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the broadcast is now starting all attendees are in listen-only mode hi folks is 12 p.m. Eastern Time it is top of the hour we're gonna start in less than a minute let me launch the first polling question I'd like to get an idea more or less if we're dealing with quickbooks online folks or QuickBooks desktop folks so just answer you know whether you're mostly QuickBooks Online mostly QuickBooks desktop or maybe some somewhere in the middle or maybe a hundred percent QuickBooks Online 100 percent of QuickBooks desktop I'm I'm okay either way but yeah so it would be nice just to kind of know where we stand and today's episode will be on a third-party app called to QBO convert pro by a company by the name of money thumb so that would be the bulk of the information that we'll be covering and this will be useful for either folks that already own the software or folks are kind of on the fence of owning the software to be honest with you if you're an accounting professional that has more than one client you probably should be having this software anyway and I'll make I'll make the case pretty pretty solidly that this is a great software to to get so alright so yeah so we have most of the answers there and we got something to start telling you more or less where we are here so we are sort of dead in the middle let me go ahead and close the poll and share the results with you so we have about 19% and we have over 300 people logged in so about 19% not only work with QuickBooks Online we have 10% that only work with QuickBooks desktop 30% that work in both mostly online 25% that work on both mostly desktop and 16% that in the middle that's that's about right that's that's about right okay so let me do a quick check can you see my screen so can you go into the into the it tell me if you can see my screen but my screen should show the the main page of QB power or so I'm waiting for that to show it should be the first page from the from the presentation okay so I'm getting it yes and I'm also getting so obviously you can hear me okay kids you were able to answer that so I give me a second while I hit record and we'll go ahead and get started I'm also gonna have my friend Matthew join me cuz he said he would volunteer and answer some questions that was awesome of him so thank you Thank You Matthew for that I'm making you organizer and I'm also muting you so just be careful I'm making Matthew and Linda or both and maybe he's using his login her login organizers they can answer some some questions okay all right good so welcome everybody to QB power our today is November 29th 2018 and today's episode is converting PDF bank statements for QuickBooks using a third-party app called a to QBO convert Pro Plus we'll talk briefly about cubed power our the CPD process and then we'll spend most of the time 50 minutes or more on the actual content which will be all about how to take bank statements are not in QuickBooks ready format and convert them using this software to bring them into QuickBooks and we'll briefly talk about the process of cleaning the data up I mean clean the data up it's kind of its own world so we'll discuss about what clean up means and what it means to me personally cubed power it's a webinar series every other Thursday next episode will be December 13th we'll be doing a deep dive into mobile warehouse app for QuickBooks Enterprise very different than obviously today's episode and then the next afterwards will be on the next every other week schedule which will be QuickBooks at year-end we typically cover about 50% QuickBooks desktop 50% quickbooks online today we'll be in the middle we'll talk about both platforms and we'll bring third-party apps and different topics related to industry today is all about a third party alright Michelle long is a co-host of Cuba Power Hour she's not with us today I'm by myself but I do have a friend Matthew who's Manning the question so thank you Matthew for doing that he's he also uses a software quite a bit so I appreciate that a Michele we'll get her back in a next episode the next couple episodes cheese traveling and training for the rest of the year about myself I'm Hector Garcia CPA live and work in Miami Florida there's my email if you have any questions about QuickBooks accounting even about this app email me Hector Garcia CPA calm about the cpe process of your CPA or certified bookkeeper that wants a CPA certificate you must attend the webinar live we are recording this we are gonna make this available in YouTube afterwards but you don't get the CPA certificate if you're watching it in YouTube only if you're watching a live if you're logged in for at least 50 minutes and answer three out of the four polling questions we really asked one so three of the four polling questions we can issue the certificate and the CP certificates will be sent within three weeks we would like to thank IVA Lara for generally sponsoring our webinar until the end of the year thank you have olara check them out for sales tax compliance type topics Avalara comm and the episode sponsor so the sponsor of the today's episode is money from money thumb makes piece of software called qbo convert pro you can check them out at qbo convert procom and you will see all the information wait until the end of the webinar because I'm gonna break down a lot of these things for you so let's let's jump right into it number one I'm gonna be referring to a qbo file I'm gonna I'm gonna say the word qbo and I'm gonna say dot Q bo or q bo file if you hear me for the purposes of this webinar in this video if you hear me say the word Q Bo I am NOT referring to QuickBooks Online I'm referring to the digital file that you download from the bank that allows you to upload into QuickBooks desktop or quickbooks online whenever you can't directly connect and download the transactions okay it's called a web connect file that's the actual real name but the extension the filename extension qbo so when you're going in the bank and you have a whole bunch of options or things you can download one of them would be QBO which basically means quickbooks WebConnect which is both available for QuickBooks desktop or quickbooks online so for the context of this webinar again the word QBO when it comes out of my mouth has nothing to do with QuickBooks Online has to do with that file you download in order to upload transactions into QuickBooks now why we use a QBO file well we do that because we want to upload transactions instead of entering them directly and we want the same experience as if we're connecting the bank straight from QuickBooks into the bank and downloading the transactions now some banks provide QBO files some don't some banks will give you a the option to download them and you don't have to pay the direct connection fee if you upload them manually remember if you're using QuickBooks desktop and you want to connect quote-unquote connect the bank to QuickBooks you usually have to pay the banks charge between ten and fifteen dollars to the direct connection and some banks allow you to download a file as an alternative to paying a fee and uploading it manually of course it's much better when you have the direct connection but not all of us are lucky enough to have all our banks connected to QuickBooks now very important qbo files or web connect files can cannot be edited in Excel I mean technically you can burr is very difficult to do you can do it in any sort of batch if you were to download a CSV file that opens in Excel that can be downloaded pretty easily so I mean that could be edited pretty easily so if you want to edit or manipulate the file and we'll we'll talk about what that means and why that's even relevant in this conversation but only the CSV file can really be done but what's the problem with the CSV file that the CSV file has two underlying problems one QuickBooks desktop doesn't allow you to