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welcome everybody to another QuickBooks power hour we're glad to have you here my name is Michelle Wong and I've got Hector Garcia with me today I'm not going to talk much about myself a lot of you already know me just to quick mention if you haven't joined a LinkedIn group already please join it it's a great resource if we can't answer all your questions today that LinkedIn group can help answer your question so go out there and post your questions out there also the practice sets I've had a lot of emails about those all of my five books are available on Amazon if you want to check those out we've got Hester with me today Hector you want to go ahead and say hi hi hi hi three times yeah I'm in sunny Miami today you want to say anything about yourself Hector sure I'm a CPA I teach QuickBooks almost for a living in my own classroom I have down here we do a training for end users CPAs we you know we do some CPE stuff down here in South Florida as well I my background is an accounting finance and Taxation and I'm a member of the Intuit trainer right or network and of course I don't have it there but I'm a broad visor as well very cool you want to cover the agenda Hector sure so today we're going to talk about introduced power our real quick for for brand new attendees will talk about the CPE process the topics we're going to be covering is going to be Bank Bank rules or Bank feeds and Bank rules as always I will cover the desk top part and Michelle will cover the online part this time around I'm doing desktop first and Michelle's doing online second and we have a very special guest towards the end dogs leader is going to come speak to us about you know what what this whole thing means to the accounting profession and give us a little bit of a talk and about the new upcoming steer conference the Kyuubi power our it needs every two weeks and a lot of you are repeat attendee so thank you very much for that it's a 12 p.m. Eastern the idea is that Michelle and I will cover advanced experience user tips and tricks usually 50% desktop 50% online we will almost always have a third-party app or sort of a practice management thought leader and Industry special guest to kind of top the webinar off and if you go to QB power our comm you can give us some feedback about topics you would like to see in future webinars and you can actually see pass recorded webinars in QB power comm and Michelle's YouTube page and if you haven't done a survey yet will really recommend that you go into that link and give us some further feedback about who you are and what you expect and that will help us continuously improve it the CPD process is is quite simple we we make sure that the attendees are at least 50 minutes right so as long as you log in no later than 12:00 10:00 p.m. Eastern and you're there all the way to the end that that's the first condition the second condition is we're going to we're going to have somewhere in the middle we're going to have a keyword question pop-up and then that keyword question you need to write it down and then towards the end not exactly at the end but towards the end we will have a polling question we will ask for the keyboard make sure you answer it in the polling question and not on the chat box or not in the questions box then we basically have all the attendees and we filter out the ones that answer correctly and the ones that were there for 50 minutes and within two weeks I email all the certificates automatically I actually email the certificates for last webinar last night late last night but that's oh that's the CPU process Thank You Hector and I just like to remind people in the cpe not everybody needs continuing education credit if you're a CPA if you're a certified bookkeeper then you might need CBE and so we'd like to provide that for you and do allow two weeks might put a reminder on your your email or on your calendar to check it in two weeks check your email a couple weeks I wanted to remind you about some upcoming events as well as a couple announcements as Hector mentioned the Sleater conference is coming up really quickly we've got Doug Sleater joining us today you're going to be hearing more from him and we've also asked him to give us a special offer Hector and I both will be presenting and love see you at this leader conference make sure you come out and say hi to us if you're there a lot of great information into an academy has announced they're going to cities near you various cities across the u.s. for a qbo certification training you can get details on that I've got the link there for you as well if you go to intuit Academy comm and click on QuickBooks Online you'll find that or there's the URL and then also there was some announcements made last week at the QuickBooks connect conference there's some changes to the broad visor program and a brand new QuickBooks Online accountant that's going to be coming out in December capture and I plan to get Louise Sanchez or somebody from Intuit to come on and talk to us about some of these changes and answer your questions about that because there's a pretty big key just to the poor advice programs that are coming and then QV accountants is amazing you're going to want to see that the new cue boa also in QuickBooks Connect we launched the QBO advanced certification you heard me right there's now an advanced certification for QuickBooks Online not just the desktop it will be available to everybody in your course walkers probably in December if you're in another country it will be available around the first of the year it's going to be a little bit longer while they localize that for different countries but there will be an advanced quickbooks online certification available in december first for those of you that didn't attend the conference if you haven't already joined the pro advisor program i encourage you to do that it's going to be free to join the pro advisor program to take the training and to get certified you can find out more details I don't think the website has been updated for all the changes that was just announced last week so join us for an upcoming webinar and we'll answer questions about those changes what it needs for you and things like that so Hector I'm going to go ahead and turn it over to you to cover the QuickBooks desktop part of our QB power hour today so I'm going to go ahead and change you as the presenter and let you take it for a few minutes okay I'm going to share my screen so Michelle can you see my screen already so nice double yeah we can see your screen already okay perfect so let me get to my slide here there we go okay so I'm going to be covering Bank rules in QuickBooks desktop 2014 and 2015 if for some of you that are using 2013 or older versions this would be brand new because the screen looks very very different and because I only have so many so much time to cover this I chose to use the newer version now one of the important points before I jump into the product here I've to make three very important points one is bank feeds for credit card and for banks although bringing the data into into QuickBooks synchronizing it or downloading it that is the same