Siegel, Here Are Your Articles for Wednesday, November 10, 2021
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Is This Your Situation: Having Trouble with Debit Card Purchases

 

Your bookkeeper may be spending unnecessary hours combing through banking activity, visible only on your bank's website, trying to determine what has or has not yet been posted to QuickBooks. To maintain an accurate checking account balance, you have to know the details of these transactions. Debit card purchases often are the missing link.

Debit cards do make it easier to purchase items when cash is not handy. However, for the person doing your business bookkeeping, debit cards can cause problems. The bookkeeper often does not know just how much money was actually spent until the end of the month when the bank statement arrives. Under this scenario, it could be quite easy for your account to become overdrawn. Fortunately, QuickBooks has a built-in solution to help keep track of those pesky debit card purchases.

Most debit card purchases and returns are updated with your bank in real time. So connecting that activity with your QuickBooks file will instantly alert your bookkeeper to the depletion of cash in your business. It is essential to know when cash balances run low. QuickBooks Online is focused on filling this gap. This version of QuickBooks integrates with almost any bank, and the transactions are downloaded automatically. With a few clicks, the bookkeeper can spot transactions that are occurring outside the office and get them posted immediately.

Each morning when the bookkeeper logs in, the transactions that posted to the bank since the last login to QuickBooks Online appear in a bank feeds screen. Each entry can be matched to an existing QuickBooks transaction, or the information from the download can be used to create a new entry in the checking account register. This is an efficient process for bookkeepers. They don't need to access the bank account directly, and they don't need to manually compare details. QuickBooks is smart about matching and guessing or "learning" which account to use when posting missing transactions. Of course, this process still requires the skill of the bookkeeper to determine exactly the right place to post transactions, but a lot of the manual data entry and analysis is eliminated.

As always, if you need help with this function in QuickBooks Online or with any QuickBooks issue, please contact our office.

 
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Siegel Solutions Inc
Siegel Solutions Inc
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