upload CSV files as bank feeds it has to be a qbo file so you have to convert it the only way to get it into desktop and to quickbooks online does allow you to uploads here to be files the problem is that QuickBooks Online has a restriction and how many fields you can upload and currently check numbers of transaction numbers and additional memos cannot be uploaded so that's a little bit frustrating to the folks that that upload CSV files if you have if you have that that that that issue before you know exactly what I mean all right so if you were to download the koala give me a one second here just fix something here I was supposed to hide that the last four digits of that number anyway if you were to download a file from Chase for example the screen looks different I mean every bank has a different screen for example in Chase that's what the screen looks like and I'll give you a drop-down that says file type where you can select if it's a CSV or a QBO file then you select the date range Citibank has a little bit of a different look the way the way they show and the different options and they give you different file types and I just I managed to put a couple of screenshots together if you've had this experience before you obviously know what it looks like I'm just kind of illustrating that every bank has a different interface and look and feel and what I meant by QBO is what what says there you know the difference between downloading a CSV at qbo at qif and all that stuff there's what American Express looks like when you've manually download a dot qbo file and this is what Bank of America looks like when you manually download a qbo file and US bank so I just kind of did a compilation of what those look like just to add some context in here so what are the ideal format so if I had if I had a choice to choose a format to work with I will always want to work with a dot qbo file I even prefer in some cases to manually upload my data than actually connecting a direct to the bank because if you've had this experience before you know that sometimes the data that comes to the bank is truncated or it doesn't come complete or it comes with too much garbage at the beginning and you really can't read the information that's that's there so this many different potential issues as of why we can't I I sometimes I don't like the direct connection so I like to be able to edit the file so I think that if if you're not going to touch it if you're not going to edit it for sure you know the WebConnect file is going to be the best option that means that you have to be able to log into the bank and that means the bank account needs to be active and also it means that your bank has to support it and support the date range that you're looking for the second best option is a CSV file I argue is the best but for most people CSV is not the best because I still have to convert it but what I love about a CSV file is that most banks give you more download information be a CSV so some banks will restrict maybe a year's worth of transactions on a QBO file but they'll give you two years on a CSV or some banks will restrict the six months or three months worth of QBO transactions but they give you a year or two on CSV so I like CSV cuz sometimes it gives you more on the on the date range and also because it can be edited or manipulated and and if you if you don't have a PDF file and you have the CSV file then it's gonna be very easy to convert you have this app that's $60 called CSV to qbo made by the same people of the app we're gonna feature today and so that's a very relatively low cost and that's a one-time fee for a limited conversion so I find CSV files to be the most powerful option now what happens when I don't have a qbo file and I don't have a CSV file and I have a bank statement from my client well it all depends on the format of the bank statement in some cases you have a digital bank statement which means that they downloaded it from the bank's website and they emailed it to you and that can be converted with either the software we're gonna feature today or two alternatives which is from the same maker which is called PDF to qbo and PDF to CSV however sometimes we can scan them and hopefully get a high quality scan and the software will run what's called an OCR which will try to read the text and then convert it and then you need the Plus version of the software to be able to read the scanned statements but I'm putting a little Asterix there that says sometimes just because the quality the quality of the scan affects it quite a bit again the CSV to QBO converter which is the least expensive one is $60 one-time fees desktop software allows you to convert unlimited at the very least I think every accounting professional should have that - 60 bucks shouldn't be that much of it but we're gonna focus on the PDF stuff because that's really the more complicated stuff so on this slide I'm showing you what a scan statement looked like normally when you scan a statement in you will see markings it's just not like a perfect black and white you know the scanner itself may pick up tones of gray tones tones of blue as you scan it but in contrast at digital PDFs image some folks still have trouble just understanding the difference between these two digital PDF statement is one that you can open and you can literally highlight the text so if you can if your PDF software Adobe whenever you use allows you to highlight the text on the PDF file that means it is probably a digital or digitized scan which the software is much more likely to pick up because the data it's already in digital format so just remember it's always a big challenge to deal with the scan ones because you're gonna be dealing with quality issues and the markings and all that stuff you know if a client sends you a statement that has a bunch of markings highlights and stuff like that just assume automatically it's just not gonna work it needs to be very very clean scan for for you to do that now CSV file of course is one that you can open in Excel and it looks just like this is one you can edit and change in Excel and a qbo file if you were to open a qbo file in excel which you can if you right click and click open with Excel it looks like this is actually an XML format for those nerdy people out there that kind of like say oh that's it that looks like that looks like XML so that's an XML format you can technically edit it but you can't do it in batch so thank you forever to like do something in batch which would that's what we're gonna do a little bit later on as we get that so before we go into the demo real quick why even consider converting PDF to CSV so one is because we want to use bank feeds we want to work as if we connect to the transactions to the bank we want all the wonderful amazing features of bank feeds the the bank rules and all the fast ways to code things and I'm going to give you some if you're brand new to bank feeds you may have to go back and watch some videos on bank feeds to understand this but the whole context of this is that we're bringing the transactions into bank feeds or banking Center downloaded transactions as they call it in QuickBooks Online in some cases you mentioned you can download the QBO file because you don't have access to the bank or the client doesn't want to give you access to the bank or the bank doesn't give you access to them whatever happens to be the most common case I would say nine times out of ten the reason why I have this issue is because QuickBooks can only download QuickBooks Online can only download 90 days worth of transactions and most is because it's a quickbooks online limitation in some cases with QuickBooks desktop it could be a banks limitation so if you want to bring in more than 90 days you either have to upload a file if you don't have it and you have the PDFs that may be the only way you can do it maybe you don't want to pay the direct connection fees because you have QuickBooks desktop and so you wanna maybe convert a CSV or or a PDF into a dot qbo file maybe the bank account is closed this happens to me quite a bit when I had to the three years four years worth of tax returns for someone that basically closed their business and they're now being hit by the IRS that works this is a great tool to use that and also because I may want to clean up the data so we're gonna go b