process however some of the behaviors and the rules change a little bit so I'll try to cover both I mean I will start with Bank but I'll try to cover both to kind of show you where the differences are also if you're a user and accountant CPA whatever and your purpose of using Bank rules is strictly to do cash basis right of that that means that all the income although the tosses come in as income all the payments come out as checks the perspective of how you use Bank rules will be a lot different that a user does sort of working on real time books right somebody that's actually managing accounts payable accounts receivable and I'll try to also show you some tricks behind sort of some of the real-time tools for bank feeds and the last thing is if you set up the req connect typically it's all in product you don't have to go into the bank website but you have to pay so the red Connect bank feeds is that $10 or $15 a month fee the most most banks charge the manual download which I have a screen study here this is my ace account so the manual download is when you actually go into the your bank you select your account and you have to look for a button somewhere this is chase of course every bank is different and you would have to manually download what they call the qbo file which is confusing because most users qbo the they sort of represent quickbooks online but in this case the QBO file actually just means a web connect download file so this is what the in my personal chase account this is what the qbo file download and in my bank chase the previous was this is credit card and this is Bank so if the bank Chase is sort of the same thing it gives you a bunch of options and it's the with the QuickBooks webconnect qpo okay so let me jump into the product now and Michelle I'm not sure if you're a muted or not can you see my my QuickBooks desktop file yes yeah okay we can see thank you paper all right perfect alright so let me start with the bank feeds so let's talk about manual downloading so once you're going to Chase Bank of America whatever bank it is you're going to download a file called whatever the bank is dot QBO okay that's what the file looks like and I want to show you some sort of advanced little tidbits about these files because sometimes it's interesting to see exactly the type of information that is behind it so when I download this dot QBO file which is basically a web connect file and you keep in mind there's the old terminology was Oh F X that's what I used to color the Oh F X file if I open this in notepad I want you to kind of give you an idea for what this looks like this basically just a text file this is an XML file with a bunch of data for example in the dead text here somewhere I won't go into too much detail your bank account number it's actually typed in here and this is what how QuickBooks are identifies which qbo file needs to be attached to which bank account in the bank feeds now I downloaded a spreadsheet version of this which is not the same thing as opening it in Excel because if you open an Excel book it would look kind of like the notepad but I opened it the Excel spreadsheet version of what would be the qbo download because I may have to revert back to this just to show you some illustrations about how the data comes in so let me jump in the product so once I download the file itself the standard process to bring it in is we go to banking bank feeds import web connect file it's actually the same thing as going into file utilities and there should be import web connect file so this is actually two places to the exact same thing once I do that I jump over to the folder where that file was downloaded I select it and I hit open that's how the manual feed works I won't demonstrate the direct connect but with the direct connect the differences I don't have to go into the bank and download the file the data just gets dumped strainings of fed straight into QuickBooks once the QBO file is loaded in there and this is some of the basics let's go into some of the advanced basically you're going to go into bank feeds and it's going to say transaction list now this looks very different than the 2013 version and there and anything more than that this is 2014 and 2015 when I click on transaction list I get what the bank brings in right this is the raw information the back of the bank being sent and this looks very similar than this spreadsheet here so I just wanted to kind of illustrate how the data comes in let's cover a couple of important points deposits right so we we had a slide that said if you were an accountant just bringing in the process as income not really managing receivables you would probably do something like this you would create a customer called deposits right or something like that and then you will bring this information straight into into income so I think this construction income or something like that let's hit the drop-down so if you were doing a cash basis sort of online banking you would bring in the deposits straight into income that's that's the behavior of the user if they were using doing this just strictly sort of cash basis now let me just resort this here now where it would be different is let's say I'm not doing that let's say I actually have to match this deposit to an actual invoice so the way I would do that is I would hit this drop down here and go to my add more details now we're going to add more details this is that action column I'm going to add more details and in this action column anything that's an open transaction where there is an open invoice or open on the positive funds you can actually select them from here right this is assuming that I I have copied the deposit and I know exactly what's coming in I can select these two here and then I hit add to QuickBooks and I would actually match up the two payments to that deposit so I'm going to go ahead and hit add to QuickBooks okay so basically what I did is I took two on the positive funds these are two payments I received I didn't fully go to deposit but through the online banking I match the deposit let me show you something a little bit different you see this deposit here for 375 I'm going to go into the customer center and then I'm going to look for I'm going to just create an invoice here real quick for 375 so just going to show you I'll create an invoice for 375 mm I'm going to match it up so where's my item code there we go design fees and I'll do 375 okay this is just an invoice right when I get back into my online banking and I go to select add more details I can actually go to open invoices and I can pick it up here okay there was a sales tax in there so I'll go back and fix it now the other piece I wanted to show you it's sort of in the same realm here let me go back into this invoice I'm going to turn off the sales tax you just turn off the sales tax so we get the exact same amount there we go I'm actually going to take the same voice and I'm going to receive the payment and deposit it so you can see exactly how online banking matches it so I'm going to go to receive payments okay there's my payment 375 I hit save and close and then I'll do the last step which is bring it from on the positive