QBO's New Receipt Capture

posted Apr 22, 5:04 pm (178 days ago), 0 comments, permalink

QBO’s New Receipt Capture!

Look What I Found!

You’ve long been able to use the QBO app on your smartphone to take pictures of receipts to add them to your QuickBooks Online file, but you had to type in all the information with your thumbs. That was time-consuming and cumbersome.

I recently had the privilege of beta-testing QBO’s new Receipts Capture, and I’m excited to see it rolling out to my clients’ files. Click on Banking and look for the Receipts tab at the top. If you don’t see it yet, you will soon!

Let’s check it out!

 

 

Expense Receipts

How to submit receipts

There are three ways to add your paper receipts to QBO.

First, you can simply drag-and-drop a .jpg or PDF file onto the main box (1). You can also click on the box to navigate to the image on your computer and select it that way.

Second, if you use the QBO app on your phone, there's a new option for Receipt Capture under the +. With it, snap a picture of the receipt and save it for scanning. It couldn't be easier!

Last, it’s now possible to email your receipts straight into QBO (2)! Click on the Manage Senders link on the upper right.

Expense Receipts - Manage senders

Click Add new sender. The email address must be for a QBO user who has at least Standard user permissions, with access to Vendor transactions.

Note that this limits bookkeepers for adding receipts via email, because one email address can only be associated with one file. If you work with more than one QBO file, you will need to use a different email address per client…or just use the drag-and-drop method from your computer.

Once the Senders have been added, they can now send an email to receipts@quickbooks.com, and the attachment will be forwarded to the correct QBO account.

You can even submit multiple receipts in one email message! 

My only concern is that pictures of the receipts stay on the cell phones. If you implement this system with your employees, you may need to decide if that is a security breach. At a minimum, train them to delete the images once you have confirmed that the workflow is finished.

 

We use Receipt Forwarding successfully at Royalwise, using all three methods. My favorite is the in-app camera. 

Once you’ve sent in or added your Receipts, you’ll see them in Processing (3). It may take a few minutes for the OCR (optical character recognition) to finish working its magic.

 

Classifying Receipts

There are two workflows for categorizing your Payees and Accounts. One is to do the work in Receipts and Match it in Banking. The other is to do the work in Banking and Match it to the Receipt!

QBO Receipt OCR

Entering the Receipt First

If the expense is straightforward, click on the entry at the bottom of the screen (4).

Note that the OCR may have entered best guesses that have little to do with reality. Just like with the Banking Feed, the artificial intelligence will learn as you use it. The first time you add a receipt from a particular Vendor, it will probably make up random Payees and Account/Categories. Just go ahead and enter the correct information. The next time you send in a receipt for that Vendor, it will fill in the information you entered last time, and you can modify it again as needed.

If you open up the new Expense transaction, you’ll see the info you entered, and the Attachment in the bottom left corner (scroll down).

After you’ve completed this step, head over to your Banking. You’ll see the expense on the list now has a green Match icon! Click Match to accept it.

 

Using Banking First

Notice that Receipts form doesn’t allow for Splits or Job Costing. To enter a Split, assign the transaction to a Customer, or make it Billable, head over to the Banking Feed first. Once you have entered that information, head back to Receipts. You’ll see a Match here, which adds this receipt to the existing transaction.

 

Conclusion

If you’re tired of chasing down your employees to submit their receipts, and it’s overkill for you to pay for a more robust receipt management solution like Receipt Bank, Hubdoc, or AutoEntry, QBO’s new Receipt Capture is a welcome addition to solve this pain point.

 

Was this tip helpful? Take a look at our QBO Knowledge Base, our ever-evolving collection of QuickBooks Online training videos.

 

 

 

 

QuickBooks Online (QBO) Keyboard Shortcuts

posted Apr 11, 4:06 pm (189 days ago), 0 comments, permalink

Look What I Found!

Even though QuickBooks Online is browser-based, it has a robust set of keyboard shortcuts so that you don't have to take your fingers off the keyboard.

Every time you use these tips and tricks to enter dates, those seconds add up and you can get that much more work done.

 

 

Keyboard Shortcuts

Keyboard shortcuts speed up your navigation and data entry in QuickBooks Online, even though you’re working in a browser.