ck to later clean up in a second because that's that that's probably the most hectare of this whole webinar is a very personal technique that I have to clean up my data before I put it to QuickBooks it's really what what what makes it stick what makes my process stand out and why so many people buy the software at my recommendation because they really understand how it saves your time okay all right so bottom line the only source of transactions you have rcsb or a bank statement and again you don't want to enter by hand you want to enter it through bank feeds okay so world just to clarify why quote-unquote we would want to clean up or edit the file well there's a couple of cases and we'll do some examples one is the bank sometimes truncates the names you know like Bank of America it's a big culprit of this where it'll say transfer from and they'll give you like the first number of the of the bank account that is being transferred to and you don't even know what it isn't until you're looking at the bank statement so you'll be able to remove some characters in in a cleanup process and actually show what you want the biggest technique is adding payees to cheques everybody knows that uses bank feeds that the bank payee that the payees of cheques don't transfer into quickbooks always have to be manually transcribed well if you somehow had a spreadsheet of all the checks that were written by cheque number you can replace them on your on your excel file and then upload it into quickbooks already with the payee name so i don't have to be transcribing it or for example there are multiple vendors that come in with extra data you know Home Depot McDonald's all these big companies at gas stations have pretty much the same name but then I have a different number to the end of it sometimes QuickBooks doesn't pick it up but that's the same vendor because pick it up at the same vendor because it has those names afterwards okay so in that there's a there's a youtube video in that slide and you can download the slides it's on the handout section that is a 25 minute video where I explain in detail what that cleanup process looks like I'll briefly work it in into the demo so lastly what is the whole point of the last 50 minutes we spend introducing this concept is because we want to get the only source of data that we have which is a PDF statement and we want to get it into QuickBooks bank feeds ok so let's take a quick break to run a polling question so we can run so we can go right into the demo so do you currently have any of the software so let me know how many of you actually have the software so I said that that would help out and it gets up bit confusing because money thumb has so many different versions of the software you know they have the PDF to QBO they have the two qbo convert pro they have the CSV to qbo and and then they have some online cloud-based products and they have a whole bunch of things I personally I've been recommending for a very long time I'd probably say for about three years and a lot of people are associated with the software full disclosure I have nothing to do with the company I wish I had stuck in the company I just promote them because it is the single most impactful software I ever used in my practice that defines how fast I work okay it is the the biggest and and the it has been the biggest improvement in my workflow and data entry process it's the use of this software so I used the the professional version of it which is the two QBO to convert pro so I will demo that software right after this polling question for the time being let's see what questions I have here so somebody was asking for the CSV to QBO is that $60 a month no that's $60 one-time fee and it's a desktop software Deborah says Sasson is a lot cheaper Deborah I don't even know what you're talking about because Sasson is not even comparable to this software because they do two different things cease acent or transaction imported Pro are meant to import transactions into the register this software does an import into QuickBooks this is not importing software this is software that converts the file so you can bring it into bank feeds so just we're not importing anything into QuickBooks we're bringing the transactions so we can classify them in there okay so I wanna make sure that's clear okay let's see somebody says why don't why wouldn't you use batch enter in QuickBooks accountant or QuickBooks Enterprise what a good question Tiffany it's all it's different if you use batch enter you still have to classify select an expense again with a category on each line of the transaction remember Bank feeds Bank rules and this again the premise of this is because we want to use our bank rules we want to take advantage of our Bank rules if you import with transaction pro importer or use the batch enter tool in QuickBooks desktop accountant which I love the tool you've you've seen many of my videos when I talk about it that you still have to select the category either in the excel file or on the on the on the batch enter tool so I want to make sure those those two are really clear there and Tiffany says Bank rules in QuickBooks desktop yes a QuickBooks desktop has bank rules okay so so real quick if you're new to bank feeds or like downloaded transactions into QuickBooks in this slides there are links I have a 19 minute video where it can explain how that works in QuickBooks desktop and I have about thirty seven minute video because I I love QuickBooks Online bank feeds that's really amazing I really don't know what I would do without it at 37 million that can explains how that works and again if you've never used bank feeds before all this stuff is gonna fly right over your head because this is with the context that we're bringing it into bank feeds so let's go and let's do the software demo and can explain to you how this works so first of all if you already own the software and there was quite of quite a big percentage of you there that re owned the software once you buy the software you get free updates so you may want you want to make sure that you go to about and you click on check for updates and click on check update and download the update because you can get all this updates for free and you want to be on the latest version because the the developers always add new technology that makes the reading faster and better and they add more banks into sort of like their database of things that it can read so you want to be on the latest version the latest version is gonna be version 11 subversion 114 I believe so I'm actually like a little bit of a version short so what I'm gonna do is I'm gonna take a bank statement I'm gonna start with a digital bank statement so I'm gonna open up a digital bank statement here and as I mentioned before the way I know a bank statement is digital is because I can I can just like the data the text in it very easily now there are other ways to know you physically downloaded it from the bank or you know for a fact that it cause the user the client downloaded it from the bank but typically if you can select the text if you can select each character like this typically that's a digital bank statement so when you grab a digital bank statement you literally just click and drag into the drop zone you can also click on where it says convert and select the file from there so that's also possible you can do either one something that's really cool about money thumb is you can do multiple statements at once if you went