funds into online banking into into the bank itself sorry so I'm going to go into record the posits and I'm going to follow through and finish this deposit okay so I'm just following through finishing the deposit the manual way but I want to show you is when I go back into my online banking how the system it actually grabs out deposit and matches it so if you can see on the top right there's this little blue box this is automatically matched when I click in there it actually tells me okay you don't need to do anything else we figured out that you made this deposit the date and the amount matches so it automatically makes the match for you I don't actually have to pick that it that the deposit itself or the payment itself all I have to do is accept it and I hit approve and it does that piece another part I want to show you is I want to show you is deposit that contains a merchant fee and for a lot of you attendees are accountants and kind of do this all the time so this may just be a review for most of you but I'm going to grab one of these deposits I'll grab this one for example let's say this 380 459 is the money that actually came in the bank but the way my merchant account works is they actually take away the fee from the top right and the QuickBooks user typically creates an invoice for us for some other amount so I'm going to just going to go back to my customer center and show you that so let's say for example I have this invoice here for 409 I'm gonna have this payment here there we go so I have this invoice for 4 or 905 which we recognize that we receive the payment and we received it so so now QuickBooks has an on the positive funds of 4 or 905 the problem is or the challenge is that the way this particular bank works is they don't deposit the whole amount what they do is they deposit a net amount of the fees so how would fund our work that is let me go back and find that aga n there we go so the way we work this is I will go back to the same function and we're going to add more details but then this time around I will select payment and when I have a difference of 24:46 so in order for me to reconcile that deposit with that receive payment I actually have to come in here so I have to insert a line right under the specific line item and type here merchant fees and then come in here and put in the negative amount negative 24 point 46 now because this is a deposit with a negative amount this is actually an expense not an income so this would actually correctly grab the deposit I received or the actual the payment that I received which at the moment I didn't know how much the fee was and once the actual money comes in the bank I'll recognize the difference as a merchant fee so I'm going to hit up to QuickBooks so that's another example I wanted to show you I want to show you an example now with the payment side so I'm going to sort these by payments and I grab a couple of payments here so let's say for example this right here we have payment check for 1570 point 50 so right now I don't know what this is I would have to come in here and select then drain and the account but let's say that I do have an outstanding bill and this check was used to pay that bill so I'm going to go into my vendors here I'm going to create a bill for 1570 point 50 so I'm going to select your vendor I'll select BMW finance and the amount was seventeen fifty point fifty let me just double check that I was the actual amount yup seven fifteen fifty fifteen seventy point fifty perfect so I transpose that number there we go so there's a bill right and it's just a bill so I'm going to hit save and close hit save and close now if I have the bill outstanding it hasn't been paid yet it is outstanding I do have the ability to go into my online banking and Mark the bill page so I'm going to show you how that works so I'm going to go back in here and I'm going to select this one and I'm going to hit the drop down where it says select bills to be marked to be paid so I'm going to click here and then I select whoever the vendor is and the system will give me a drop down of all the bills are outstanding so I select it and basically by doing this I'm creating a bill payment and reconciling it with my online banking with my bank feeds at the same time so I'm going to hit add to QuickBooks now I'll show you a little bit different approach to this I'm going to show you with an actual manual bill payment and how it matches so I'm going to take a look at another payment here let's look at this $3.99 that is also BMW finance right right now it's it's asking me what it is so I could actually sit there and go BMW financial services out of expense I could do the manual work however if there was an outstanding bill so I'm going to go back into my bills here I'll go back into my bill from BMW there's this one for 399 if I had paid this bill I'm going to go to pay bill if I have painted the manual way right this is sort of a bookkeeper doing real-time accounting if I paid this the manual way and I must put here to be printed and in go to pay selected bills when I go back into my online banking what it should do the behavior I'm expecting it I'm expecting it to automatically match so I'm going to come in here and show you eat nap no longer it's in my list of things that I need to enter it's now into this blue box here which are the automatically matched transactions so all I have to do at this point is selected and approve it okay so that's that's a little bit of a technical side of working with bills and invoices with online banking let's talk about the bank rules is the other part I want to talk about now in this particular bank I don't I don't have a lot of debit card type of expenses so I'm going to show you the bank rules with my credit card so I'm going to go back into my bank feeds I'm going to bank feeds here and then instead of going in through my bank I'm going to show you with my credit card I have a lot more expensive on the credit card so it'll be easier to show and I'm gonna go here the transaction list and what I typically like to do is I like to do the ones that are common vendors that repeat themselves over and over first to kind of get rid of more transactions at a time so what I do is I click on download it asks and what that does is basically sorts it and then we'll start with this one item so I have one two three four five transactions so what I'm going to do is I'm going to match one of these some I select one and then I'm going to make this one they pay iTunes so I'll just create the vendor here okay and then on the account I put here office supplies and then I'm going to hit select quick on now what the system will do is say wait a minute Hector since we're trying to get smarter here I want to grab the next transaction that is that says itunes and automatically categorize it to off the supplies are you okay with that right so I can actually ignore it and say no no this is a one-time thing don't do it in the future or I can just hit okay and I'll actually grab and what I will do is it would actually move all the iTunes transactions I'm going to be sort these it will move the itunes transaction to this orange mode which is changed ok this