Miscellaneous Banking Commands in QuickBooks - dummies

Miscellaneous Banking Commands in QuickBooks

By Stephen L. Nelson

You may not need to use all of the commands provided on the QuickBooks Banking menu. Nevertheless, the following list describes these less-than-popular commands just in case you need them.

Order Checks & Envelopes command

The Order Checks & Envelopes command displays a submenu of commands you use to order QuickBooks checks and envelopes or to get information about ordering QuickBooks checks and envelopes.

Enter Credit Card Charges command

If you set up a credit card account — this is a credit card account that you or your business would use to charge transactions — you can choose the Banking→Enter Credit Card Charges command to display a window you can use to enter credit card charges.

When you choose the Enter Credit Card Charges command, the Enter Credit Card Charges window appears. You identify the credit card account for which you want to record transactions, and you describe the credit card purchase by using the field at the top of the screen.

Then you use the Expenses and Items tabs — these tabs work the same way as the similar tabs in the Write Checks window — to detail the reasons and the accounts affected by your charge.

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If you click the Download Card Charges button (which appears on the Enter Credit Card Charges window), assuming that you’ve set up credit card accounts that allow for online services, QuickBooks downloads recent credit card transactions directly into the credit card register. Perhaps obviously, for this command to work, several prerequisites must be met:

  • You need a credit card account already set up.

  • You need to have set up the credit card account for online services.

  • You need an Internet connection so that QuickBooks can grab the credit card transactions from the credit card company.

Online Banking command

The Online Banking command displays a submenu of commands that you use to conduct online banking and to see which financial institutions (banks, savings and loans, and credit unions) let you do online banking.

If you want to do online banking — which can save businesses a ton of time — call your existing bank, and ask whether it provides the service. If it does, ask for a sign-up packet and for specific instructions on how to get going with online banking.

If you don’t like the idea of calling your bank directly, choose the Set Up Account for Online Services command from the Online Banking submenu. This command walks you through the process of applying for and setting up online financial services.

Online banking is a real timesaver for business owners. If you’re not using online banking, you really should have a pretty darn good reason for not doing so.

A few words about online banking

QuickBooks Banking menu provides an Online Banking command, which displays its own menu of commands related to researching and setting up QuickBooks for online banking.

If you want to learn more about online banking, for example, you choose the Participating Financial Institutions command to see which banks play well with QuickBooks. And you can choose the Learn about Online Bill Payment command for online bill payment options when your bank doesn’t play well with QuickBooks but you don’t want to change banks.

The Online Banking menu also provides the Set Up Account for Online Services command, which steps you through the process of activating online banking features for a selected bank account; the Import Web Connect File command, which lets you open a transaction file from your bank (if that’s the way your bank does online banking); and the Change Online Banking Mode command, which lets you tweak the way the online banking window looks.

Loan Manager command

The Loan Manager command displays a window that lists loan accounts you’ve sent up. This listing of loan accounts, by itself, isn’t all that special, but the Loan Manager window does something else that is special: If you click the Add a Loan button, QuickBooks collects loan information from you so that it can break loan payments into principal and interest.

Other Names list

The Other Names list displays a window that lists all the other names you’ve used to record transactions. Individuals and businesses that appear in your Other Names list aren’t customers, vendors, or employees. In other words, the Other Names list includes names that don’t neatly fit into one of the standard categories.