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Hello Community! Welcome back to another Top 5. Are you needing to delete a deposit, import your expenses, or unreconcile a monthly statement that has already been reconciled? If so, then you’re in luck because this time around, we are going over top questions on the topic of Banking. Let’s take a look!
1. Can I unreconcile a monthly statement that has already been reconciled?
You can definitely unreconcile a monthly statement that has already been reconciled. Let’s take a look at how this can be done within QuickBooks Online.
Note: If you’re using QuickBooks Online Accountant, then you’ll simply use the Undo a reconciliation feature to unreconcile previous transactions without having to do so manually for each one. You can find the steps to do this in this guide.
However, if you have any other version, then you will need to manually unreconcile each transaction to undo the reconciliation. I’ll go over the step by step process of this for you.
Here's how:
- Go to Accounting tab on the left panel.
- Under Your Company, select Chart of Accounts.
- Choose the account you’re working on, and click on View Register.
- Select the transactions you want to unreconcile.
- Keep on clicking the R status until it shows blank or cleared (C).
- Click on Save.
- Choose Yes in the confirmation window.
It’s important to consult with your accountant before taking any of these steps just to ensure that all your records are in order. For more resources and insight on this topic, make sure to check out this article on unreconciling transactions.
2. Am I able to delete a deposit in QuickBooks Desktop?
Yes! To delete a deposit, you’ll want to go to the tool bar and find Edit. Then you’ll want to click on DELETE DEPOSIT.
It’s important to note that the Delete Deposit option will only show on the Edit toolbar if you select the deposit within the register. If there are multiple payments in one deposit, you can open the transaction and use the Delete Line option instead.
Here's how:
- Click Lists at the top menu bar.
- Click Chart of Accounts.
- Double-click the account.
- Double-click the deposit.
- If you want to delete a specific payment, select it from the list.
- Now click the Edit tab at the top menu bar.
- Select Delete Line.
- You can select Delete Deposit if you want to delete the entire deposit.
3. How do I import expenses from a CSV file in QuickBooks Online?
The good news is that importing expenses from a CSV file into your QuickBooks Online account is an easy process.
Here are the steps to take:
- From the Transactions tab, select Banking.
- In the Link account drop-down, select Upload from file.
- Click the Drag and drop or select files button.
- Select the CSV file and then Open.
- In the QuickBooks account dropdown, select the account you want to upload the transactions into.
- Follow the onscreen steps to match the columns on the file with the correct fields in QuickBooks.
- Select the transactions
- Select Yes.
- Click Let's go.
After you take these steps, you can make sure to categorize them so they’re assigned to their correct account. You can reference this guide for more information.
That should do it!
4. How do I record a credit card Cash Reward in QuickBooks Online?
This is a great question to go over. You can record the cash back rewards as Credit Card Credit. Some entrepreneurs use Other Income as the affected account. Though, you can create an income account specifically for cash back rewards.
Let's go over creating an income account: (Optional)
- On the left-panel menu, click Accounting and go the Chart of Accounts tab.
- Click the New button, and select Income in the Account Type field.
- Choose the Detail Type. You can refer to your accountant if you're unsure of what to choose.
- Enter your desired account name in the Name field, and click Save and Close.
Now, let's create a Credit Card Credit for cash back rewards.
- At the top, click the Create menu (+) and select Credit Card Credit.
- Choose a payee and enter the correct Credit Card Account.
- Go to the Account details section.
- Enter Other Income or the income account you created under the ACCOUNT column.
- Enter the cash back amount.
- Click Save and close.
Note: If you’re unsure on whether this is the best process for you, please make sure to reach out to your accountant.
5. Can I edit/delete banking rules that have already been created?
Absolutely. Editing/deleting banking rules in QuickBooks Self-Employed is a quick and easy process.
Here’s how:
From the Gear icon, select Rules. Find the rule you want to modify and click Edit. Next to it is a drop-down where you can select Delete.
You'll want to check out these articles for more info on how to handle downloaded transactions as well:
- Categorize money transfers in QuickBooks Self-Employed
- Create rules to speed up reviews in QuickBooks Self-Employed
That’s it for this Top 5!
I hope you found these top Banking Q & A’s helpful! Feel free to visit the Community again if you have other concerns. We’re more than happy to help!