used to be called changed by renaming rules now it's just called change my rules so when I go into here the system automatically says hope Hector I already know what this is this is the vendor iTunes or in this case I wrote tunes and I'm making it office supplies and at that point I can just go to I approve and it will add all three in one shot right so that's kind of the the speed up process of working with when the vendors are the exact same and I'm I'm looking at the time here and you got about two more minutes so let me talk about another one so let's let me go down here and then I'm a little look for then there is similar but not the exact same so like this one Exxon Mobil for example if you look at four transactions from Exxon Mobil you would guess that if I do if I add one the system will automatically add all four but it doesn't work quite that way so I'm going to show you exactly how the bank rules work so I'm going to select the vendor and I'll put here automobile expense and then I'm going to go to quick add and then I'll accept the rule and hit OK the problem is I'm going to go back and sort this again so I can show you we're going to go down to Exxon that the problem with this is is because there was a couple of numbers at the end the system didn't catch these last two here it only caught that one so in order to fix this problem I have to go into the rules themselves and I'm going to go into the exxon mobil rule and i'm going to edit it and basically these are the guts of quickbooks --is bank feeds memory this is saying if the vendor is exactly this rename it to exxon mobil make it automobile however the number that varies because maybe every gas station has a code or every store so all i have to do is take this away and i know some vendors call it excellent some call it mobile so all i've do is i'll just basically get rid of it and just leave exxon because it does really no other vendor name exxon out there so all I'm saying is I'm saying it's going to be a simpler rule as long as it's got the word Exxon in it whether it has numbers or not rename it and recategorize it for me so I'm going to hit save and then I'm going to close this and then we're going to see that now when I resort these us by name and I go back to Exxon Mobil it actually changed all three of them so at that point because they're ready selected I can just go to batch add and approve and it approves all of them ok and the very last thing actually I don't have any more time but why are you airlines will pick up do this I have one more minute so I'm going to show you this one this one instead of doing it manually what I'm gonna do is I'm going to do the bank rule before I even do the first transaction so I'm gonna go into bankroll and I'm going to create a new rule okay so the rule says no per here American Airlines and it says if it contains the word American so I'm just making a simple here change the payee to American Airlines I'm just creating a quick vendor here called American Airlines and I'll click on add whoops let's go here to I'll put this I'm going to use a different vendor because it didn't add at the vendor before and I'm going to categorize this to travel okay okay just do it we do it correctly so put here American Airlines vendor okay and then I'll hit OK and then basically I'm telling the system that if it has the word if it contains the word American at all reclassify it to travel so I'm going to just go back here for some reason of the system's automatically switching it to that and I may have to that is the system was doing that maybe I was hitting too many buttons at once so when I hit the rule from zero I haven't even done any manual transactions you see the transactions automatically get changed into American Airlines here and they get categorized to travel so I just do a batch enter and batch approve and I'm good to go so Michelle you can take over now or you have any questions yes I actually Hector there were few questions I try to answer a bunch of them but you may want to go through there and answer some of them as well as you have time but thank you Hector one of the things I will ask you to clarify for people some people said there's looks different and I was telling him how they could go into the preferences and can you just kind of mention how there's different look plus when they look updated in 2014 right so the most important piece if you're working on 2014 or 15 you're only going to have the version I showed you on the screen or and you have that you have the screen now so I can show it or the classic register mode if you're working with 2008 to 2013 you're side by side mode but actually there are do behave a little bit different so so I could only show one but you know if we have enough requests if you go to Cuba power calm and a lot of you asked for the side by side mode if we have enough we could probably showcase that one as well but this is 2014 and 2015 only yes very good yeah and and boy Hector talked about you know you have a lot of requests a lot of people did ask to know more about this and that's one reason why we're doing this topic today so let us know what it is that you want to hear go ahead and write down the cpe keyword right now eagle write down this cpe keyword don't type it in the box just write it down and a little bit later we're going to have a polling question where we'll ask you what the CBE keyword is so eagle my son was an Eagle Scout yay okay now thank you Hector for coming the doubt the desktop now I'm going to talk about QuickBooks Online last week we did talk about the bank rules and things like that so you can watch the power hour from last week we've got a recording out there also I want to mention to you on this leader blog remember we've got Doug coming up with this a little bit later I've actually got a blog post out there about the some tips and tricks on working with downloaded transactions and QuickBooks Online common mistakes and things like that so go check some of those out for some additional resources so I am in QuickBooks Online and what I've already done at here is I've already set up some different accounts I'm going to show you different things so we talked a lot about Bank rules last week or the last power hour this time I'm going to talk about the transactions and matching and things like that because people had more questions about this so we've got three different accounts set up a checking account paypal and visa first of all let's look at our checking account so I've got some transactions here and I wanted to show you all how things can match and how they come in so first of all let's talk about the income side where we're receiving money here this very first one you can see I've got an invoice this is already matching again so it's saying we have an invoice here and it's a possible match is this right so it's looking for the date it's looking for the amount and it's trying to find an invoice that that matches if that's a match and everything is fine all I would have to do is go ahead and click on match and I can accept that transaction for this next one here we've got a sale of some product income and it's not matching anything I can click on that