So we are gonna continue our second in this series of the kind of going over the user interface changes that now that the des- dust is settled, we hope.
Rachel Dauchy: We've
Dan DeLong: all
been forced.
Reactions to QBO Changes
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Dan DeLong: We I wanna- wanted to ask you, Rachel, and we talked about it last week. When something changes like that, and especially when it's something like the bank feeds that we're gonna be talking about- When it's something that is used your, that's your that's, w- kind of where you live is in the, in the- feeds for a lot of accounting professionals, and they change things there. What is your first impression of when there is a change? Is it something like, "Oh, crap, they've changed it again, I gotta relearn it," or is it a little bit more frustration? [00:06:00] What, is your initial thought about changing something that is a, core function for you?
Rachel Dauchy: I'm sure that you're aware that, even before they did this change ever since I first started using QuickBooks Online, they've always made little changes here and there that you could see. And so one example would be they changed the terminology from add to post or something like that.
Yeah. I don't know if that's the exact one, but- No, you're right.
Dan DeLong: You're right
Rachel Dauchy: on. Yeah.
Dan DeLong: I would-
Rachel Dauchy: That, that's
Dan DeLong: exactly what it was.
Rachel Dauchy: Yeah, so I, I would always... And I'm hypervigilant like that, and I'm also one of those people where I don't like to have unread emails in my inbox, and so I like I open them all the time and I always the only things I leave in there are the things I'm currently working on.
I'm, like, very type A like that. I don't like to have a whole bunch of just extra stuff all over the place, [00:07:00] whereas my husband has 45,000 unread emails. I'm the opposite. And so it stresses me out to leave things, so I go into the bank feeds every single day. That's just my personality. And I do my firm bank feeds every day.
I don't like having things sitting there waiting. I, I just to put things where they belong right away, otherwise I get anxiety. So I'm a heavy bank feed user and now although I have my team and they do all of the bookkeeping and bank feed work for all of our clients, I still do a couple, and including the, firm books.
And so I was very used to seeing changes every so often. So as a matter of fact, I never expected that it would stay the same, and so the fact that they made this big change [00:08:00] now, it's fine. I don't have a problem with it.
AI Suggestions and Rules
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Rachel Dauchy: The one thing that I'll say is that I thought we were gonna get a lot more AI-driven stuff.
I'm not seeing any of it. Yeah. As a matter of fact, for me it's regressed. I used to get a lot more suggestions, and I'm not getting any of that now.
Dan DeLong: Yeah. Yeah, and I think that's partially due to a lot of the accounting professional feedback 'cause I think at first it suggested- The wrong things.
Oh, okay.
And
then- Yeah ...
And,
then people started to doubt those suggestions, and- Okay ... Essentially provided the feedback, if you're gonna suggest something, make it useful." because those suggested... I think it before the... They were, in the past, the suggestions were, dealing...
B- before all [00:09:00] this change. Yeah. It was mostly suggesting of rules. When you started to work with these transactions in the bank feed, it would say, "Hey, do you wanna make this a rule all the time?" it- there
Rachel Dauchy: was that, but they would also do a lot of category suggestions too, and that caused a lot of confusion.
Dan DeLong: Yeah. Yeah. And that's a, and that's a challenge because especially if you're dealing with something that is universal as far as the vendor or the payee is concerned, like buying a lot of stuff on Amazon.
That sometimes that could be office supplies, that could be perks, f- employee perks.
It could be where do you wanna categorize those things? And of course QuickBooks has a an, Amazon business integration- Yeah ... To help with those types of things. But if it's just coming in- Which by
Rachel Dauchy: the way, I love that. I [00:10:00] use it. I love it.
Dan DeLong: Yeah. Yeah. You and Sharon are, fans of-
of
Rachel Dauchy: that. Yeah, I do. It's really, helpful. And as a matter of fact, I just showed Deb, one of our other accountant friends the other day. She somehow didn't know about that, and she she was blown away.
Dan DeLong: Yeah. But like when you have, transactions that are coming in that smell familiar, but are individually different from one to the other, that's where patterns don't help, right? And that's really what AI- Is doing right now is trying to identify the pattern and help fill that in for you. But it, in some cases, in a lot of cases there was a huge thing about checks.
When checks would come in from the bank feed, it would just have the check name.
