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Sample invoice pdf file download for Banking

so I would say the most common question I get from my clients and colleagues uh fellow accountants and QuickBooks Consultants is how do I get my bank transactions imported into QuickBooks so how do I get the transactions that are in my bank and put them into QuickBooks and it's logical right nobody really loves to do manual data entry um so I want to show you step by step what are the different options out there on how to get the information into QuickBooks however what matters is how the data is formatted currently for example some banks allow you to download a DOT Qbo file often called Web connect sometimes is called an ofx file so if your bank and most major banks have this if your bank gives you the ability from the bank's we website to download a DOT Qbo so period Qbo extension file that is the single best way to download the transactions because once you have a Qbo file you can import it into QuickBooks desktop um into your bank feeds or you can manually import it into your QuickBooks Online into your online banking and I'm going to show you examples of that uh later on now some banks do not have the abil ility to download the Qbo file alternatively you can download maybe the bank statement in a PDF format so if you can download that that's great there's going to be a a tool that I use for that and I'll show you kind of how I do the PDF to Qbo conversion sometimes uh the bank would allow you to download the transactions in a CSV format the CSV means comma separated values which in a nutshell is um how you can download the the data in text open it in Excel you can actually make changes to it and then you can use a tool which I'm going to show you it's basically the same tool where I can go from CSV into. Qbo now sometimes the bank allows you to download into. qif format which is the Legacy quickin format and if your bank allows you to download Quicken then great because the same tool that I use to convert everything to Qbo can also convert um the qf file so in a nutshell best thing and obviously for free if you can download the Qbo file from the bank if you can't get a Qbo file then Excel CSV qf and PDF all those things can be converted into Qbo which towards the end of the video I'll basically show you an example of actually putting that stuff into QuickBooks so just for example I'm in uh Chase in the bank account and I'm going to show you what it looks like in Chase now unfortunately I can't really show you an example for every single Bank in the country and every bank is going to be different the website will look different the interface will look different however at the point where you get to choose the type of file that you're going to download um that's when you you'll have that choice and you'll see what options your bank gives you so I'm going to go into the bank account itself right so usually you just click on the bank account itself and somewhere um in that screen you should see a button that says download or download transactions or online banking or maybe something like that it's typically going to say something like download or download activity in the case of um Chase for example it actually says download account activity so I'm going to click on that and then Mo most like for example in the chase screen it gives you a choice to do uh download or do direct access so I I'm not going to talk about direct connector or direct access um just because if you already have direct access to the download then you're not watching this video obviously but this is for people that don't have that direct connection so they want to do the manual downloading now in the case of Chase for example Chase it's limited to two years um so I think it's a year if I'm not mistaken and Wells Fargo maybe one or two years maybe 18 months so every bank has a different policy so in this case I'm going to choose the bank account itself and then here this is the key here select download type so I'm going to zoom in here just to kind of show you what I mean so in the case of Chase it's great Chase has the uh Quicken web connect file it has the Quicken qif file it has a QuickBooks if file by the way never really use if files a complete disaster then there's our QuickBooks web connect Qbo that's that first choice that I was talking about then Microsoft money I don't never use one and then CSV so actually Chase is a a great bank because it gives you all the different choices so this QuickBooks web connect Qbo that's typically the Preferred Choice um if you have that then you're home free um but if you don't have that then this is what this video is about is talking about the Alternatives so I'm going to choose for example QuickBooks web connect and then I'm going to choose my date range so like I said I can go back two years so I'll go back here uh two years and then select my data range and I'll kind of just give you an idea of what this looks like on the inside when you actually um download it cuz it it's nice to see so there's yeah so there's a limit of 24 months so in this case let me go ahead and pick a date that would fall into that 24mth range and click on download activity this typically takes 30 seconds to a minute for that whole download to come through so whether you're a PC or Mac it doesn't really matter it usually downloads with the bank's name um and then that Qbo that that's the file extension the Qbo and I'm going to open that in uh Microsoft Excel just to kind of give you an idea what that looks like this is what the file looks like when you open it in Excel and honestly it doesn't really matter what it looks like in Excel because you're not really going to be manipulating this this looks like script or code but this is the actual transactions one by one that actually come in through the bank and QuickBooks understands this file and it's able to convert that to a to a workable format in which you don't really have to do data entry now if you don't have access to this Qbo file I'm going to show you how to convert this. Qbo file um from different formats however let me first show you real quick um how