to the twelve months five months at once you can select a whole bunch and drop them and it goes into a batching process like I'm not gonna go to the batching process gathers some additional steps we're gonna do one month at a time just to kind of illustrate the point here so I'm going to click and drag that digital statement into the drop zone and digit of statements read really really fast like they take about 20 seconds like in this case I think it literally took like two seconds and then what happens is this pop-up window pops up and this is called a preview window now what the preview window does is it gives you a couple of really key component because remember what we're doing the premise is we are trying to we are trying to down bring a lot of information into QuickBooks really really fast right so so that's what we try to do right so we want to make sure that the data is also accurate right the data has to be accurate very very very important so what this screen does it gives you a couple of really important tools tool number one this is before we bring it into QuickBooks it does a calculation of beginning balance and imbalance total debits total credits and it says reconciled what that means is it double check that the math is right to make sure there's no missing transactions doing the read I'm gonna show you if there's a missing transaction doing the read where that looks like when I do the scanned version it will be more clear with the scan version now all the data comes here was as payee what's really awesome about this again we're modifying the data before it goes into QuickBooks so what's awesome about this is I can literally just manually change any of the fields are here so if I wanted to change a dollar amount if I wanted to change the vendor name I could clean that up here of course I think cleaning this up in Excel is much faster refer to that video that's on the slides for that but you can change any of that stuff but the other thing that you can do is you can go to where it says pay clean up settings okay so you hit pay clean up settings and this is really a killer killer tool so we're gonna pay click clean up settings and we can actually remove extra data from here so it doesn't all that junk come in to QuickBooks and it just basically crowds our memo and it does a whole bunch of stuff so we can actually literally type in information that you we don't want it to come in or we can say you know what go ahead and remove a phone number so you can click on the checkbox and click on remove phone numbers so that's one of them remove phone numbers and I want you to kind of notice live as I'm removing it and adding it here so I can remove phone numbers remove state abbreviations I can remove special characters so you can start cleaning up the vendors and it's not perfect I mean it's not perfect bottom line but then you can you also have words like cash purchase or withdrawal or you have all these extra words that basically crowd up your your first characters and those first 30 characters are the most important visually that you need so you want to make want to get rid of a lot of those characters like that cleanup is an option you don't have to clean it up I can just uncheck this and just do the regular conversion and remember the regular conversion will basically bring in the data just like it would be with a direct connection now one really important tip for QuickBooks desktop users if you use QuickBooks Online you know there's a really awesome feature of QuickBooks Online where you can bring in the payee information into the memo but QuickBooks desktop doesn't do that so this tool can do that and this I'll take personal credit for this because I'm the one that convinced the developer to add this feature what you can do is you can have the payee duplicate over the memo for the purposes of bringing it in to QuickBooks desktop and not losing the original text so all you have to do and this is just a little trick here you have to click on payee and memo and then click here there's a memo add-on and by just modifying that when the data comes in to QuickBooks desktop you're gonna see how the entire string comes in the memo and by the way this doesn't make sense to anyone that has not used QuickBooks desktop before bank feeds so they use QuickBooks doesn't mean for bank fees you know exactly what I'm talking about so then rip before I do the conversion I'm gonna go to where it says set QuickBooks account information and this is sort of like the internal code for letting QuickBooks know whether this is a bank or a credit card so you pick here where there's a bank or a credit card so in this case is a credit card and then you click where it says look up this is called the eff ID this is for QuickBooks to know which bank it is now that's that's actually not important at all but it is important for it to be the same number and the same F ID when you're trying to connect when you're trying to import more transactions in the future so what you choose here and what you type here it doesn't matter if it's right or wrong what matters is has to be the same exact one if you're going to continue to use this app to upload into the same bank account in QuickBooks desktop in QuickBooks Online you can always override that but in QuickBooks desktop this has to be consistent so one of the common questions I have is you know Hector I have this strange bank called Bank of Northern Wichita and when I go to the lookup section I can't find it right so if you can't find your bank here that doesn't mean the software can't do the conversion it just means that QuickBooks doesn't have the bank in their financial institution list so what do you do just choose Chase or Wells Fargo or Bank of America I choose one of them it really doesn't matter what you choose here again listen to me pay attention it doesn't matter what you choose here it just matters that it's the same thing next month that you're bringing in data okay in a lot of cases I do this for like to bring a whole years worth of data and then I connect the bank on the direct connection for the real-time so sometimes I never have to do this more than once but again if your bank is not here that doesn't mean it's not compatible it just means that QuickBooks doesn't recognize it as a eff ID or a financial institution now here in the account number again this needs to be consistent so QuickBooks knows what bank account to map it to so once you put that there and you hit OK then then you're pretty much done what you do is you click on where it says create QBO and that's gonna create a QBO file into your computer then you're gonna upload manually so I'm gonna click on create QBO and I guess done automatically let me open up that so you can see what that looks like okay so there's my QBO file ok so that's a file that you're sitting in my computer waiting to be uploaded into QuickBooks desktop simultaneously I'll show you real quick you can also let me just do a conversion again you can also do the same thing and convert it into a CSV ok so notice that during the conversion stage I don't have to go straight to QBO I can go to CSV so if I wanted to modify it or look at it or review it or whatever happens to be before I go into QuickBooks I have it on CSV as well so at this point you you got the PDF and you converted it over you have two options you can you can work on it on CSV you can play with it you can clean it then convert it to qbo using the same software right so it's up to you if you want to do the cleanup process in Excel or you can upload it straight into quickbooks online or desktop with a qbo file so let me show you that real quick so I'm gonna go into the file menu go to utilities go to import and then I'm going to click on web connect files then I'm gonna go find the recently converted PDF statement in a qbo format and then I'm going to click on open then have the if I already have mapped it before it's gonna go straight into bank feeds if I have it mapped that it's gonna ask me to map it so I'm going to click on the account and then click on transaction list and then everything went into QuickBooks as if I either downloaded it from the bank or I direct connected it from the bank now on this particular statement I did a duplication of payee to memo so I'm going to show you when I click on show memo and actually did I do it I did it with the transactions after me hold on me scroll down to the bottom so we can look at the bottom transaction so all these bottom transactions that I brought in notice that the the payee and the memo is duplicated now why does that matter again only if you're a QuickBooks desktop user they thought you would understand what this means if I come into payee and I write something