And then, when those payees are [00:11:00] homogenized, right? Where it's just something simple, right? A rule or a... There is no pattern because a check 101 check number 101 is certainly not gonna be the same as check number 102, Right. You're gonna have a different payee and different categories and things like that.
Bank Feeds Power and Pitfalls
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Dan DeLong: And that's a double-edged sword, I think of the bank feed is that- The bank feed is very powerful and robust and allows you to do things, but just because you can do things in there doesn't mean that you should do things in there.
Rachel Dauchy: Exactly.
Dan DeLong: You can see a deposit and apply that to an open invoice, which you can't do in desktop.
Now, should you? That's, the question is whether you should do that or not. Yes, if it's one, one payment and it's for the exact dollar amount, why not, right? It's just you're saving yourself a step.
But if it's a [00:12:00] batch deposit where there's transaction fees taken out and it's- Yeah ... supposed to be associated with multiple, multiple payment, payees customers, then it's probably not
Rachel Dauchy: the best idea. You can get yourself in really big trouble. Oh, and by the way we have clients where they often invoice the same amount, so-
Dan DeLong: Yeah.
Rachel Dauchy: repeatedly. So just putting it to the right amount is c- also can be dangerous. And I was just gonna say, as much as I... I love the bank feeds. I think it's just such a powerful tool, and to me it's really one of the most important features of QBO. And I, know that Hector Garcia sh- shares that opinion too, and who is an incredible QBO trainer, and it's really the source of where everything goes on the financial statements, because yes, you're [00:13:00] pre... Sometimes you're pre-loading all these things already, bills, checks, invoices- Yada, But the bank feed is where you match up and it's, can be incredible, but it could also be the point of, destruction where- Yeah ... people can really screw things up because, like you were giving an example of a check it's not always about just categorization.
Like, where are you putting it on the P&L? No. What if it's a loan payment and it needs to go against something on the balance sheet? So you really... Everything boils down to i- if you're a business DIYing, you really wanna make sure that you're doing yourself a favor and getting a lot of help and training from the School of Bookingkeeping.
But, y- and we have a lot of other friends too that do training, but-
Dan DeLong: Yeah ...
Rachel Dauchy: you can't do it just with guesswork because it just [00:14:00] doesn't work, because really every single thing that you're doing in the bank feed is going to end up on a financial statement, and that takes some skill.
Why Pros Handle Feeds
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Rachel Dauchy: So we actually don't...
None of our clients do their own bank feeds at all. We are... This is my business model. We do the bank feeds for them. Now, sometimes they- Preload things in there. They'll do checks, they'll do bills, they'll do invoices. Some- we have some clients that all they do is their invoices. We take care of everything else.
But I was having too much trouble with them making mistakes in the bank feed, and then you have to undo, and it just wasn't working out. So m- and, that's probably that, the type of customer that comes to NetDeposited. We specialize more in e-commerce, and there's a lot of volume, and we use a, lot of automation, and there's a ton of batched payouts.
It's a little too complicated, I think, for your average business owner. But, [00:15:00] if you're doing kind of the traditional things that are going on in QBO, you can definitely learn.
Dan DeLong: Yep. It's definitely, That's, a probably a good practice or, a best practice to have, is especially if you're, doing the financials, right?
That's where the rubber's gonna hit the road, right? That bank feed of what's coming down in from the bank and what ultimately is reconciled so that you can identify, things that are in the register that shouldn't be there, or maybe they were miscategorized- Yeah ... or duplicated or...
That's where those most, a lot of that information is gonna bubble up to the surface, because of the interactions with the bank feed. And so with a trained- Yeah ... professional like Rachel and her team or anyone else-
Rachel Dauchy: Even other bookkeepers and accountants that [00:16:00] I work with in, like doing training, even they it really, the trouble comes in with transfers when you're paying instead of just going in and out, you're going from here to here in the- Yeah
The bank screen. You're going from one account to the other 'cause you're either paying something or you've got PayPal where, which you know is my favorite where we've got two movements really. We're pulling from PayPal, or Venmo behaves this way too. If there's not a balance in it, it's pulling from it, and so there's complexity and there's It's something that you can get tripped up on very easily and, So even me, when I first started, I knew the concept of undeposited funds. I understand- the accounting behind it, but I couldn't figure out with the automation underneath QBO how it was working. And I just want to bang my head on the wall.