and I can go out and look for some matches like let's say I know I've entered some things out there it's going to say we can't find any matching transactions here we may need to change our dates okay so we may need to go in here change the date to go in and see what we're looking for and it may be that I can't remember which account I was in oh you're right it was this one that I want to define my matching transaction this is what happens when I set up more than one of these okay so on this ATM deposit for 480 if I'm pretty sure that I've got something out there for the 480 I could go look for that and I want to show you why I'm not seeing it under the banking I've got this banking transaction set up here I've got an invoice here that's been paid for 480 here's my $480 payment why would that not showing up when I tried to find that matching transaction why was that not showing up it's deposited to the checking account and this is why I did this because I wanted to show it to you to help you understand I see a lot of questions that people say it's in there I've got this $480 payment deposited to checking why does it not show up when I'm in my banking area and I'm on this deposit for $480 that cleared the bank when I say find my match I don't see it I checked my date I changed my date to today even all the way through today and I still don't see that four hundred and eighty dollars why well that's what I wanted to point out to you is when it's finding a match over here look what it's looking for it's looking for an invoice and undeposited funds it's this payment went to the checking account this payment if I change it to undeposited funds and once I save this now over under the find transaction I'll be able to find that so let's go in and back over here on my banking tab let me close that and refresh so let's do find match again aha there it is that four hundred eighty dollar payment so that's real important I'm going to point that out to you if your clients are entering an invoice and then receiving the payment the payments should be going into undeposited funds the payments alright so if they're going to receive the payments go ahead and enter that and you want to match them you need to put the payments into a deposited fund not directly into the check register because as you just saw you won't be able to match it okay so that's one thing that I wanted to point out so I can go ahead and select that and say say so that's one example now this next one that I have here I have a deposit that's come from the bank and it says if it's already matched this one here maybe though I don't think it's supposed to be this deposit I actually had a couple of sales receipts for this one or maybe I had a couple invoices I can say I don't think that's right let's go find other matching transactions so again we're talking about deposit we're trying to match things I wanted to show you the different options that I have here here's that deposit for eighteen hundred dollars but I also could have here the sales receipt maybe I wanted to match it to this one thousand dollar sales receipt I'll look here's another sales receipt for eight hundred dollars maybe I need to match it to those two sales receipts oh wait maybe it's not those two sales receipts maybe here's an invoice for nine hundred dollars or another invoice for nine hundred dollars what I wanted to point out to you is that you can match the deposits that are coming through I can match them to an invoice or a deposit not a payment that's made directly to checking but things that go to undeposited funds these two sales receipts right here for a thousand and eighteen hundred let's go look at those where do you think those were posted here's that sales receipt for a thousand dollar which account do you think that was posted to checking or undeposited funds it went to undeposited funds so what I want you to realize is based on the work flow of your clients if they are entering these things into QuickBooks they're entering a payment that they receive or they're entering a sales receipt that they've received we want to make sure and have them deposit it to undeposited funds not directly to the check register now you might say but Michelle that doesn't seem right why could my glide Tillet go directly to check well here I need to add these two together I need to add the 1 10 dogs can be $800 we had 2 sales receipts remember we had one for a thousand right here and we also had one for 800 so on the banking window I'm trying to match that to two let me uncheck the ones that I already selected I'm trying to match two of these together so I'm grouping them so we're going through undeposited funds so when you're searching for matching transactions it will look for invoices or payments and sales receipts that are deposited to undeposited funds payments and sales receipts that are deposited to undeposited funds if you have one deposit that's going directly into the check register it will find those as well but that's the key that I wanted to point out to you there so when it comes to matching deposits that was a few key things that I wanted to get across to you there so let's clear that one off so we talked about how you can match it to an invoice you can match to payments and sales receipt from undeposited funds now let's talk about our money spent our money going out and how do we match these there okay and it's the same type of thing notice I can match to a check to a bill or to a bill payment so I can match a check a bill an expense transaction which an expense transaction is new and quickbooks online now where you can record an expense paid via the checking account or the credit card account it will match those transactions so it's important that you know how the client is entering things in quickbooks so that how these matches are going were matching transactions that have already been entered for things that have not been entered yet like debit card purchases and credit card purchases that's where we really want to use our bank rules transactions that have not been added into QuickBooks already where we're not matching okay so these are already matching here I can go ahead and click on recognizer and it's going to show me all the things that it matched or that it has a rule about and I can quickly accept all of these at one time as I review them and I say they're all okay I can match all of those at one time see how quick that is and then you're just left with three things where you could go in here and deal with these three separately that was all on my checking account let me show you over here on the visa account it's the same type of thing with the credit card account I've got a rule set up here for office supplies so if it sees supplies depot whether it says supplies Depot any town or something different it will look and it will see that and it says we think those should be office supplies let's look at that bank rule if I click on it see how it says rule applied supplies I can click right here and go into that bank rule or I could come up here and I can access my rules by clicking on this drop-down list where it says manage rules so let's go in and look at that rule and again I'm