wrong let's say I put L or I don't put a vendor at all okay because this happens a lot of times first time users and novices that they forget to put the payee or they put the wrong payee there and I'm gonna go ahead and just put an expense account here and the expense account here and I'm gonna click on add click add let me show you what's wonderful in QuickBooks desktop what's wonderful about what I just did which is duplicate the payee into the memo what this will do is when I go and review the transaction in the register okay so I'm going to go review the transaction in the register let me show you some of you register let's say that I missed and I put the wrong vendor or I didn't put a vendor in there I still have intact the payee information in the memo now quickbooks online about nine months ago they added this feature and it's amazing I mean it's just night and day difference because there's so many people that don't know what they're doing a bank fees that put the wrong payee or they skip the payee so I love having the original information in the memo so QuickBooks desktop doesn't have this feature so the only way to make that work is to override the qvo file by duplicating that information in there anyway in contrast for exam well if you have somebody here that put the wrong puts the wrong pay so for example this person puts voice as toupee right because they're reading the wrong area from there and they put a category the same way so I'm using it some in this transaction I hadn't copied it over it like this first month I uploaded it with the regular bank feeds and then I'm gonna add that and show you what the consequence is okay without getting too much into detail but if you actually see me add that in there you'll notice that on this one no no memo comes in or in some cases just some garbage comes in okay all right so so that's so that's just a really important piece and in just to kind of consolidate the two concepts here let me pull up QuickBooks Online and do the same give me one second see if we can get QuickBooks Online up okay there we go so the way we work with QuickBooks Online is we go to banking again we're manually uploading the QBO file that I just converted we go to where it says file upload on the on the right of the screen okay so we're gonna click on file upload right there on the right okay and once you click on that there'll be a drop down menu right and you're not gonna click on manage rules or order checks you're gonna click on the actual button itself so we're gonna click on that file upload button and it's gonna take you to the screen that says okay what file do you wanna upload wait for that to load and we'll click on browse and it will do the exact same thing with a with QuickBooks desktop these two processes are pretty much identical right it's just the screens look different you pick the qbo file click on open then connect then it's going to ask you which which account in QuickBooks would you like to connect to and remember this is the information that we entered in the money from software when we're doing the conversion I'm going to create a new one and call it that Chase visa so I'm going to select the credit card and we'll call this one Chase visa and then click on save and close and then click on next ok so once that's finishing reading that takes about a minute even less we'll click on let's go and then we're gonna go into bank feeds and we should see all the transactions that were brought over so again I'm not importing transactions I'm bringing them into bank feeds so that I can simply just choose my vendor right and then select my category and click on add ok now let me do a quick polling question and we're gonna move on to the whole process of cleaning data and adjusting data and importing vendors which is another really killer feature again it's more unique features are a feature of the software it's just unique to that processes that I that I take so while these polling questions up we'll have this for about two minutes and I'm really want to thank Linda or Matthew I'm not sure if it's Matthew on the Linda's account or Linda for helping me answer some of these questions about the way the person answering this question is not an employee of the of the sponsor of the app it's actually a fellow Pro advisor that uses is app quite a bit so let me see what questions maybe they weren't able to answer what the polling question is so so I was just wondering if you have used other software like a different company to to convert or import PDF into QuickBooks or into Excel okay let's see let's see okay somebody says how does this compare to scan writer I think it's very similar done scan writers are very similar software the differences can write it will cost you like $2,000 plus $20 per month per account something like that you know this is a $300 software so it's I think it's much much different let's see what else we got here is the file does the file send a QBO file via bank feeds No so the qbo file is similar to what the bank actually sends in a direct connection but there are situations in which the direct bank feed data is slightly different than the dot QBO or a CSV file Lea says how did i duplicate the memo into the QBO file that was a technique inside the software so check out the recording for that let's see no no more questions and what most people just complimenting that this is a really good and a real lifesaver is there a time limit and how much transactions this can you can do seven years worth you can do hunt and 100 years worth it really doesn't matter as long as you got the data in a PDF or in a CSV the time time ranges don't matter that's a read check images no it doesn't read check images so you know not nothing out there is really gonna read handwriting I think let's see can this be allowed to download transactions into Quicken yes not the software that I'm working on but the same maker of the software and I'm gonna show you the website and show you how to how to purchase it and all the different options as well okay yeah I think most of it is just people some people are asking the difference between this and receipt bank again I don't know how this even compares to receipt back when will the recording be available I'm gonna try somehow by the grace of God to get it done by today cuz I know a lot of you are gonna want to go back and watch this again like as soon as we're done okay so that's it that's good so let me hit that me close the polling question thank you for that and that was the third of the polling questions all right so we got about 18 minutes left let's make sure my screen is still being shared and you're looking at quickbooks online let's let me take a look at what I have on my slides okay no all right good so let's talk about a couple other things so one of the most important reasons I'm what most dominant reasons why I want to have the data in CSV format or in Excel format before I bring it into QuickBooks is to be able to edit it so let me show you what I mean by editing it so when I bring it into CSV format first what I like to do is I like to clean up the