Using Quickbooks not a surprising thing as millions of other entrepreneurs are also using the same and the utilities provided by QuickBooks and QuickBooks Online is one which can’t be denied at all,
As Financial statements are the true outcomes of a business activity and are the evidence of what has business acquired or made and what it has forgone for a particular period, FS are the required product but for instance they are the compound or the product of the single transactions that occurs on the daily basis and for what an entrepreneur requires his business information he must enter all the records into Quickbooks so that Quickbooks process the transactions and develop financial statements.
Using Quickbooks Online or Quickbooks desktop there could be many ways to enter the transactions and least possible to write check, make invoices, enter bills and receipts manually, but as the amount of the transactions that are the main concern here should be taken into account and if these are the only possible solution available than technology is no good for us as it can be done easily and with more speed on manual books than using Quickbooks, talking of which I am going to introduce some of the ways by which you can enter the transactions by one click and with minimal labor so that this hectic task come to an end more early than we think.
What is Transaction Importer? (Only for Desktop Version)
Transaction Pro is only works for desktop version of Quickbooks as there is already a bank feed mechanism available in Quickbooks Online.
Transaction Importer is an application available at http://www.transactionpro.com/ and www.apps.intuit.com/
There are many products which transactionpro.com has developed and it gain a place among the users of QuickBooks.
Transaction Pro Importer:
Transaction Pro Importer is an application that will allow you to download all of your business transactions at once Well! Transaction Pro helps you in importing almost all of your transactions like your bills, invoices and receipts, and even for all types of lists like vendors, customers, employees and most importantly items with wide range of fields, One of the most important feature that transaction pro gives to its user is that it allows wide transaction mapping and once you integrated the application with your Quickbooks company file it updates the transactions automatically.
Transaction pro can only be used in QuickBooks desktop version there are some other ways by which we can import data into the Quickbooks you can go to the File menu Choose Utilities and select import by that option you can only import Chart of Accounts with their balances but what transaction pro do for you is that it allows you import invoices, and all the other transactions into the Quickbooks.
How the Transaction pro import Invoices?
You must be known about that you can only import one type of transactions once and for other types you have to import them separately, well! there are lot of questions in the mind when someone is going to use transaction pro for to enter their transactions one of the key questions about which people are worried are as follows:-
- What if the customers in the invoices are?
- Not available in Quickbooks (New Customers)
- Are available in Quickbooks (Existing Customers)
- How transaction pro solve these situations
When there is a new customer in an invoice Transaction pro make a new customer into Quickbooks and allocate the particular invoice to that customer secondly if the customer of the invoice is already available in Quickbooks or meanwhile if the invoice is of your existing customer than Transaction pro will allocate that invoice to your existing customer and will not make a duplicate entry.
What about items
The things with items are a bit complicated, let’s take another example the items that are being sold are available in that invoice and there could also be two possibilities either the items that are sold are also available in Quickbooks or they are being sold first time and there is no record of these items in Quickbooks so what role the transaction pro, plays in this situation.
So as we know that transaction pro easily make entries of the existing items but what about new items as to make a new item not only we should give it a name we should also determine the type of the item which is whether it is “Inventory Part, Non Inventory Part or Services” and we should attach or allocate at least one account that should be topped up with an amount when these items are sold, like “Sales or Revenue”.
Here is an example of a sample spreadsheet which I built to explain above mentioned things, more accurately, there are 11 invoices for 4 different customers in this spreadsheet, please remember this file is tab delimited or it could be .csv or .xlsx.
And if we look at the Customer list in QuickBooks you can see that there is only 1 existing customer and 3 of the other are new so Transaction pro needed to make 3 new customers and should not make a duplicate entry of one which is already available.
Here is we can also see the things with items.
There is only one item which is “Door” which is available in Quickbooks and Transactions pro should enter the other remaining items,
DISCLAIMER: It is highly recommended that before importing any file you should make a backup copy of your Quickbooks Company file as Imports can’t be reversed.
Here I will show you some steps where you can learn that how to use transaction pro importer and how different options bring opportunities to you,
Whenever you open Transaction pro you are going to see this wizard first,
Here you should supply the information with some basic necessary information like the import type and browse the file to locate it and load it into transaction pro,
The Options button provide you with a lot of information you can take a look at it and can set your own preferences on different matters.
After clicking next in the first dialog box view you can see a summary of what is being imported in QuickBooks.
You can see it clear and can edit even in this box if something is not looking good,
After this the windows that appears is for field mapping which should be seen carefully as it determines the way the fields are improvised in your accounting system which is QuickBooks.
You can allocate your spreadsheet fields with QuickBooks fields, transaction will automatically detect all the field columns and match them accordingly except those which are red so you have to set the red columns if there is any column available in your spreadsheet.
Here is the data mapping (you can also make small edits here),
The very next windows that appears when you hit next in the above window is very important in which you have to tell the things about the new items being added in QuickBooks.
You can see that you have to fill in the fields so transaction pro can add the items accordingly, here so you can also see that you can only import one type of transactions at once.
The last screenshot will be like the one below it is the summary of what had imported.
Here you can see information from my QuickBooks that Transaction pro has updated my QuickBooks properly.
The items list and Customers list is updated successfully and properly.
The most important things that we learnt are:
Transaction Pro don’t import all transactions at once, if you have new items to add into the QuickBooks as it add only one type of transactions once. So you have to do the process as many times as many different types of items you are having which are new in your transactions (invoice, bills).
You have to made a .csv formatted MS Excel file, most of the FI (Financial Institutions) allows you download the bank statements directly into a .csv file but you also have to make it like your way.
So for a QuickBooks desktop user this is an ultimate solution for the import of any type of data because entering the data is one of the most important thing and rest of the tasks depend upon it, you have now in mind pros and cons of Transaction Pro importer and you know well how to use it and where to get it for more information you can ask our support advisers.