But then I figured [00:17:00] it out, and now of course it makes perfect, logical sense. But- ... there's a learning curve, for sure.
Dan DeLong: Yeah, def- definitely.
Old vs New Bank Feed Tour
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Dan DeLong: So that's what we want to he- help eliminate here by just going through the basic user interface or the different look of the old bank feed versus the new bank feed.
So I have over here, if I can just click on to show.
Rachel Dauchy: Don't show the
Dan DeLong: old one- There it
Rachel Dauchy: is ... because now I've already gotten used to the new one.
Dan DeLong: We do... Yeah, we do wanna just you know- I'm just kidding ... if you're still sitting, if you're still sitting on the old one maybe this will help, you know- I forgot what the old
one looked like
push you over the edge. Exactly. So I've got two, two tabs here, two different companies. One's in the old bank feed and one's in the new. So we really just wanna go through the major areas of the bank feed, just to give an, idea of what, you're in for and maybe what you can do versus what you [00:18:00] couldn't do.
New Terminology Pending Posted
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Dan DeLong: One of the first things is the terminology. You mentioned it before, right? You have these three sections of transactions here in the bank feed. Can... I can't remember what the keyboard shortcut is to make this... There it is. Okay, I can zoom in. There. All right so we've got for review, categorized, and excluded.
In the new bank feed, it's, the terminology is just called differently. It's pending, posted, and excluded, right? So- Oh, yeah. That's right ... These, terminology, these terms are designed to help make more sense as to what, what's actually happening, right? The pending transactions for review.
What, what is for review, right? But pending just makes more sense as to what pen- pending- Yeah ... they're pending transactions. They're not, in the register. They're not posted yet. So pending and posted [00:19:00] tends to make more logical sense as to what that actually means between the two.
Rachel Dauchy: Yeah, I agree.
Dan DeLong: Yep. And then, down here on the, right side you correctly said in the old ver- or actually, we do have... Oh, go away there. It's following me. The magnifier's following. This has these, this action column here in the old one, which was s- Add or match, right? It would say-
Rachel Dauchy: Yeah
Dan DeLong: it would say add- That's right ... if it didn't find a match. It would say match if it found a match, right? S- what does that mean, right? Add versus match, where this terminology of match versus categorize still has some confusion to it because I've have heard some of the feedback of, "Wait a minute, this doesn't...
What's match versus categorize?"
But [00:20:00] the, it, it's designed again to, align with what it, what you're actually doing when it comes to, when it comes to that, right?
Layout Tweaks and Account Tiles
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Dan DeLong: So then just in the banking area here the tiles are smaller, right? So, you have more real estate when you're dealing with particular bank ch- bank accounts.
Up here in the old one they're a little larger. So it's just taking up a little le- little more room room there. And then as far as editing if you wanted to edit the account in these different tiles, it's this little tiny pencil. Zoom in a little bit. And then you have this option of editing the account or disconnecting.
Over in the new,
The pencil's already right there, right? You don't have to go hunting for the pencil. It's, right there. And [00:21:00] then you have, links right there, right? So they've, made the space usable, a l- little bit more usable than, it was with those account tiles. So that's one of the other bigger changes or noticeable changes that you have in the new, bank feed.
Gear Menu Columns and Options
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Dan DeLong: The other thing that we wanna kinda go through here is this mini gear. You call it the baby gear?
Rachel Dauchy: I
Dan DeLong: do? I think somebody called it. I don't
Rachel Dauchy: know. No, I don't call it baby gear. I don't know, maybe that's Sharon. All right. No I, just call it the gear wheel down there.
Dan DeLong: The, there, there are far too many gears-
Rachel Dauchy: Yeah
Dan DeLong: in QuickBooks, at least. There's
Rachel Dauchy: a gear in the upper right and that one down there.
Dan DeLong: Yeah, so this one here is not the gear that we're talking about.
Rachel Dauchy: Yeah.
Dan DeLong: That's the settings gear. Which is actually smaller than- Sure ... what other people have referred to as the baby gear. [00:22:00] But, Yeah ... This gear and, you'll see this on any screen inside of QuickBooks that has options on the screen that you're looking at you'll have that gear, in here.
And you can now add additional columns. So the, you have some default columns that are there by default but any other columns with a check mark can be added- An additional customize as additional columns to see, right? So if you wanna see the check number field, you can add that. If you wanna see the customer column, you can add that.
