CPA & Business Advisory Blog

QBO Data Automation

5 Ways Your Business Can Save Time with QBO Data Automation

In the first blog of our series on QuickBooks Online (QBO), we provided an overview of the software’s main features. Now we take a deeper dive into the many great benefits of QBO automation, which will free your time and let you focus on growing your business.

Automating Bank Feeds

Think about the time you can save if you don’t need to make data entry of debits, ACH transactions, wire transfers and credit card charges. QBO’s bank feeds feature allows you to link your bank to QBO and automatically download cleared transactions. You will be able to link most banks to QBO so that transactions feed daily, or you can download transactions from the bank and upload them to QBO. The best part is that QBO clears transactions as they feed from the bank, making reconciliation a breeze.

Bank Rules

QBO will also scan downloaded transactions for certain details, including description, bank text and dollar amounts, allowing you to:

  • Automatically assign payee, category or class based on multiple criteria (all or just some conditions met)
  • Set rules for money in and out separately
  • Automatically split between multiple categories or classes
  • Record transactions in the general ledger with no review necessary

Memorized/recurring transactions

Another great timesaver is the memorized/recurring transactions feature for repeating identical transactions. This feature includes the following capabilities:

  • Applies to any transaction type (bill, invoice, credit card charges, journal entries, transfers, etc.)
  • Allows you to set the interval and timing of the recurrence
  • Specifies a start date and end date
  • Transactions can be scheduled to occur automatically or as a reminder for you to enter the transaction; it can even be scheduled in advance of the actual transaction date
  • Automatically email invoices or statements to customers at set intervals/dates

Copy existing transactions

Through QBO automation, you can create copies of already recorded transactions. This can be a timesaver for those transactions that are frequent and similar in nature but not exact duplicates. QBO copies an existing transaction so all you have to do is:

  • Change the applicable field, such as date, amount, customer or vendor
  • Save new transactions without having to enter most of the data

QuickBooks Payments

QBO makes it easy for your customers to pay you. For an additional fee, Intuit provides a feature that will enable your customers to make payment directly from your invoice with one click of a button. The payments are automatically received against open invoices, and deposits are automatically recorded in QuickBooks.

Watch for our next blog on QuickBooks apps.

We welcome your feedback!

How are you using QuickBooks and its associated apps? How do you receive training? What do you do to troubleshoot questions?

Take a brief QuickBooks survey, and we’ll share the compiled results with you.

QuickBooks Training Survey

Do you have questions about QuickBooks, or other questions for our Small Business Services Group? Contact Dawn M. Minotas, CPA, Managing Director, at 440-449-6800 or email Dawn.

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