the Qbo files work really well inside of QuickBooks so I'm here in QuickBooks online so I'm going to show you QuickBooks Online first up here on the top right it says file upload and we're going to click on that and we'll click on that button there and then it tells you select file to upload again this works exactly the same way uh whether you're in a PC or a Mac I happen to be on a Mac but it's going to be the exact same process um for QuickBooks online so I pick the file I hit next I select here the bank account that I want to connect so in this case I want to connect my check my Chase checking account and then I click on next after a few seconds to a minute you will get this screen that says it's been successfully uploaded and now um in the case of this one for example you can see clearly 1,500 transactions were uploaded into QuickBooks now they're not straight into the register you still going to have to categorize these um however you know as you categorize these transactions it does get easier and easier like for example um here it the information says in it Payment Solutions so in this case I would pick a vendor or create a vendor um so in this case I'm creating creting the vendor I guess I've never used it before it's actually a brand new QuickBook file so I'm creating a vendor called in Payment Solutions and I'm going to put it here under uh Bank service charges right I mean we're not we shouldn't really focus too much on how accurate that particular categorization is but what I'm trying to show you here is it we pick it once we pick the uh I should say service right Bank service charges so spelling correctly would be helpful and then I'll click on add one of the real cool things about online banking for example there was 86 transactions exactly like this one so when I click on recognized so I click on recognize there so you're going to see 86 transactions are similar and every single time this vendor was used it gets categorized to that category that I chose and that goes into the register like that so you can actually batch add 86 transactions extremely quickly so online banking it's not direct input but it does create uh the workflow for for you to direct do direct input so in QuickBooks desktop or QuickBooks for Windows um the process is very similar so let me go into the chart of accounts real quick and make sure a bank account is created there it is there's a bank account um so I'm going to be uploading the transactions into that notice that that has a zero transactions for the time being so I'm going to click on the file menu utilities import web connect files right so that was the process so I went to file and went down to utilities import and then web connect files so I click on that and the system's going to ask me uh what file would you like to import and there it is there's the file I down I downloaded from Chase so I click on open and the system is asking me well which account would you like to link it so I'm going to hit the use existing account hit the drop down and select this one here called Bank click on continue so it tells me your web connect data has been successfully upload it I'll click okay now this is the bank feed screen and if you're working with QuickBooks 2013 2014 2015 or 2016 so 2013 or above it would look like this if it's older than 2013 the screen looks different however the process is extremely similar so I'm going to click here on transaction list and there are all my transactions so I can do the same thing I did um with here that I did with the other one so I can in this one for example I can call it here into it Merchant Solutions what whatever I want to call it right so I get to create the vendor and I'm going to put that onto uh Bank service charges and then I'm going to click on quick ad and then what will happen is um QuickBooks will start reading similar transactions so if you see up here on the top it says 100 transactions are similar when I click on that you get to see how transactions that have I recognize something that has been used before get automatically categorized now I don't have to accept them right I can I can correct these like if these are not supposed to uh they're not linked correctly then I can make the changes and quickpost will start larning as I go but that is the concept of online banking by manually uploading a Qbo file so let's move on to a PDF bank statements so first before we go into um the conversion of PDF bank statements uh into des. Qbo format and then can be downloaded into QuickBooks using the bank feeds in QuickBooks desktop or the bank downloads in QuickBooks Online as I just showed you it's important to know whether your PDF bank statement it's an origin original PDF you downloaded from the bank or if it's a bank statement that was on a paper printed paper that you scanned and therefore you're turned into PDF so here's a a PDF bank statement I have of of a credit card it's it's actually the same thing could be credit card it could be Bank um they actually both work and the way you know um that a PDF is the original version from the bank is because every single field can be selected or highlighted like in this case I can select this text and if you see the text um that you can select it or perfectly highlighted this means this is already in digital format and these are the original PDFs from the bank so if you're working with the original PDFs from the bank you can use uh a tool called PDF to Qbo and I'm going to put the links there below in the video or you can use a tool called Qbo convert Pro which is pretty much the same thing as PDF to Qbo but it has a couple of more settings built in so here's this is the tool that that I'm talking about and whether you use PDF to Qbo or Tu Qbo convert Pro either one tool it's actually going to have the exact same behavior so the first thing is I click here on settings and I have to tell it uh whether this is a bank or a credit card because QuickBooks is going to sorry this software is going to convert this to a Qbo format that QuickBooks is going to read and QuickBooks has to know um what type it is right so I'm going to select credit card then I'm going to click here