Whether it's billable or not, you can add that right there on the grid. And then of course you can re- reas- re- renumber them or reorder them. That's what I'm looking for. Yeah. You can move those things around because you have that universal six dot thing that indicates that you can move these, things around.[00:23:00]
Over here in the old one, you don't, right? You have four options of check number, class, and in this case it was bus- label is business, which is, location tracking. But that's really all that you have, right? Y- and you can't reorder them. So if you have a preferred workflow and it works best by going from left to the column order may be super helpful with that, right?
Going down this gear now, we have automation of adding new vendors which-
Rachel Dauchy: Oh, so nice ...
Dan DeLong: which was a an option in here, right? You did have a, you did have an option in the old one to automatically- Oh, I didn't realize that ... add new vendors. Yeah. Wait. What if- it was only available under the gear
Rachel Dauchy: Oh, but- Who
Dan DeLong: knew it was there?
But
Rachel Dauchy: does it, actually add it or does it pop up a screen that you can then add it?
Dan DeLong: It says, "We add common vendors to your transactions and vendor list. [00:24:00] Only applies to future transactions."
So it would... I don't know for sure if it would automatically add the new vendors, or if it actually would suggest adding new vendors. But those, tho- those options are, there on both old and new, right?
Okay.
And now we have some other preferences here, and we'll comb through those. Let's take a look in the old, right? So we had some transaction details there. Bless you. Excuse me.
Wow. You're allergic to the bank feed.
Rachel Dauchy: I know. No I, love the new bank feeds.
Dan DeLong: You love them. So we have one, two, three, four, five, six options here in the old. In the new we have seven. No, eight.
Grouping Sorting Preferences
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Dan DeLong: So s- group and sort by column, right? So you have options there to, to group and sort by, [00:25:00] right? And this sorts by whatever s- whatever column is sorted, then that's how it's gonna group, right?
So if we've got it sorted by group sorry, by date, then that's the way it's going to group, and then you can expand and s- And collapsed those areas. But if you sorted by bank description it's, going to group and sort by, by that. I think anything can be I shouldn't say anything.
Spent can be sorted, received can be sorted, customer cannot. From and to, can be, sorted, and whether you're matching or... Let's see. That doesn't make s- matching or categorizing. Oh, it does it by account in this case. So-
Whatever account it's suggesting- Oh,
Rachel Dauchy: okay ...
Dan DeLong: to categorize.
Yeah. So [00:26:00] that's that's an option in here, which was an option in the old, one. It's just worth repeating. Show amount, yes. Wait
Rachel Dauchy: a minute. You mean i- if you sort it by that, it's sorting it by suggested account?
Dan DeLong: Yeah. Yeah on that, particular one. But you do have the the grouping. Yeah
but this was only by turn on grouping or turn it off. I don't know if you can... If it group- No, that's- Oh, it does. Okay. So it does the same thing in the old one by s- whatever it's sorted by.
Suggested Categorization Stress
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Dan DeLong: Again, it's just, sitting splitting it out or explicitly saying what it's actually gonna be group, grouping by.
What were you- Yeah ... Gonna say?
Rachel Dauchy: I was just gonna say that any time they're adding something like that is involved in any suggested account, Intuit, it just- I [00:27:00] don't know. In, in my new version that I'm using, it will... Not only will it sometimes suggest the wrong thing for something that I constantly have coming into my bank feed sometimes it'll just leave it blank, and I'm like...
And it was something I forgot to create a rule. U- usually I'll create a rule for everything, but it's something I'll, I would've forgotten, and I know it's come in many times. Y- you don't wanna throw a sug- suggestion for that one. You know what I mean? Yeah.
Dan DeLong: And
Rachel Dauchy: so that's the problem that I have is not only is it giving you false suggestions, sometimes it's giving you no suggestions.
And so all I do is worry. I'm like, if I were maybe an untrained person I just wouldn't know, and I could butcher. And so this, it just, what it does for me is it just gives me a lot of stress because- ... I'm sitting there going who's getting this wrong out there?" [00:28:00] so I just hope that they can maybe get a handle on that.
That's all I'm saying. That would be really great.
Page Size and Pagination Pitfalls
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Rachel Dauchy: By the way- ... I don't know anybody who... That's not true. I never use it on 50, but I can't understand anybody that leaves their view on 50. To me, that's- ... utter insanity. I'm a 300 gal all the way.