not going to spend a lot of time on the rules because we went over those in the last power hour but just like Hector did with desktop you can give it a name you say if the description contains supply depot you don't want to store number in there or things like that and in this situation I said and the amount is less than $300 why do you think I might do that what if I go to office supply office Depot or office Max and I have $800 charge maybe I bought equipment maybe I bought a new iPad you know so that's why I could say well if it's less than $300 let's just assume at the office of life if it's more than that then we may need to review it so we don't want this rule to apply so we then tell it where do we want it to post that when it comes along with it now I can add new rules so let's go back over here and look at our credit card transaction let's see what we have I have a coffee place treat and I have a coffee place in e-town let's go ahead and set up a new rule for coffee place so I'm going to click on manage rules new rule and let's say the rule name is coffee I like coffee not really I like tea but if it complains coffee place if the description contains coffee place then I want to split this and I want 50% to go to meals and I could put it to an admin class and maybe I want 50% to go to meals non-deductible and I still want it to go to an admin class so remember we can separate that out and under the payee maybe I wanted to go to restaurant because I don't want to put every coffee shop in there I have a generic name restaurant I could go ahead and click Save and now let's go back and look at those transactions on the downloaded transactions window let me close this for you now you'll see coffee plates treats and coffee place in e-town they both say split because they've applied that rule so this is where we talked last time about how this can save us a whole lot of time on dealing with these downloaded transactions and things like that now what I did is I went through and subsets and things up I imported some sample transactions to play with it you can go into that single company at play with it as well enter and employees entertainment that was received or sales receipt or enter a check or an expense so you can go out there and play with it see how quick and easy this works again if I click down recognizer I can select all of those and accept and get all of those out of there at one time and now I just have one thing left to deal with here makes a lot faster and a lot easier I also sort questions about Pay Pal whether you can set up PayPal and the answer is yet in QuickBooks Online and Hector's covered the desktop I'm talking about QuickBooks Online here you can set up PayPal to get that bank feed coming through from from PayPal now what you have to watch out for is the feed from PayPal so down here we had a $300 sales came through it didn't deduct any fees or show any fees and in this situation I don't think there are any fees associated with this one so what you have to look out for I'm not positive but I think if I haven't double-checked this lately and I forget I think the net amount received is going to come over so you wouldn't be capturing the full amount so that's something you should test a simple company you can set up PayPal bring that base feed into the quickbooks online sample company and test it out nothing is saved in there so it's not going to keep that link so you can do some testing of your own to access the sample company go into quickbooks online accountant click on that question marketing upper right corner and you can click on the QBO sample company to get in there and test some of that stuff out okay so these things are going to help you tremendously but you gotta get in there play with them and see how they work and things like that also remember to check out that blog post about how do I undo a bunch of them if you have duplicates how do you undo those what are some common stakes things like that check out that blog post on the Sleater blog which leads me right into Doug we've got a great esteemed guest with us today Doug Sleater you want to unmute yourself Doug I am here how you doing Michele yay hi Doug hey it was great to see you last week at QuickBooks Connect and I'm glad to have you on QB power our decks leader is why are the great founders of our industry and very glad to have you on with us so Doug a question for you a lot of accounting professionals that I see now that they're learning about these bake feeds and how we can automate everything and we're really eliminating data entry getting towards near zero data entry what's going to happen to my job is that going to take away the need for accountants and bookkeepers and and so Doug you want to share your thoughts what do you think about that well you know I've been talking about this that these trends of zero entry for several years now that I really think are changing the whole way we think about doing bookkeeping and I think what you guys just did kudos to both of you you really helped us see what this trend is turning out to be in real life and so before I answer specifically your question which is the answer everybody wants is just notice what they're trying to do and into it they're trying to just turn all this you know gobs of transactions into fees that can relatively automatically hit the general ledger including being coded correctly and so forth so they're trying to help us with that now I don't know about you but as I watched what Hector did and what Michele did I saw it's almost like you got to relearn QuickBooks you have to relearn all of those practices that we've been so used to for twenty thirty years with regard to coding transactions that come into the general ledger and that's good news bad news the good news is that you'll be willing to retrain yourself and rethink these processes you can really dramatically increase the efficiency of what's going on but there is an investment that is going to need to be made and I think Michelle's question is sort of five steps ahead what does this mean if we do do all this and automate all this does does that mean that we don't have any work to do anymore and my biggest answer to that is yeah it sure does it frees us from the mundane that doesn't add value and allows us to move up the value chain because I think it's all about what kind of value do you add to your clients frankly they don't value putting transactions in their accounting system they know they need it but they don't really even you know intellectualize how much time it takes you or effort so frankly if we could automate that part and then get to the point where we can have strategic discussions with clients as opposed to I did your you know I did your bank downloads today and they're all in the in the accounting system they don't really care about that so I think that's where it goes is it moves us up the value chain in the eyes of our clients so we can have bigger discussions with them great comments Doug you're right and I think a lot of people are realizing that but it's changing us it's really helping get us way from the data entry person to more of that trusted adviser where we can provide better