where it says look up so I can select the bank so I'm going to search Chase and if your bank is not there it actually doesn't matter which bank you choose however for consistency it's good to just choose the correct one if it happens to be there on the list so I'll hit okay and it's important to put uh the bank account number or at least uh the last four digits is is could to be an identifier especially if you're converting multiple files so I'm going to go ahead and click okay and then I'm going to click on convert okay then it's going to ask me well where's the file you want to convert so mine happens to be on the desktop so I'll go ahead and pick up um I'll go ahead and pick up that PDF file and then I can either just goes straight to a conversion um which I convert to CSV um which is which we'll talk about a little bit later on as I talk about CSV to Qbo conversion I could go straight to convert to Qbo and allow the software kind of do this magic but you can go to preview this is actually my favorite thing to do because when I click on preview I'm going to get a grid and what this grid shows me it's a it's a quick preview of the transactions that it read um so I can actually just double check that the software is doing what is supposed to be doing um I can check the dates and see if the dates are correct I can see how it read uh the pay information I can see if it read the amount information um and then down here I get to uh make sure that I map it so for whatever reason it read it correctly um but it didn't map it then I get the chance to map it now when when you have digital PDFs like for the example that I showed you this software is pretty much Flawless because everything is in digital format when you have to read read uh transa sorry when you have to read statements that were scanned um this could get a little bit more random so it requires you to tweak the settings a little bit more now something I really like up here it tells me what your total credits are what your total debits are um it allows you to for example double click your uh bank statement real quick and you can actually verify there in the summary if the total uh payments and the total charges were accurate so sort of a quick um automatic reconciling just to make sure that the data is going to be complete and I want to go ahead and click on create Qbo and then the software will uh create this Qbo file that as I showed you before there you can go to file utilities import web connect and I'm going to go ahead and choose that file that I just converted and hit open then it's going to ask me which credit card would you like to use because in this particular example we used the credit card so I'm going to call a credit card here uh Visa I'll call it uh Chase Visa and you're going to see the import scheme um works exacts the same way as the bank so this software actually works for importing both uh bank statements and credit card statements so I'm going to click on transaction list to just kind of show you and there it is there's the dates the the name of the downloaded name and the amount so what's great about this is all I really have to do is uh put the vendor's name right uh and and if it's already on my database then I just select it and select the account and then click here on quick ad and it will add it for me and as you enter more and more QuickBooks will learn this is why this is my favorite way of importing Bank transactions into QuickBooks now on to uh bank statements or credit card statements that were scanned um so let me show you this is basically the same bank statement that I uh that I went ahead and I printed and scanned uh and you're going to see the behavior is a little bit different so let me go ahead and open it and what typically different about this is I click and click and click and I try to select these uh numbers and it doesn't allow me to select it so when you actually scan the statement and obviously there's imperfections uh there could be creases there could be markings that can affect this whole thing but if I try to select the text like I'm trying to I'm clicking and I'm trying to do it now um that's really when you know whoops that's really when you know that this is not the original uh PDF so what happens with this exact same tool with um PDF to Qbo or to Qbo convert Pro um there is a a version called the PDF plus version that can actually read scan statements so let me go through the same process here I'm going to go ahead and just change the account number so when I import it into QuickBooks it doesn't import into the same account and I'm going to click on conver convert and I'm going to go ahead and select that statement and click on preview and you see it will take a little bit longer it goes to the process because it's actually reading the image and using uh OCR optical character recognition to uh to detect uh the the names and the amounts and the dates and all that good stuff now when it finishes reading and it will take longer if you're using a scanned statement and it's not a perfect science yet you know I I would much prefer you use a digital statement to AO to avoid this potential issues um here's uh The Columns of how it detected the information and you can actually see here pay and this is where the mapping matters right this is where I tell it well that's that's pay and this is the date so this is where I tell it this is the date and then we see the amount and then the memo so it looks uh very similar and as I scroll down I get to see all the transactions and for example in this particular case um it didn't it didn't detect any of the payment so for whatever reason um it actually took in all the expenses but not the payments that you can see up here on the auto reconciliation feature you can see look there's U there's credits but but no debits and and again it's not a perfect science if you need to add them manually you can click here where it says add transaction and you can scroll all the way down actually all the way whatever you clicked and then you can actually manually add the the one payment let's say that happens to be a $5,000 payments whatever whatever it is and we'll put here