Dan DeLong: Yeah, I had a, a conversion from desktop to online.
They thought, that all of, or the majority of their chart of accounts didn't come over because- of the pagination of-
Rachel Dauchy: Yeah ...
Dan DeLong: of the chart of accounts. They're like, "There's only 75 accounts or 50 accounts," or whatever it is on the... I'm like there's a, there's the next page."
Rachel Dauchy: Yeah.
Dan DeLong: But yes having 300 transactions on one page is a lot easier to work with scrolling up and down- Yeah
especially when you have these [00:29:00] groupings turned on.
Amounts and Editable Dates
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Dan DeLong: So the next option here is showing amount as spent and received. So without this selected, what happens is the amount is positive or negative in just a dollar amount-
Rachel Dauchy: Oh, yeah ... that's chosen here. And I think the one in the old QBO was gr- put in one column or two column, right?
The way that it w- it was worded.
Dan DeLong: Yeah, the wording was, yeah, show amounts in one column.
Rachel Dauchy: Yeah.
Dan DeLong: So it's actually reversed the option by the way that they've worded it.
Yeah.
Checking it here shows in one column. Checking it in the new shows it in two columns, right?
All right. So making date an edible, editable field.
Do you use that regularly when, you-
Rachel Dauchy: I never change the date.
Dan DeLong: Never changing it? Yeah.
Because that post, the... [00:30:00] I, guess I could see a case for it, a use case for it when, 'cause things don't show as posted in the bank account until they actually hit the bank account.
Yeah.
And maybe that's over, the end or beginning of a, of a-
Rachel Dauchy: Yes ...
Dan DeLong: of a month. Exactly. And, you want that to be explicitly in the right one. Rather than adding the transaction and then editing the date, you can do it right from the bank feed.
Rachel Dauchy: I almost never have that issue, for me, it's very, rare.
Usually for me, the date that it comes in the bank feed is usually the bank statement date, so I, I'm a the bank statement is gold kind of gal. So I don't like to monkey with the dates.
Dan DeLong: Good idea.
Bank Details to Memo
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Dan DeLong: Then we have show full bank description, and then copying the full bank description to the memo.
Oh, I like
Rachel Dauchy: [00:31:00] that. So whatever- Ooh, cool ...
Dan DeLong: so whatever... When we expand the section here, this is the... This is what comes in from the bank itself, right? So if you wanna see that- on the, detail of the transaction. You can do that. And if you want that then to automatically go into the memo, that's what those those options will, do.
Did it do that in the old one? I'm double-checking here. There's... They call it c- Show bank details and copy bank detail to memo. There you go. So they were functions in the old bank feed. They were just called something different, but they, are the same thing. Then here's the enable suggested categorization.
Which may or may not be what you want. And then what do they call it in the new one? Oh, there's a new one. Actually, they don't even have that as an option here. Th- you don't [00:32:00] get a choice, which is about that. So we've got alternating row color, right? Which is every other row is is colored differently, so you know when a row, when a new o- new row starts and begins-
That's
new
Or ends which is nice.
Match Toggle and Action Menu
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Dan DeLong: Showing matching categorize toggle in line. Remember, we actually played with this one, so let's see what that does. Oh this is what, it does. It it takes that action column, as we had before, and just turns it into a dropdown when you don't have that checked.
So you've got-
Rachel Dauchy: Oh. You've
Dan DeLong: got an action dropdown with... Go away, you.
Rachel Dauchy: What are the options? Can you go on that arrow again? Yeah. 'Cause I can't
Dan DeLong: see. Let me, go in there. Hold on. So we have split. Oh. We- Yeah ... where you can split it.
Rachel Dauchy: Cool.
Dan DeLong: We have, [00:33:00] create backdated bill, which this is the new feature that we haven't even- Oh, are you kidding me?
played
Rachel Dauchy: with yet. That is so cool.
Dan DeLong: Yeah. Hector is, shouting this one from the- Yeah ... YouTube rooftops which is, really cool.
Yes.
And creating a rule is is an action. Categorization history, and then whether or not you can exclude it or not. So without that or with that selected, or, where did I put it again?
