u/Friendly-Complaint24

Entering transactions in real time vs waiting for transactions to clear in QB

I need some clarification from more bookkeepers. Fairly new to QB & Accounting. I do bookkeeping for my employer.

I recently made a post in the QB help FB group due to finding a manual check in the register which then led to finding out how transactions are matched in the bank feed.

Ok, so it's best practice to enter transactions as they happen to accurately account for available cash, then they can match up once it clears. Great.

The bookkeeping training I went through I believe just taught us to wait until it clears in the feed then categorize it. I just asked that group about it and one of the main coaches from the group says she rarely has things entered manually and just waits for things to clear in the feed to categorize.

So my question is... How many of you are entering transactions as they happen instead of just waiting for it to clear?

What does that look like? Are you receiving an email with receipts every day on what was spent then you manually enter it in QB?

We use an AP software to track vendor invoices and payments but it's not synced to QB. I'm guessing these softwares integrate with QB to meet the best practice of entereing transactions as they happen? Currently we're unable to add credit cards in this software so if it was synced those would need to be entered manually I'm guessing. And I would need to enter everything manually right now anyway since it's not synced 😬 I feel like that would take so much time to enter every transaction before it clears. I also do the AP.

For anything that is being spent outside of this software would need to be entered manually?

How does process look for you all?

I need some clarification from more bookkeepers. Fairly new to QB & Accounting. I do bookkeeping for my employer.

I recently made a post in the QB help FB group due to finding a manual check in the register which then led to finding out how transactions are matched in the bank feed.

Ok, so it's best practice to enter transactions as they happen to accurately account for available cash, then they can match up once it clears. Great.

The bookkeeping training I went through I believe just taught us to wait until it clears in the feed then categorize it. I just asked that group about it and one of the main coaches from the group says she rarely has things entered manually and just waits for things to clear in the feed to categorize.

So my question is... How many of you are entering transactions as they happen instead of just waiting for it to clear?

What does that look like? Are you receiving an email with receipts every day on what was spent then you manually enter it in QB?

We use an AP software to track vendor invoices and payments but it's not synced to QB. I'm guessing these softwares integrate with QB to meet the best practice of entereing transactions as they happen? Currently we're unable to add credit cards in this AP software so if it was synced those would need to be entered manually still, I'm guessing. And I would need to enter everything manually into QBO right now anyway since it's not synced 😬 I feel like that would take so much time to enter every transaction before it clears. I also do the AP.

For anything that is being spent outside of this AP software would need to be entered manually into QBO?

How does process look for you all?

I'm working on getting an A/P process put in place for this dental company I started working for. This is only my second job in A/P so bear with me.

Please tell me if this sounds like a good process... and answer my question on #3.

1. All term invoices go in system to track due dates and payments

2. All invoices received at $0 (paid for at time of order) - Do not need to be put in system

3. For all orders paid for at the time of order - Do I take the receipts and submit for credit card receipt tracking?

We are still putting a process in place for credit cards and tracking receipts for reconciliation. I'm open to suggestions. I don't know how it's done normally or at big corporations. My last job in A/P I was told to ignore the invoices for $0 as they were already paid, but I didn't know what their process was for credit card receipts and what they did when they paid for an order right away.

Right now for the invoices on terms I'm paying with credit card then attaching the receipt with the invoice.

Is it normal practice in the dental industry that vendors send statements but you don't receive invoices? Are you mostly paying them through their online portals or sending ACH?

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This dental office has not been doing the AR and AP correctly and now that they've split them into two separate positions, I'm going through everything to get it all set up correctly. So I'm thinking maybe they just didn't know how it was supposed to go and didn't get things set up right with the vendors. The girl they had doing AP has no accounting knowledge or education so she was paying off the statements, meaning she was not entering invoices anywhere. She would just either hold onto them until she got the statement or go in the portal to check the invoices and pay the total on the statement. Now that I've been calling the vendors and emailing them on where to send invoices and statements they seem to be coming in now.

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I'm just trying to get familiar with this industry. I didn't think the process of AP would really be much different in different industries. Any helpful info you can add is much appreciated.

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