payment and so so if you for whatever reason it missed one or two you can manually put it in there again it's much better if you have the digital uh statement um but if it has the PDF it could do a lot of the work for you and at that point I would go to create Qbo and import it into QuickBooks the same way I did it with the other ones now what if I don't have the Qbo file and I don't have the bank statements in PDF but I do have an Excel file or a CSV file so the most important thing is make sure that the spreadsheet has at the very minimum at the very minimum it should have these three columns which are date pay or description it doesn't matter it's the same sort of concept and amount where negatives are the charges or checks and positives are the deposits or payments in a credit card now the optional columns you can have are memo transaction number and have a debit and credit column instead of a single amount column let me fix that there um so those are the optional uh columns but date pay and amount is extremely important so this is for example um a spreadsheet that I have okay and then whether this spreadsheet was downloaded from the bank or it was created manually notice that uh all I really need is three columns date pay and amount and I'll go ahead and delete that to show you so so as long as I have these three columns here uh the software can do is is bidding now the nice thing about having it on Excel uh for for a couple reasons uh nice thing about having an Excel is if you got checks um and you want to hand write all the payes in there it's a great uh Tool uh to use before you import it into QuickBooks that way you don't have to retype everything in QuickBooks also uh this is great for petty cash logs you know so that's not really a bank but if you have a lot of petty cach logs in uh in Excel you can convert them into Qbo which is going to be great for you to be able to import that into QuickBooks so I'm going to go ahead and save save this CSV file and show you how that works in this converter software so for CSV specifically you can use a tool called CSV to Qbo but again I use the 2 Qbo convert which is the accountant tool that has all the file formats so I'm going to go ahead and click on settings and I'm going to tell it well this is a bank account or credit card whatever it happens to be I'm going to put the account number in this case I just put the last four digits and then I hit okay then I'm going to click on convert and I'm going to select that CSV file I have there I'll click on preview just to double check that the data is being read correctly and there it is there's my date column there's my pay column there's my amount column and then down here you see the mapping is correct and I click on create Qbo and now I have my Qbo file which I can import to QuickBooks desktop or QuickBooks online so what are your options so let's talk about scenario number one uh I showed that at the very beginning of this video if your bank allows you to download the Qbo files then you're home free okay this video wasn't focused on how to use online banking or Bank feeds there's we have other videos in our channel that focuses on you know what best tips and tricks on what to do there but if you can download the Qbo file then it's great you have you don't pay anything for it it's free it can import into QuickBooks online or QuickBooks desktop however if you don't have access to the Qbo files this is option number two you have the digital PDF statements then you need either PDF to Qbo or to Qbo convert Pro those are the two options there um third option is let's say I don't have the digital PDF but I have a scan PDF so I have a scan paper bank statement then I need to get PDF to Qbo with a plus or to Qbo convert with a plus that plus basically means that it can actually read scann PDF statements and finally the fourth uh situation here let's say I have the data in Excel or a CSV file then all I need is CSV to Qbo now I'm in the website here uh for the vendor for the the manufacturer of this uh of this software that I'm recommending and I use it all the time for my practice and that's why I I I made this video because I use it I love it um I I worked hand inand with the developer to make it better you know all the time I'm suggesting new features people email me and say Hector I would love that 2 Qbo convert broen do this or I could do that so I usually talk to the developer and and and we talk through it we test it and this is incredibly uh time saer especially when my my client doesn't have access to the bank it just has PDF bank statements and this allows me to really really quickly go through it but anyway let me show you the website so here on the right side there's all the software programs there's two Qbo convert Pro there's PDF to Qbo convert and then down here there's CSV to Qbo now one of the main questions that people ask me is Hector what's the difference between the 2 Qbo convert Pro and PD PF to Qbo so the difference is that PDF to Qbo is a single utility it takes your PDF bank statements Converse them to Qbo done whether they are scanned or digital it just means that you have to get that plus version that cost a little bit more but with 2qb convert Pro it combines multiple tools so so that's what I call the accountant tool the person that works with multiple file types so this one can convert uh CSV files as I mentioned earlier it can can do qf files these are the quickin uh version so some banks can only download into quickin it can do the PDF of course and it can do some really cool things like it can actually take a regular Qbo file and convert it into CSV so you can make some edits and then go from CSV to Qbo and then you can actually manipulate uh the type of data that goes in there now in terms of pricing I prefer not to discuss it in this video because I've seen the price change uh over time um so so but you know ranging from under $100 for the CSV to Qbo all the way to $200 or $300 for the for the highest end tool if you're working with multiple clients or multiple bank statements and you want to save yourselves hours of manual data entry then I strongly recommend this product