Oh, show match to- categorize toggle in line. It puts it... Oh, wait a minute. It puts this right here. So you can toggle to match or or categorize. The action's still there. So you still have the action dropdown. It's just this match, categorize, toggling [00:34:00] option- In the same line. So it actually didn't we, we didn't get ex- shouldn't get excited about, that option.
All that does is just take this out, so now you don't have that match or toggle. But you do have the option... Where can you... How can you match the transaction if you want to? Oh, there it is. It's in here.
Yeah.
So in order to see that and, get to matching, if you know that this was a transaction that should be already entered, you gotta open the transaction like that and and toggle it to match at that point.
Rachel Dauchy: Yeah.
Dan DeLong: So if you're, if you find that you're doing a lot of matching, you may wanna turn that on so that you can, find that match quicker by, because it's already in line. And then warning if you're missing a vendor/customer, which is a, huge thing for, people that are working [00:35:00] in the bank feed, and a lot of times things just get added without a payee.
Yeah.
Really just plays havoc on- That's nice ... reports. So you can have a warning about that.
Backdated Bills Workflow
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Dan DeLong: And then of course a, your favorite, Rachel, is the page size. How
Rachel Dauchy: many
Dan DeLong: transactions?
Rachel Dauchy: Oh, the 50. The 50. Oh, I can't stand it. By the way, the adding the vendor thing sometimes it, you just do it inadvertently, and- so I know I do sometimes. I'm always in a hurry. Sorry. Yeah, so anyway, I like that. But you know what? The backdating the bill is, a huge deal. Because then you don't have to stop what you're doing and open up another screen and go in and create a bill, because I like the bills, especially the things that are coming in through the bank feeds on random days, I like having the bill on the first of the month.
I'm [00:36:00] just-
I'm just anal like that. Yeah. And some people are that do what we do, and it's, really the ultimate form of organization. And I don't always want everything just hitting the books exactly when it comes in through the bank feed, so this is very nice.
Dan DeLong: Yeah.
Files and Request Info Tools
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Dan DeLong: And then we have other functionality that you don't have in the old bank feed which is the files and requests, which are new columns in here. So let me get rid of some of these old ones or these other ones so that we can, s- see. Let's... Come on now. Oh, I can't uncheck. I
can
uncheck these.
I can uncheck the ones that are in blue. So let's see here. Close this up here. So two features or functions that you have in the bank feed, right on the bank feed is this files, right? So it gives you the ability [00:37:00] to upload or attach a file to the transaction so you're not... Especially if you have it downloaded, which is a...
That's what it's gonna do, is it's gonna pop up a explorer or finder window so that you can browse and attach the file. And then you'll also be able to send a request right here in the bank feed itself, right? So if you have a request to your customer to provide more context as to what this is actually for if it's one of those generic checks or generic payees that you don't know who to as- assign it to for the customer if it's associated with a job expense or something like that you can put in that request there.
It sends a ping to the customer through QuickBooks. And it's my understanding that they can respond to those requests without opening their QuickBooks, but I'm not, I've not received [00:38:00] a request, so I don't know. I don't know for sure. I don't know
Rachel Dauchy: either. Have
Dan DeLong: you ever used... You haven't used the the request more info feature?
Rachel Dauchy: No. Not 'cause we use something else, but, Got
Dan DeLong: it ...
Rachel Dauchy: no, I've never tried that.
Dan DeLong: It's it's available.
Rachel Dauchy: But it's a
Dan DeLong: very
Rachel Dauchy: cool feature.
Dan DeLong: Yeah. Especially if you're living there and you don't wanna go someplace else. This allows you to stay in one place. And then I think that's, that is it for the, for the new banking user interface.
Okay, the other thing... No, we don't. That is not it.
Categorization History and Splits
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Dan DeLong: So when you expand on the on the transactions you're gonna start to see over here on the right side, the... This is where the suggestions come in, where you have this option here for, categorization history. So- transactions [00:39:00] posted to this particular vendor.
It'll list, how many times this category was used be- so that you're not wondering- In the past what did they put T-Mobile to? Was it utilities? Was it telephone? Was it, wasted expense? Depending on your opinion of T-Mobile.
Rachel Dauchy: I see what you did there.
Dan DeLong: Yeah.
Yeah, we used to call it T-Maybe in our family because- ... because they had these dead spots around town. T-Maybe. Maybe it'll make a phone call. But yeah, you have that, option in here to be able to see the categorization history.
