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Say Sayonara to Manual Transaction Entry in QuickBooks Online

Ditching manual transaction entry should be your number one priority now that QuickBooks Online streamlines the process of importing transactions from your bank. When you manually input transactions, you open the door to data transposition errors, potentially leading to inaccuracies in customer billing, reports, and taxes. Plus, it's a time-consuming task that eats into hours you could spend running other aspects of your business.

If you're still manually entering transactions into your accounting software, consider connecting your online bank accounts to QuickBooks Online. Once your transactions automatically transfer to your QuickBooks Online system, you can easily review their completeness before storing them. Finding and accessing your transactions whenever you need them becomes a breeze.

Here's a breakdown of how it all works:

Connecting Accounts

To get started, make sure you’ve set up usernames and passwords for any online bank accounts you want to link. In QuickBooks Online, navigate to Bookkeeping > Transactions > Bank transactions. Click "Link account" on the right-hand side.

If your financial institution isn't listed, enter its name in the search field. Choose the correct option and click "Continue." Follow any security steps required by your financial institution. Next, select the account type (checking, credit card, etc.) from the drop-down list and follow the on-screen instructions to complete the connection.

Viewing Transactions

Once your bank accounts are connected, you'll see them listed on the “Bank Transactions” page along with their balances and the number of transactions. Clicking on an account will show its register, along with three labeled bars: “For Review,” “Categorized,” and “Excluded”. 

From here, you can view all transactions and filter by date, type, or description.

Individual Transactions

It is easy to review each downloaded transaction. Simply click on a transaction to open its detail box, where you can add or edit details like Vendor/Customer, Category, and Customer (if billable). Ensure accuracy before confirming the transaction.

Connecting your banks in QuickBooks Online is straightforward, but you are not alone if you have any problems. Reach out to us for assistance—we're here to help ensure your transactions are processed accurately from the start, saving you time and headaches down the road.

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“Bernard and his team at BR tax group are top notch. This is my first year using them after switching from a different local CPA and I didn't realize how much tax info I've been missing. His communication is great. The additional information he provides to maximize tax savings is something I didn't get from my previous CPA. Thanks Bernard”

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Frequently Asked Questions

You can prepare your taxes yourself, especially if your business is simple.

But once you have contractors, employees, business loans, equipment purchases, mileage, mixed expenses, or growing revenue, things get more complex. At that point, tax preparation becomes a way to make sure your business is reported correctly, your deductions are handled properly, and your records can support what you file.

Send anything that shows what your business earned, spent, bought, paid, borrowed, or changed during the year.

That usually means your income records, bank statements, credit card statements, payroll reports, contractor payments, loan documents, mileage records, and prior-year tax return. Also tell me about anything unusual, such as buying a vehicle, hiring someone, opening a new location, or taking out a business loan.

Messy books can slow things down. If expenses are in the wrong categories, transactions are missing, or personal and business spending are mixed together, your tax return may not show the right profit. We may need to clean things up before filing, so your return is accurate and easier to support.

Possibly, if it was truly for your business and you have proof.

Still, it is much better to avoid this when you can. A separate business bank account and business credit card make everything cleaner. They save time, reduce confusion, and make your records much easier to defend if anyone ever asks questions.

Most small business owners can deduct ordinary business expenses like software, advertising, supplies, insurance, rent, payroll, contractor payments, professional fees, travel, and some vehicle costs.

The question I usually ask is simple. Was this expense clearly for the business? If yes, we can look at how it should be handled. Personal expenses should stay personal.

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