payees so I'm gonna show you just a couple of examples of how I do that I'm gonna open the file in CSV format I'm gonna clean up the payees and then I'm going to upload the payee information into QuickBooks because what I want also is not have to create HPE while I'm doing the bank feed so I'm trying to save in time in two ways one I'm trying to bring the transactions in and - I don't want to create a new page each time again if you use QuickBooks for a long time you know exactly what I'm talking about so what I'll do is I'll take my payee list here in Excel and this is more of an Excel technique and I gotta have a video that slows down and kind of shows you this step-by-step I'm trying to squeeze that in into the webinar today so what I'll come in here and I'll clean up some of these vendors simply by deleting the extra data if if for whatever reason I didn't delete it in the two qbo software and I'll start copying some of the vendors are the same so I'll get rid of like the numbers for my gas station and copy this down and I'll just start like sort of cleaning up to make sure that I don't have I don't get any duplicate vendors so I take all the vendors are pretty much the same thing and I copy the information down hopefully you can you can appreciate and see it as I as I go ahead and do it now I will tell you I'm gonna run a webinar a 3-hour webinar where I'm gonna slow down and show you all these things slowly step by step because data cleanup data prep it's very dear to my heart and everybody that takes this webinar with me increases the efficiency to fault pretty much immediately so so once I clean up the vendors what I do is I can take the vendors and I can copy them into maybe a separate spreadsheet like this I'll show you how this works I'll copy them into a separate spreadsheet and then I come in here and remove the duplicates so I'm gonna remove the duplicates and I'll save this into a separate file so I'm gonna save this into it like a vendor file and this becomes much much better and efficient for people doing maybe a year's worth of transactions during tax season because then you can bring in all the CSV files for the entire year and and do that so once I have the vendor list in a CSV file I simply go to QuickBooks Online and go to the gear menu and go to import data and I go to vendors select my cleaned up CSV file that has a cleaned up vendor list click open click Next and this was one month right select the field click on next and within seconds import 40 vendors 100 vendors a thousand vendors so you you have all this information already into QuickBooks and then once I'm doing the bank feeds so I'm gonna go into banking and I'll show you exactly what this looks like so I'll go into banking it's not gonna bring in duplicates because I already clean them up so I'll give you an error if you try to bring in a duplicate which is fine and I'll just bring in the ones that are original original so I'm gonna come in here and instead of typing you know drop-down add new or create a new vendor I got my vendor list that looks exactly like my credit card list so I type in here and type Google Voice that's already in my list of vendors and done I don't have to you know I'll save one step I'm not having to create the vendor and by the way I'm a freak I'm efficient and I'm um anal about saving seconds when it comes to entering thousands lines of data because in doing taxis and our office is extremely busy like we do so many tax returns and so many financial statements are years worth of transactions and our prices are extremely competitive like one of the things is crazy about our office is what I charge for consulting which is a very high number versus what my office charges for bookkeeping like it doesn't make any sense people don't believe that we are so inexpensive because we can do these things so fast like the average bookkeeper we'll look at twelve months worth of bank statements with like a 200 transactions per month and look at it and they'll they'll wanna charge at least a thousand bucks right at least our office will do this for like 300 400 bucks just because we do it so fast so quick so we get we get that we get a year's worth of financial statements done usually within half a day for busy clients for again we're talking about you know cash basis we're not necessarily talking about you know people that we're doing matching with invoices we're talking about write up work for the most part okay so I want to show you that and QuickBooks s that works the same you can import this to show you real quick QuickBooks that stuff has a place where you can import your vendors as well so if you go to the list menu and go to add edit rules I mean I edit list you can select vendors and you can import them or copy and paste them into here the same way so I can take and again I only took one month's worth imagine if you would take twelve months worth and you will have 300 vendors remember every vendor you're creating QuickBooks takes at least three seconds so 300 seconds it's like five minutes five minutes times 100 clients it's 500 minutes right so you have to you can have to be anal about every single second you spend doing this stuff so so you can import it into QuickBooks desktop as well you can import the vendor list which I love as an option and some people ask me hey why don't you use the this import feature and QuickBooks desktop to bring in the transactions from a CSV format I do that as well sometimes depending on the situation I'll use the batch enter and bring the data from CSV into QuickBooks the only difference is that get to use the bank rules to me the bank rules are everything then you're saying Hector what happened to value pricing well Daniel the component of the tax work and the tax planning is what a value price the bookkeeping is the one that I can afford to give it away basically like I we hardly charge for bookkeeping in our office because we value prices a consulting work but we can afford to because bookkeeping doesn't take a lot of time for us it just it just doesn't it just doesn't it key I think it's a key comment here someone saying what what about all the clients that handwrite checks so I'm gonna show you just a really particular personal technique so let me pull up I'm gonna pull up another bank statement here when I pull up a different one let me pull up I think this one is scan so I'm gonna open it up just to show you so I'm gonna I'm gonna show you now with a scan bank statement so you see what that process looks like and I'm also gonna give you a sort of a quick preview of just a really in-depth webinar that I have that talks about so many different techniques but how to get the cheque images now the cheque images for the payee names in there prior to import so what I'm going to do is I'm going to take this this PDF scanned bank statement and convert it using the software so give me a second well I'll check here the open questions let's see there we go Shh so I'm going to grab the scan statement and drop and drag and drop it now you are gonna we are going to stare at the reading file image for a little bit longer than usual because the software and this is where the the Plus version the software that has this feature has OCR technology and what this does is that it actually tries to determine what the scan text is to put into text so for the most part if you're scanning it's not as smooth as a digital statement if you're scanning it may take five minutes per statement to scan I mean that still beats manual data entry all day long so so we will give it a second give it a minute or so for that to finish scanning but I'm doing it on the fly so you can I think you can I see it so let me see what other questions I can answer here why not use Bank rules to deal with vendor names in Cuba Oh David you still have to create the vendor names in Cuba oh so you can use bank rules to match the payee name and that but you