Rachel Dauchy: And if you're Rachel, when you open up that categorization history in your firm books, you'll see dues and subscriptions.
Cloud apps. IT. A mix of all three- All sorts of different ones ... because I'm [00:40:00] too lazy to do rules.
Dan DeLong: And then you have the option to post a split create a rule, or exclude the transaction. You will also see the different types of transactions that you want it to make. And then you'll be able to select categories.
Now, you used to be able- Wait, what
Rachel Dauchy: is that la- what is that last one? Hold on. What does that say? Oh, customer project. Okay.
Dan DeLong: Yeah.
Products Services and Inventory Caution
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Dan DeLong: Customer project, and then you also have products and services. So you can split or associate the entire transaction to a product or service and let the product or service do the accounting side of things.
And then mark it billable if you put it to a customer or a project. And there's still tags floating around,
Rachel Dauchy: yeah, because remember when we talked about that on a Workshop Wednesday? They ended up not getting rid of them-
They were- ... because it's something else.
Dan DeLong: Exactly.
Rachel Dauchy: So- But wait, let me ask you about the product service.[00:41:00]
Does it... Will it allocate it to inventory items or no?
Dan DeLong: I don't know if this company has inventory items. I'm, sure you can. Let's, just see. '
Rachel Dauchy: Cause if it does that that's a big time-saver. Let's see here.
Dan DeLong: Looking for... Yeah, they do have some, this bull gear. Let's just see if
Rachel Dauchy: we can- Yeah, because I would... I, was gonna say I, would think that it doesn't do it for inventory items, because that's not really how... You're not following the purchase order and the receive and the, those things- Yep ... if you're doing it
Dan DeLong: like this.
They're there. Yeah. They're there. Yeah, you could, yeah, again, it's probably not something this is probably falls into the category of just because you can do it this way-
Rachel Dauchy: Yeah ...
Dan DeLong: doesn't mean that you- I wouldn't- ... should do it this way.
Rachel Dauchy: Yeah,
Dan DeLong: [00:42:00] I wouldn't recommend it So you would wanna have a purchase order, you would wanna have an item receipt, you would wanna have a bill, Yeah
those types of posting transactions so that you can, separate or segregate the the those, events into, into- Yeah, I- ... rather than homogenizing them under one-
Rachel Dauchy: I agree ... transaction. And I think if you're managing your inventory in QBO and you're using the inventory function, I feel like best practice is to really- Don't do that.
follow their inventory workflow, and then match it to the bill all you want out of the bank feed.
Dan DeLong: But... Yeah. But I can see a good use case for non-inventory parts or service items-
Rachel Dauchy: Yeah,
Dan DeLong: totally. Yeah ... Especially when they're expenses, right? So if, Yeah ... if you have a you paid a subcontractor and you wanna put- Yeah
Expense categories to that, and you already have subcontractor or cost codes or things like that- Yeah ... already established and you want to use and [00:43:00] maintain the same workflow for, revenue versus expenses, perfect perfect use case- Yeah ... for that. But, Got it ... please don't receive inventory from the...
From the bank feed. It's a little extra. And then as far as what's in posted, they are the exactly the s- the same. It's just again, instead of calling it, categorized or what, is the term in the old one now? I've forgotten what it is. Yeah, it is categorized. But
Rachel Dauchy: that's-
Dan DeLong: it's-
Rachel Dauchy: But even in the old one they changed that back and forth a little bit.
Dan DeLong: Yeah.
Filters Sorting and Match Views
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Dan DeLong: And you have some filters in here so that you can look for posted transactions. I do wanna go back to pending 'cause you do have this drop-down. This is the same, Wow ...
Except you now have, if you're looking at 300 transactions like Rachel does all the time- Yeah[00:44:00]
And you want to focus in on, a certain type of transaction first, you can, do that with... Let's say we're gonna work on the money in transactions first, or we're gonna work- Do they have all the filters- ... on the money out ... in
Rachel Dauchy: the old one?
Dan DeLong: They did. They did. They- Oh ... They were here.
We've got money in, money out- Oh ... suggested match-
Rachel Dauchy: Okay. Okay ...
Dan DeLong: rules.
Rachel Dauchy: Yeah.
Dan DeLong: Missing payee, uncategorized, right? So- So you have a little, a few more drop-downs in here, or options in here because there's functions associated with them. So requests you can filter for things that are waiting for a reply, or if a reply has been received.