advisory services because we're getting this stuff automated and that's why I think this leader conference does such a great job because you've got a lot of sessions coming up don't you to help us with taking our practice to the next level and things well yeah this year it's really you know every year if you've been to our conference before you've kind of watched us over the years this is going to be our eleventh conference and what we try to do is first of all we see so much of the value that we're seeing with things like oh yeah there's a polling question up there if you'll just answer are you coming or not and if not we've got to offer for you if so I'm really glad to have you and especially if you're coming back for a second time but anyway or third or fourth or eleventh some of you have been there all eleven years and that's just wonderful but what we try to do is take in the context of a live event a much brighter view on where it's all going so you can see right here we got a bank feeds this is I believe a direct result of what has happened in the industry at large you've seen Xero come in and start to do dramatically different ways of handling transactions that come in to the to the general ledger and you see Intuit come in and dramatically change with QuickBooks Online harmony you see what they're all trying to do they're starting to get that what they see by coming to our conference and then seeing what each other is doing they're all kind of trying to say oh boy I can do that better because clearly it's better for our customers and I'll call the customers the the accounting professional and the client it's better for them if we can make it more efficient so this year it's really I just kind of focusing around the word value value for clients value for your um how can we help you create better value in what it is you do every day I you know maybe you're thinking about value for your clients hey we can have better discussions with them and and help them with strategic advice maybe you're thinking about your own farm and how you're mired in the old world where you have paper files and paper and filing cabinets and you haven't even gone paperless yet it would be highly valuable for you to begin to make that transition if you haven't already the vendors in them in a trade show floor value for them is really helping them see where they fit in and where they are helping you it's a very much a two-way street with these vendors they have to hear from you what works or doesn't work so this trade show floor is a perfect place for you to go meet the principals the engineers and help them understand how to do it better clients customers they are all out there just think of everybody think about your personal life you go when you shop you shop at a mall well yes but now more and more we do all of our shopping online or at least we combine the store experience with an online search so our clients have to be online they have to be there otherwise their business goes goes away because they're not able to capture those customers through online and really think about what we're doing in this profession is really driving the whole economy the the what's good for small business is good for America's economy which is good for the world's economy and what we're doing is just really really important so if you think of yourself as a bookkeeper what I want you to do is think of yourself as somebody that's contributing huge value to the entire economy and that's what we're trying to help you do at our conference it's just look broader and look deep at all of the different solutions so let's go into a little bit about what we're going to teach this year I have my favorite ok there's a whole bunch of words on this slide but hopefully and kind of look through the red ones are the ones that Michelle is going to teach and Hector is going to teach so there is going to be a QuickBooks consultants workshop I assume Michelle you're going to kind of do both the desktop and the online and do a lot of what we just showed here is that right that's correct yeah we've got two half-day sessions the pre-conference on Sunday and yeah half the time in the I can't remember which is first or second but yes so we'll have the QV desktop consultant workshop and QuickBooks Online consultant workshop so like lots of good information there yeah and so that's like if you're if you're still trying to kind of get up to speed with 2015 and the latest version of QuickBooks Online I mean you'll get what you need there I in the pre conference on Sunday we've also got these keynotes these are some of my favorite ones coming many of you know Randy Johnston he's the last one on that list he's been at our conference but I think eight years now just a great great guy if you want to know technology he's the man another one I'll pick out there is Leslie shiner she's been a keynote for somewhere just the most entertaining speaker we have as we're happy to have her back Susan Sullivan the first one there is a the small business expert and she's great as well I haven't actually worked with her in the past but I saw her at a session over the summer at Sage Summit she's great and Rick Richardson if you wanted to look at how Google Microsoft Amazon Apple how Motorola is coming along basically the bigger the broader spectrum of how technology is really driving a whole bunch of new things what Rick does is he ties them all together he connects the dots so you can see why one cell carrier is doing better than the others and and so he makes predictions about where the whole technology space is going and that think really helps us all kind of put into context where we're focusing on what we're going to do next so there's not a lot more time here I just want to look at court tech things Hector is going to do you're transferring data into your accounting system mangoes are struggling with how do we get data from whatever sources into the accounting system either online or desktop so Hector you're going to be quite a bit there right why don't you just tell us a little bit about that yeah we on the last power hour for you repeating attendees I did I did cover batch enter transactions kind of quick so with with with batch enter and other techniques of importing data dog gave me one hour I wish you'd give me two dog with give me one hour to cover importing data into QBO QuickBooks desktop and zero and it's kind of an interesting segue because we have about 200 something attendees in a power hour now that that went to Cuba Connect so interesting thing about solutions and I want to mention this solutions for teens leader is not 100% QuickBooks driven its solutions driven you know one of the solution is importing data into QuickBooks Xero or QuickBooks Online whatever it is so one of the interesting things I wanted to add that in contrast to QuickBooks Connect and other QuickBooks accounting shows is it's solutions isn't it's majorly focused on QuickBooks because there's a huge quickness community but there's other things are not QuickBooks but Michelle and I will probably never admit to ever using or seeing but that but there are other things that are not QuickBooks are also interesting