start to create the vendor names so but it's true with with with a clean set of bank rules and quickbooks online you don't have to clean up the data before but in QuickBooks desktop you do and I do I'm a big huevos desktop user for write up work so that's really where we're when it comes to somebody says can you show the vendor import again yeah sure well that I don't know that's we go to the gear menu and then we go to import data and we go to vendors and we're gonna click on browse and select the like the excel file the CSV file that contains all the vendor names just a vendor names then we click on next then we map it we tell it okay which column is what you only need to bring the payee name really you click on next and that's gonna bring in all the vendor name so again that's for the purposes that I'm not having to recreate them or create one by one okay so that's that question answered let's see what else we got how do you register for the three-hour webinar I'll tell you about that because it's not a free webinar so I'll give you access to that let's see what we got I would like to learn the Excel cleanup techniques that you have okay that's that's that's the type of type of stuff t
at we teach in those in-depth webinars let's see yeah that's a bunch of questions I may have to go and look at these questions afterwards because there's just so many and they have a lot of text I never know if I can do all of them so okay all right so let's check out on the software let's see how the conversions going well you got only about seven minutes left so let's make the most out of this last example here yeah and let's open up the software that's still reading yeah and again that's that's normal because it's reading off a scanned PDF and I said about five minutes so that should be that should be about about right let me um if just in case that runs long let me show you something real quick let me get a bank statement that I've already converted into CSV format and I'm gonna show you the technique that I use to get cheque payee names into the CSV file prior for me importing and into QuickBooks again the trick with pay names is that most clients are going to ask you to read handwritten check images which takes forever right so okay not this one maybe this one hang on a second I'm actually broadcasting this in Facebook at the same time that I'm doing it through the webinar so the computer is a little bit slower than normal but I'm going to open up a a converted this is a converted csv file from a bank and at some point we're gonna see all the like check images here we go okay so what I usually do and it this has to do with pricing too so what I usually do is I take my my scan CSV file and by the way this one is a whole years worth of transactions I'm showing you I downloaded a thousand transactions from the bank or converted it thousand transactions for the back whoops hang on okay so I don't know that does protection for the bank so what I'm gonna do is I'm gonna take and I'm gonna run a filter here data filter and I'm gonna sort it by a check number so what this is gonna do is now it's gonna give me all of my only with the checks numbers and they have no payee information so what I do is I take the date the check number and the amount okay maybe I can delete these two here but I'm gonna take check number the amount I'm going to copy it into a separate spreadsheet and I'm I'm giving you guys hopefully you appreciate this I'm giving you guys a very internal tip this is how we do things in our business and this is one of the things that gives us the edge so I'm gonna delete these two things and what I do is I give my client two prices on bookkeeping I say one price if I have to handwrite I mean read your handwritten checks and determine what it is and the other price if you return back this spreadsheet with the payee name instead of what it says there check one six three eight and usually I make it at least like six hundred dollar difference in price so my customer always says no no don't worry I'll type in the vendor names in here so they come in here and they put John Wright Mary you know Steve she pulled away where are the writing checks to and they'll come in and they'll prefilled that information for me on top of that I'll ask him to also add the memo so I know what is it all about so an extra line here and they're gonna put their contract or rent whatever it happens to be and they'll fill in there's all this information for you okay so then once I have my customer do that work because they chose to pay less and they chose to do the work for me I take this information and I run a vlookup but I don't have time to do a vlookup example I run a vlookup I replace it from my main sheet then I converted into qbo then I bring it into QuickBooks and then all the payee names come in so I don't have time to demo that entire part but I think most of you kind of get yet so going back to this conversion that I had made this was a conversion that was made from from a scan statement so I should notice that we scan statements they're not always gonna be perfect it's going to tell you real quick if the total debits don't match the credits and what's awesome about the softwares is one of the things that blow me away is all the transactions that it's actually not sure about you will highlight in yellow for you so you can actually click on the inspect button and you can and you can once you click on the inspect button it will look open the PDF file and highlight the line that for whatever reason it didn't understand what it was so then you can read it at that point and say okay I see why I didn't catch it just the arrangement of the information it's different and again this was a scan statement so scan statements are not perfect so as you can see it in here then you can make whatever correction you want you make the manual correction here again this is only for scan statements cancer scans are not perfect you make all the corrections here are the payee names while you're added just add the paintings to the checks and then you do the conversion afterwards so I just wanted to show you what happens with scan statements because it's not perfect we scan statements as a one thing I can promise you for sure that's that's that's one of the issues now I want to show you illustrate here right before we wrap things up illustrate one of the examples are the importance of cleaning up because the bank comes in with all this junk write the date on line transfer to usually the actual account gets truncated and you can read it in QuickBooks so this is where the payee cleanup settings are really amazing so I would get rid of dates and then get rid of the word for example online transfer so I just type here on line transfer and the minute I type on line transfer notice that that information on the on the stuff that's coming into QuickBooks will go away so now you'll be able to read the actual account that is being transferred to so again only if you've done QuickBooks Online or QuickBooks desktop bank feeds that come all truncated you have truly appreciate the value of that anyway I know some people run right after the hour I'm gonna I'm gonna go through about five more minutes just to kind of clarify a couple of things show you some additional resources I created a Facebook group just to discuss data conversion so I'm going to give you the link to that it's a it's a free Facebook group so I can I want all the data nerds right my fellow data conversion important is I love this stuff to be part of that group and the folks I have to run right away I will I will let you go so let me run the last polling question and and I am gonna like kind of tell you how much the software is how to buy it and there's different versions of it so I'm going to clarify all that so I'll drop off with the last polling question if you have to leave or just give me an extra five minutes or so and we'll and