DO NOT DO THIS in QuickBooks (When Adding Bank Transactions)

QuickBooks 30-day free trial + 30% off for 12 months:
(30% discount offer to expire 9/30/2021)

Additional Videos:

Table of Contents:
00:00 The wrong way: Skip Payee Names
05:12 Using Reports to inspect categorization
06:53 Expenses by Vendor Summary
07:53 The correct way!
08:35 Outro

[changingmyself]

Hector, I recommend people to watch your videos almost every day to learn how to use quickbooks, you are excellent to watch and learn from. Thank you for making these!

[beckyh]

Oh my word! I love you made this video because I am spend time explaining to my clients that you don't just go in to their bank feed and click Add!!!! There is more to it then that. Thanks!

[pisces]

Just started QB Online. Only did it to pay my first employee. Just so you know, knowing what not to do is way better than knowing what to do. I'm struggling, but this is a step in the right direction. Thank you so much

[buttercup]

I'm new at learning QBO and this video really taught me a lot! I was making assumptions that QBO was categorizing the bank feed for me, but QBO does some strange categorizing on its own. I spent hours and hours undoing the "adds" without looking at each transaction carefully. Silver lining: it taught me a lot and I think I can offer a clean-up service when I go into business for myself as a virtual bookkeeper (targeting first of 2021 to start my biz). I am going to watch your other bank feed videos to gain more knowledge. Thanks Hector!

[MichaelBnothere]

I learned the hard way when first starting with QuickBooks to be patient with it and build a good foundation. Once you have that it's all good. I wish I would have saw this video first. But you are correct

[massavincy]

You're a great teacher (speaking as a teacher myself)!! I am now, however, an accountant or bookkeeper and your video is helpful. I agree with other comments that as newbies it's very helpful to also know "what not to do." Very. Keep up the good work.

[NinaRossBusiness]

Thank you for the clarity. My current Clients use QB Desktop. I now have a Client that uses online. Your channel is bringing me up to speed. 👍👍

[CecilleTabuena_godissogood]

As a Bookkeeper, I see to it that there should be a Payee listed on every transaction for easy monitoring/tracking purposes whenever there is something to check with. Thank you so much, Hector. 👍😊

[crashkahuna]

Really good points. I wish there was a Vendor/Customer Required option like there is for class. We are cleaning this up now.

[heather]

I’m an accounting major and the quick books textbook in one of my classes literally tells you it’s not necessary to enter payee information on an expense form lol. I just don’t feel like it’s complete so I always enter the payee/vendor.

[LuisPerez-vujm]

Thank you for Taking time out of your busy schedule to help us. I am new to Quick Books. Need help downloading, classifying, and Reconciling.

[bordershader]

OMG, I have not long switched from Xero to QBO and this has been confusing me SO MUCH, it all makes sense now! Now I need to disentangle what my clients are doing *cry, weep* 😆 THANK YOU!

[superjtrdr]

It's a blessing to be able to track all monies going out this way but almost all are incorrectly categorized. One of the tricky ones for me was when I returned an item. That is common in my business. I just screenshot the download then delete it. Then create a vendor credit memo for the amount. I sure hope I am doing it right.

[tannertucker]

Thank you. Also a cpa. Some functionality is a blessing and a curse. Good explanation.

[AnnaPrinces]

Thank You so much for this I really needed it!

[yourdroid]

I'm a corporate accountant looking to do some bookkeeping on the side. I don't really use quickbooks and i'm finding your videos very helpful in learning their system and the mistakes clients are likely to make within that layout.

[yolibethbenitez]

You’re a great teacher, I’ve learned a lot from you.

[chloemackie]

I have not done this thankfully! Plenty of other mistakes though. One of them was a workaround for things like business insurance and utilities where the vendor changes more or less annually but you want to see all of the suppliers in one place, not least so you can remember who the current vendor is - I now realise tags are the perfect solution for this and I am off to sort that out. It does mean an unmanageable vendor list though, shame its not possible to prioritise these according to frequency/account size...

[lucildarosa]

Thank you Hector for all your videos. Great explanation

[christajo]

After connecting bank feeds, CC, POS, etc, QB has created thousands of duplicate transactions (it was reconciled correct)
What's the best way to reset? Start over? Journal entry. The books are insane no joke 🤯