Now that they've communicated that request answer back to you, you can filter for requests where the reply has been received, so you can work through those. And then of course you have your date filter, so if you wanna focus in on one particular month or week or day you can do that here in the [00:45:00] dates.
Or just search just do a, a- Yeah ... a search. Hopefully you know what you're looking for, because it's only gonna show you based on the what you type in there.
Rachel Dauchy: You know what filter they don't have, which I want, is to, filter, s- and also sort. Filter and/or sort- is matched. The things that found a match versus- They got suggested
Dan DeLong: matches
not finding a match. Yeah, the suggested matches is a, is a filter.
Rachel Dauchy: Oh, it is? Yeah. Oh I guess I m- I must have missed that one before. Okay. Never mind, don't listen to me. Because sometimes I just wanna see what was matched. 'Cause, sometimes there's... If I'm looking at the 300 view sometimes I really only wanna deal with the ones that are matches right now, and then- [00:46:00] I'll deal with the other ones later,
Dan DeLong: yeah. And someone watching on Y- YouTube, The Ledger Artist they said, "The bank description to memo is a must."
Rachel Dauchy: Yes.
Dan DeLong: So-
Rachel Dauchy: I'm, I agree with you ... expand I think that is so great.
Dan DeLong: Yeah. 'Cause otherwise you're having
Rachel Dauchy: to go- Because then it really means when you're looking in the...
If you're looking on the sub-ledger, then that's in the memo- and that's really nice.
Dan DeLong: Yeah. And then that, tran- that's gonna flow into reports.
Rachel Dauchy: Yeah.
Dan DeLong: Where rather than having to look at the transaction and then s- identify, oh, there's an online banking match in the upper right, and you hover over that, and-
Rachel Dauchy: Yes
Dan DeLong: hopefully you don't, your mouse doesn't move, so that you can actually read it. And
Rachel Dauchy: then- It feels like that's was maybe a bookkeeper or accountant suggestion, and then- they said, "Yeah, that's great. Let's do it," and then they did, it feels- Exactly ... like it came from us.
Dan DeLong: Yes. It sounds like someone who uses it a lot [00:47:00] probably put in that suggestion.
Yes. And was either burnt by the nuisance of clicking around and wasting time to try to find something that could have just been copied into the, memo.
Rachel Dauchy: Wait, back to the suggested match thing for a second. So you can- filter, but can you sort the suggested matches? I don't think so.
Dan DeLong: I don't have any, anything in here that actually has a match.
Rachel Dauchy: Yeah. It's okay.
Dan DeLong: All right.
Wrap Up and Next Workshop
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Dan DeLong: So that's that's an overview of the- New banking user interface. There is and, always will be a, a lot of resources and, focus not just from the accounting community, but also the Intuit development about making this more usable, right?
And, when there is a huge change, and sometimes it [00:48:00] takes a step back on the bank feed you're interrupting people's workflow that, that work in there on a, regular basis. It's... it, things get a little personal sometimes. About "Hey, what are you doing messing with my stuff here?"
It, it I think in general the feedback initially was this is why are we making these changes? It was working just fine. If it ain't broke, don't fix it. But there are things that they can... that, that are, that we just covered here that are cool and that- Yeah
are ultimately gonna move this forward.
Rachel Dauchy: I think the benefits outweigh the negatives.
Dan DeLong: Yeah.
Rachel Dauchy: Exactly.
Dan DeLong: Let's
Rachel Dauchy: leave it like this just for a while, though, Intuit.
Dan DeLong: Yeah, don't change it so fast. Yeah. Right n- the next time. Okay, we took... we heard all your feedback and we're implementing it all. No, don't do that.
So next time we're gonna be talking [00:49:00] about the global navigation bar, which is this this option up here at the top. And if time permits or we may go into another workshop, we'll talk about some of the tools that you can use to help streamline the user interface woes that a lot of people may have especially if you're moving from desktop to online and it's a brand-new, drop in the deep end of the pool inside- of the user interface inside of QuickBooks. So we'll see you next time. You mean Tool?
Tool. And we'll talk about the desktop app that that QuickBooks makes available. So we'll talk about those things on- Cool ... upcoming workshops. And we will see you next time on the Workshop Wednesday.
Hopefully everybody has a great week. [00:50:00] [00:51:00]