what will clarify that the last couple of things that we want to that we want to clarify if you don't mind okay so the polling question is up for the folks I have to leave right away they can't stay an extra five minutes go ahead and answer the polling question now I have a few folks asking about the three-hour webinar that I've been teasing I will tell you about that briefly uh we'll talk about that it will be on December 13 at 2:00 p.m. Eastern if you want to start saving the day okay uh let's see okay we have by the way getting these people to give a discount on their software it is so hard by the way so hard for me to convince this guy to give us 10% was like pulling teeth so I I'm gonna give you a link that gives you ten percent of the software that expires at the end of November if you want it so I send you the link link to that but I know ten percent it's not a lot I mean again it's better than nothing I just never been able to get this guy to even give me a discount I pay full price for this software and I promote the heck out of it so that's a whole nother issue so alright so we're gonna finish running this polling question for the folks I have to leave let me go ahead and close it and we're gonna go about five more minutes so just like usually like three more minutes okay so if you go to the money from website you're gonna see a whole bunch of options in their lineup the the most important one to point out is the $60 program which is CSV to QBO great software again if you if you're not dealing with PDF files and you have the CSV files that's a must that that's like every single account and QuickBooks desktop or QuickBooks Online wanting to increase the data flow into QuickBooks should own at least that one because that one is the one that contains the capacity to go from Excel into QuickBooks Online desktop or online on the bank feeds there's one called qif to QBO which is only valuable for the folks that are able to download the quicken file from from some banks only allow quicken downloads because their personal accounts maybe personal credit cards being used as business so the QAF to QBO can convert the quicken files into QuickBooks files that's a $50 program and if you have PDF to QBO which used to be the most popular one because it's the one that actually does what I told you that it does and there's a PDF to CSV that converts from a digital bank statement into an excel file but the pro software which is $2.99 has all the tools built into one so that's why I recommend that one especially for accounting professionals for this audience that one has all the tools built in one that's a $300 software is one-time fee it installs on a PC or a Mac and it does everything I talked about with the exception of working on scan statements if you want to work on scan statements so I got to put an asterisk on that scan statements it cost a little bit more and there's an annual subscription just because there's maintenance and upgrades that they have to do to the software so there's an additional annual subscription of $100 that you pay after the end of the year when you buy the software is $50 more to buy it upfront but an extra hundred dollars per year only if you're dealing with scan and if you don't pay the annual fee okay if you don't pay the annual fee at the end of the year the software still works you just don't get the scanned portion okay so it's basically going to be the two choices either spent 300 bucks or 350 and the 351 in addition it's $100 I for that so I want to make sure those two things are clear so that's what the basically the two options you have you have to choose between those two as an accounting profession or those are the ones I recommend and again those are still a one-time purchase and installs into your computer so I I got I got this guy the owner the company to apply a 10% discount if you go to www.calculated.com/support and this expires November 30th so at the end of November if you have a problem would they just email me and I'll email him and whatever we'll figure that out but so I got him somehow to give us a discount to throw some sort of carrot that the folks that watch the webinar so at least I've at least I've I try to make the case why that everybody that I know that's an accounting professional should own that software if you own the software already if you don't own it by the way don't don't join my webinar but if you own the software and you've kind of like a couple of techniques I've shown you I'm gonna spend three hours going in-depth on everything the software does and someone like the batching techniques and the cleanup techniques and the conversion techniques I'm gonna spend three hours on December 13 at 2:00 p.m. Eastern and there's the link if you want to register for the course there's $150 discount for the folks that watch the webinar or watch the video the people off the street they go to the website they'll pay the full 350 just use the coupon code get 150 bucks off and yes you know the knowledge that the time that I spent to learn this stuff it's really really great and I'm giving away a lot of trade secrets for this this is not the type of stuff that I would do in a free webinar although I've given some today but but if you want to really go in depth and that the type of things that I do sort of like the check check trick to you know if you look up those back into there they take take the take my webinar so the last thing is you may one second here because people like when I copy and paste those links into the chat give me a second okay so there is the Facebook group let me copy and paste that into the chat so you can get to the Facebook group that Facebook group is meant just to deal with these type of things so hopefully as we get more and more people using the software we can all help each other in like figuring out you know the best possible ways to import data convert data all of that stuff that's really what what that group is for so you join the group just a chat about data import data conversion preparing data before coming into QuickBooks bringing in thousands of transactions in minutes I think it's gonna be a hot group some be a small group it's a very niche group it's a very hot group but I would love to see people joining it and start the conversation there okay and if you want to take my my my course as I mentioned before you go into my teachable page and the link is right there just click on it from the handout and or from the or from the chat I put the link there and I'll see you on December 13 if you take that course I i've i always guarantee value on my courses you take the course you don't get ten times the value that you spend just email me you get a full refund I've I've teach to a very small group and most of the times I'm very proud of the work that I do on my private premium courses anyway that being said I hope it didn't feel like an infomercial in a way it was because I'm trying to convince you to do things differently and I'm trying to convince you to use tools that you've never done not available for free but the tools themselves multiply when you use them properly I mean this is the epitome of using apps in order to be more productive apps in order to charge more apps in order to spend more time to add value to your customers lastly Thank You Avalara for sponsoring Cuba Power Hour through the end of 2018 check them out for Tax Compliance sales tax type of things they have an app for calculating sales tax and an app for compliance and sales tax that's it for us next time we'll see you we'll be on Thursday the 13th 12 p.m. for our next episode join our Facebook group to continue the conversation and there is our email if you have any questions about sponsorship or topic requests etc etc thank you folks I will stop the webinar now thank you for attending and I hope you got something out Oh Thank You Matthew and Linda for Manning the chat I really appreciate that
