Within the AutoEntry bank statement module it is possible to code bank statement transactions to nominal accounts (and optionally payees) before publishing direct to QuickBooks Online instead of exporting to excel/.csv files. This function is only available for bank statements and not credit card statements at the minute. *For non-integrated companies, there is a slightly different process - see here.
Unlike invoices, the statement images do not transfer through with the exported data. The transactions themselves post through as paid bank transactions on the general ledger. AutoEntry does not post the bill or reconcile the transactions against payable/receivables. The quick-code functionality is ideal for year end (or catch up) jobs for creating P&L and balance sheets. If you prefer to post the transactions as Statement Data (not as bank transactions), simply use the standard download option for QBO and import that file using the import tool in QBO.
Once the bank statement extraction is complete you will see the 'Fast-code Transactions' button in the inbox:
Across the top of this page:
- Master check box to select all/approved/uncheck all
- Once lines are selected, the 'Actions' button appears to 'Approve/Unapprove' all selected in one click
- Counter of total of lines Approved and remaining Unapproved lines
- Account number for uploaded statements
- Drop down to select QBO account the transactions are to be published to.
The main extraction columns:
- Publish column: Grey tick requires data, clear green is approve-able, solid green is approved.
- Transaction Date
- Transaction Details
- Cheque number (where present)
- Payee / Customer
- Payments (Debits)
- Receipts (Credits)
- Location and Classes (where in use)
- Type - Transaction type - Deposit, Expense or Cheque
To publish a transaction to QBO, First select the account the transactions are to be published to (top right) The category for each transaction must be selected, payee/customer is optional as are the locations/classes. Then just click the Publish button to the left of the line.
As lines are published, the counter for total numbers of lines published/unpublished will change showing how many lines remain to be coded.
In order to help you sort and manage the transactions you can click on any of the column headings to sort the transactions. Especially handy is to sort transactions by description where you can assign a category to a bulk of the same transaction lines in one click. Or to find that one line that is not published, filter the data in the publish column.
This list is populated from the list of suppliers/customers from QBO. It is not a requirement before publishing.
To code a transaction line, one by one, simply click on the drop down for the category and select the required account:
To code multiple lines at once, use the check boxes to the left and select the first line of the batch. Hold down the shift key and selecting the last line will select all the lines in between too. Sorting the transactions by details really helps here to bunch up all similar transactions that they can be coded at once. Then simply select the relevant category (on any line) and all lines are populated with that account.
The check boxes to the left can also be used to publish multiple lines at once using the 'actions' button also.
Locations and Classes can also be assigned in bulk at the same time.
For the transaction type, AutoEntry defaults to an Deposit for any receipts. For payments, where a cheque number is present, cheque will be automatically selected, if not, Expense. Expense and cheque can be edited if required.