 

Moving Around Forms

  • Press the Tab key to move from box to box
  • Press Shift+Tab to go back again
  • Press the Space Bar to check a check box field
  • Press Alt + down arrow to open a drop-down list, or the pop-up calendar icon to the right of any date field

 

Keyboard Commands

Hold down the Ctrl and Alt (or Option on a Mac) and type the ?/ key on your keyboard. A window will open up with your Company ID as well as a master list of keyboard shortcuts. Hold down Ctrl+Alt and press letters in the list below to open those windows.

 

Entering Dates

When entering dates, you don’t need 0s or the current year. Typing 2/1, Tab will resolve to 02/01/18.

Click in any Date field and tap these letters to jump to a key date without typing:

 

Today

T

 

 

 

Tomorrow, next day

+ (plus)

 

First day of the Month (1st)

M

Yesterday, previous day

- (minus)

 

Last day of the Month (28th, 30th, 31st)

H

First day of the Year (1/1)

Y

 

First day of the Week (last Sun)

W

Last day of the Year (12/31)

R

 

Last day of the Week (next Sat)

K

 

Built-in Calculators

There is no need to pull out your calculator! In every Quantity, Rate , and Amount field, you can use +, -, *, /, and () to do instant math. Press Tab to calculate the result.

 

Drop-down Lists

You don’t have to click on every drop-down arrow and scroll through long lists to find what you want.

Start typing the entry you’re looking for, and your list will instantly reduce itself to matching items. Indented items show that they are subaccounts.

Press up arrow or down arrow to move through the items in the list.

Press Tab to select the item you want and move to the next field.

If you don’t want to open the whole list, but just want to scroll through the items in the text box, press Ctrl + down arrow or Ctrl + up arrow .

 

Search for text on a page

This trick uses a feature of your browser, not QuickBooks Online. The browser’s Search, CTRL+F, searches all the content of the screen you’re looking at. Use it to find for anything on a page instantly, without wasting time scrolling around scanning for it. Use the Find field’s < > arrows to jump from instance to instance of matching text.

 

Was this tip helpful? Take a look at our QBO Knowledge Base, our ever-evolving collection of QuickBooks Online training videos.

 

 

 

Managing Corporate Credit Cards

posted Mar 28, 1:26 pm (203 days ago), 0 comments, permalink

Businesses who track their credit card expenses QuickBooks Online (QBO) have a challenge.

Corporate credit card accounts like Chase, AmEx, and Bank of America have multiple cards for each employee. In QuickBooks Online, these sub cards need to be treated as sub accounts.

Here is how to set up corporate credit card accounts in QBO, from the Chart of Accounts to the Banking Feed to Reconciling.

This video even shows how to zero out the cards every month so your Balance Sheet shows exactly what is owed!

Like this video? It's a snippet from my course Credit Cards in Business. It's also available in our QuickBooks Online Knowledge Base!

 

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QBO's Price Rules

posted Mar 22, 2:41 pm (209 days ago), 0 comments, permalink

Look what I found!

In QBO, if you charge different prices to different types of Customers, you no longer have to track who gets what pricing by using the Notes, or an external document. Instead, turn on Price Rules!

This flexible tool allows you to:

  • Charge different prices for Retail, Wholesale, Manufacturing, and Friends & Family
  • Apply discounts to various products
  • Put specific items on sale for a designated time
  • Customers can be assigned a default Price Rule.

 

 

Turn on the Price Rules in Gear > Account and Settings > Sales.
Customers can be assigned a default Price Rule. When you create Price Rules according to Customer Type, each Customer will default to the desired price:
1. Go into the Customer Type button in the Customer Center.
2. Define your Customer Types.
3. To assign a Customer Type to each Customer, Edit the Customer's Details, and go to the Additional Information tab. Assign each Customer to their associated Type.
4. Or, assign Customer Types in bulk by checking them off in your Customer Center, clicking Batch Action, and choosing Select Customer Type.
To create the Price Rules, go to the Gear > All Lists > Price Rules

 

Price Rules

 

  1. If you’re having a sale, use a Price Rule with a Start date and End date.
  2. Assign Price Rules to Customers individually, or by Type.
  3. Assign Prices to Products individually, by type of Product, or by Category.
  4. Adjust the prices either by Percentage or Fixed Rate. You can increase or decrease the prices, and Round up or down.
  5. Click Apply to see all the prices adjust at once.
To use your Price Rules, create an Invoice or Sales Receipt. The Rate field now has a dropdown arrow to choose the correct price. If you had assigned a Customer Type to the Customer, that Rate will show as the default.

 

Price Rules

 

Like this article? Check out our Look What I Found course. It's free!
Need more QBO training? Check out our QBO Course Catalog!

 

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