Tuesday, February 20, 2024
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This guide is for reconciling bank transactions with expenses in your QuickBooks Online account. 'Expenses' are the costs or money spent in running your business. There are two steps:
Step 1. Categorize Transaction
Step 2. Attach Receipt
Learn more: How to reconcile in QuickBooks online app
1. Click Transactions -> Bank Transactions
2. Select an expense transaction, select a category, then type the vendor name under 'Vendor/Customer'.
See the example where we use a Heroku transaction in Office Expense: Software Category.
* Receipt-AI includes the business purposes for your receipt when you upload them using SMS and Email. If you don't use Receipt-AI, make sure to include a memo here.
3. If the vendor does not already exist, click '+ Add new (Vendor Name)'.
Select 'Vendor' contact type and click 'Save'.
4. This will bring you back to previous page, click 'Confirm' to finish categorizing the transaction.
5. Click 'Categorized' to locate the transaction you just confirmed. Then, click on the blue mark labeled 'Expense: Office Expense'
6. It will open a new window. Scroll to the bottom and click 'Show existing' under 'Attachments'.
7. You will see a list of receipts uploaded by Receipt-AI. All the receipts are renamed with the date, vendor name, and total to help you quickly navigate to the receipt you want.
Find the receipt for the transaction and click 'Add'.
8. You should see the receipt displayed under 'Attachments'. This indicates that the receipt has been successfully attached to your bank transaction. Click 'Save and Close'.
Congrats! You've just reconciled your first bank transaction. We recommend categorizing all transactions in QuickBooks first, and then matching each receipt with its transaction to save time. With Receipt-AI, we make it easy to upload receipts to your QuickBooks account using email and SMS. All receipts are renamed to help you quickly find the specific receipt you need.
https://receipt-ai.com/articles/how-to-reconcile-in-xero
https://receipt-ai.com/articles/reconcile-definition
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