Checking and Matching Banking Transactions

Who

  • Admin: Accounting

Department

Accounting Team

Why

  • For Accounting purposes

Created by

Joanna Orig

When

  • Use everyday

Date created

 

Provisions

  • Approved Reference Document

Revised by

 

Policy

    • All SOPs are living documents that are maintained frequently
  • For Revisions or wanted to add/update responses, advise Joanna to update the document.

Revised date

 

WHAT

☐ POLICY   |   ☑ REFERENCE DOC   |   ☐ PROCEDURE

  

Table of Contents

Introduction

Open Quickbooks and click on Banking. 

On this page, you will see all the Bank accounts we have and all the transactions that we need to match.
Here are the list of Bank accounts:

  • 213 Discover IT Business CC (Discover Credit Card)
  • 100 Truist Checking – Kingly 3906 (BB&T)
  • 102 Truist Checking – Kings Estate 3303 (BB&T)
  • 210 American Express Amazon Card- American Express Credit Card (US) – Parent Account
  • 104 Truist Checking – Kings GE 3370 (BB&T)
  • 101 Truist Checking – KGE 3787 (BB&T)
  • 103 Univest Checking – Kings Estates 5002 (Univest)
  • 105 Univest Checking – KRE 5853 (Univest)
  • 211 BBT KGE Business Line of Credit (BB&T)
  • 215 Capital One CC 6439 (Capital One)
  • 212 Chase Bank Business CC (Chase Bank)

App Transactions

Check the App Transactions to check all the pending transactions that need to be matched. 

There is an option to filter by date, if you are searching for specific transactions. 

Click one transaction to know the details of it. 

Make sure to check and add details per transaction. Here are the needed details to check and add. 

1. Category 

– this depends on what item was purchased. We have for Household, Furnishing, office items, large and small equipment. 

(Any sort of investment that pertains  ON THE GROUND operations 

  • Equipment (large items such as vacuum cleaners, 
  • Small appliances  (small microwaves, coffee makers, fans, hair dryers, 
  • Appliances (Fridges, stoves, large microwaves, washers, dryers, etc, Hottubs, etc
  • Furnishings (Furniture and decor: mattresses, beds, night stands, couches, art work, wall hangings, tables, chairs, etc
  • Kitchenware
  • Office equipment (computers, printers, etc; any equipment that pertains to office or administration) 
2. Class 

– food Amazon transaction, we choose GENERAL. If the item purchase is for a specific location, we can also choose a class, just click on the dropdown and check the options. 

3. PO Number 

– this important for Amazon transactions. This helps in checking if the item purchased is billable or not. 

4. Division 

– you can choose between Management, Maintenance, Rehabilitation and Setup.

 

Divisions

Rehab: 
  1. Everything related to rehabbing a property
  2. Think bigger 
Maintenance: 
  1. Everything related to cleaning and repairing property and its furnishing
  2. Think on the ground daily operations
  3. Like small handyman stuff, housekeeping, etc
Management: 
  1. Everything related to running software, customer service, organizing, etc in the company
  2. Think virtual and management team
Setup: 
  1. Everything related to setting up a property
  2. Think supplies and labor for a brand new setup

Once everything is good, click on ADD. 

 

As for this example,this is an Amazon transaction. We will then click on Banking and choose an American Express Amazon Bank account. 

Search for the transaction that we have just added. 

Click on it if you want to know the details. If all is good Click on Match.

For Billable

~ You will know that the transaction is billable when you check the PO Number field. It will have a note that it is billable or non billable. 

Instead of just clicking the Match button, you need to click on “Categorize”.

 

Here are information you need to enter:

1) Vendor/Customer — Amazon/booking.com/vrbo, choose on the dropdown what OTA or vendor is it.

2) Category — it is default on what you chose on the app transaction part,  make sure it is the billable 

3) Customer/Project — Choose which customer is it

4) Location — choose the location or which property is it for

5) Class — choose if Maintenance, Management, Rehabilitation, Setup or General

6) Tick on the Billable box then click on Add.

Once completed, you can then click on the Match button. 

Then repeat the whole process until all transactions in APP Transaction are matched. 

There are transactions that need further checking, if unsure contact Elam. 

 

Trust Accounts

Click on Banking and choose the Bank account “100 Truist Checking”. 

Click on the transaction to check the details

For any transaction that already has a 1 match found, you can go ahead and click Match button.