direct connect amex to quickbooks for mac

Direct Connect Amex To Quickbooks Full Picture Of

QBO File Web Connect file that can be downloaded to your computer and imported to QuickBooks Desktop.

Part of doing business is to handle the many transactions that occur daily.

Whether through a bank account or credit card account, or both.

They should be entered into your accounting system and be reconciled on a monthly basis.

You will see the cash coming in and the cash going out and make good business decisions.

WHAT ARE THE BENEFITS OF DOWNLOADING AMERICAN EXPRESS TRANSACTIONS INTO QUICKBOOKS Saves Time Entering credit card transactions manually is time-consuming and detailed oriented.

Downloading transactions from American Express via a bank feed saves time and keeps your account up to date.

Under preferences in QuickBooks, there is a feature, if turned on, will automatically recall the last transaction from that vendor.

Keep Expense Accounts Manageable Every transaction entered will be categorized under different expense accounts.

To keep from creating too many expense accounts, create a few general expense accounts by setting up rules or aliases within the bank feed such as Restaurant, Parking, Gas, Hotel, and Phone.

This is recommended when it is not necessary to have an actual vendor name on the transaction.

Transaction Search Is Easier Searching for a particular purchase becomes easier when the Vendors name and not the Credit Card companys name is on the transaction.

Better Business Reporting Accrual Accounting The date of each transaction is the date of the credit card was charged.

That would place the expense in the month that it was incurred and not when the payment was made, providing a better view of the current months income and expenses.

Easy Reconciliation Reconciling your credit card statements each month in QuickBooks verifies those downloaded transactions.

Direct Connect Amex To Quickbooks Full Picture Of

After they have been reconciled you have a better understanding of the full picture of this credit card liability when it comes time to pay your bill.

Budget accordingly and save by making credit card payment in full.

Better Accuracy Downloading your transactions from American Express will help deter mistakes from missing a vendor transaction getting into QuickBooks.

These transactions can be downloaded daily, weekly or monthly.

Also, each vendors transactions are grouped so partial payments will be easy to see and which transactions would still be open for future payment.

DO YOU KNOW THESE BANKING TERMS Bank Feeds A bank feed is a list of the transactions completed for a period of time from a checking, savings or credit card account at a financial institution.

This list can be manually or automatically imported into your QuickBooks.

Direct Connect Amex To Quickbooks For Mac