Setup QuickBooks

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Setup QuickBooks

If you are already tracking your bank account or credit card transactions in Quickbooks, this is step is not needed -- skip to Configure Your QuickBooks Settings.

If this is a bank account or credit card you haven't already setup in QuickBooks, you need to do the following simple steps.

QuickBooks Setup Overview

  • Create a vendor
  • Create a bank account
  • Create default posting account(s)

Step-by-Step Instructions

Here are step-by-step instructions; the order does not matter.

Start QuickBooks and then:

Step 1 - Create a Vendor

  • If you are converting CREDIT CARD statements, create your credit card vendor in your QuickBooks Vendor Center. Make note of the Vendor Name (i.e. "Home Depot").
  • If you are converting BANK ACCOUNT statements, create a "to be decided" vendor in your QuickBooks Vendor Center. Make note of the Vendor Name (i.e. "TBD" or "??").

Step 2 - Create a Bank Account

  • Create a bank account in your QuickBooks Chart of Accounts. This is the account which will be used to write checks or make payments on the credit card.

Step 3 - Create Default Posting Account(s)

Your transactions can be posted to a generic, catch-all, default account (which you can edit after importing) or they can be matched to specific accounts by using the Lookup feature. Regardless of which method you choose, you must specify default posting accounts as described here:

  • If you are converting CREDIT CARD statements, create ONE default expense account in your QuickBooks Chart of Accounts. For example, "Charges TBD" or "Downloaded transactions" or "Card charges TBD"
  • If you are converting BANK ACCOUNT statements, you may post your debits and credits to the same account or separate accounts. Create the default expense account(s) in your QuickBooks Chart of Accounts. For example, create a single account such as "Downloaded TBD" or two accounts such as "Debits TBD" and "Credits TBD" or "My downloaded debits" and "My downloaded credits".

Note: the standard Statement Converter program posts each transaction to only one expense account; you may split transactions by editing them in QuickBooks after importing. There is also a custom converter which can split each transaction to multiple accounts; please contact me for info.

What to do next

QuickBooks is now ready to accept your data.

Continue with: Install the Software

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