things that as an accountant not known as an accountant as a trusted adviser as you alluded to these are important things to have in your arsenal because what's going to happen when a client walks in your door and says I have zero I love it are you not going to be my accountant so it it's an interesting place to kind of change your mindset a little bit from that single product category although QB power our it's all about QuickBooks though well that's true it's what I call agility Trump's ability so I just want you all to you know pick the tools that you want to pick but be agile so let's go to the next slide here and just kind of give you a couple more examples of what you'll be able to do we're looking at let live when their accounting firm 3.0 had a future-proof your accounting firm what do you think your firm is going to be worth and when you're ready to retire most of people in this audience I bet you're going to you because you're staying ahead you're going to have value in your firm but there's a lot of places where you go in and maybe it's you're part of the larger firm that isn't going as much with the agility part and I want you to focus on where is your value going to be when you're ready to retire so that's what we're going to have I think we're just about out of time so Michelle why don't you guide me here you want to do a little more on this or you are you a wrap well you know Doug I just like to comment there - earlier you were talking about how you know it's really helping us to expand our firm and like you just said agility and what I love hearing is from people who attend this and they say you know in the exhibit hall I learned more about this app or this application or this product I learned more about Bill calm for example or whatever it might be and now I go back and I implement that with my clients and I love hearing stories about how it's changed their firm how it enables them to grow how it's been able them to take on more clients improve their profitability you know whatever it is it like you said helping us to be agile and keeping up with all these changes what's going on and how it can help us and help our clients yeah I think it's amazing the amount of information that people get when they attend this conference and I think though you have a special offer that we could make for people yeah why don't you go to the next slide there's so if you're attending this webinar I've got a special discount code for you their power our 100 so there's $100 off attending our conference you can go to sleep solutions conference calm and and get there it is November 9 through 12 in Las Vegas Caesars Palace so it's just two weeks away oh I got to get back to work only two weeks away I was just checking because I haven't booked my own travel arrangements there's still great deals on airfare and hotels and things like that because it is Vegas there's always good deals on that so it's not too late to attend Oh and it is a great investment in you practice and in you know expanding your education and learning more about all these things so I think it is a great great opportunity let me go ahead and put up the CPE keyword for those people that might be getting kind of close but we we had a question to Joe can somebody attend just the pre-conference yes yeah okay yeah there is a pre con only you go to our website and it'll give you all of the details on how to get there okay Michelle I want to take it I want to take advantage of the CPE question is up and address some questions that were up in about the bank feeds earlier and we had a lot of questions about Square and PayPal so a couple of things I wanted to add you both what watch out for third-party apps that develop sort of bridges between PayPal Square some of these payment payment gateways because the feeds right now this is as of today the feeds are not as sophisticated and a lot of these payments come in net of the fees which causes the user having to the little trick that I showed you on the desktop side which Michelle didn't cover but it works the same way you have to manually go in there and add a fee which which really takes away from the what we wanted to achieve is to automate so that's an important part so just look after third-party tools yes probably with the cost of some sort that would bring in the information from paper and square there was enough people asking show some examples about paper and square so go to Cuba Power Hour and suggest the topic and if we have enough topics we would we would love to cover that so that's a very important piece you know it's it's some people use and some people don't use it if we have enough people that are using PayPal or Square and they're requesting it we could probably do Kate a webinar to that as somebody else asked I see dog and Hector and I don't see Michel on the webcam so please bear with Michelle she your Kansas City lost last night I'm sure it wasn't that it wasn't a happy situation so I'm sure she she prefer to just be heard not to be seen well actually I'm getting ready to move so I have boxes of things said that things it's kind of a mess around here so yeah I didn't want to do that but like Hector said I encourage you guys to continue to give us your feedback on TV Power Hour I love how many people we have attending these things and it's all about you that's what Hector and I have always said it's all about you what do you want to cover how could we help you learn more about QuickBooks desktop quickbooks online as well as some other things I hope you guys will join us at this leader conference it's November night through 11:00 it's going to be great and I want to make sure if you are there please come by and say hi to us and stuff I'm delegating last minute comments or thoughts well just thank you for having me here both of you you guys did great detailed information that I personally learned a bunch from some of this stuff that's going on in QBO with with the training the feeds and all is just incredible same with desktop I think they're coming a long ways I was happy to see Hector that you're all over 15 I've been looking at it in quite a bit myself like wow okay it is collie let's learn it all again and I think they're so they're they're so I hope all of you will take what they showed you today and learn that more and please come to our conference it's just going to be a fun event and look forward to seeing you there and it's in Vegas don't forget accountants gone wild oh yeah lots of fun there's no ever what happens in Vegas stays in Vegas no it goes on Twitter Facebook and Twitter yeah well taking your Twitter and Facebook and things don't forget to use our hashtag hashtag Q be Power Hour and we'd love to see you guys out there help us spread the word to keep making Power Hour even better also provide us the feedback loud-ass no whoa but it is if you move to cover and for me I'm going to say thank you and see you guys in a couple of weeks at solutions 14 in Vegas Hector thank you again thank you guys all for joining us and Doug thank you especially I know it's a really busy time as you guys are get ready for your conference so thank you for taking time to join us today thanks everybody bye