How to Auto-Fill Check Image Descriptions?

[jeffreyeng]

Hi,

To classify transactions from a business's bank statements, I typically use an accountant login or OCR software to export all deposits and withdrawals for the year as an Excel file then import the excel transactions to QBs. I noticed that for the business payments made via check, the description on the checks won't show up on the excel file (see picture attached below). Is there a way to auto-fill the check descriptions from the bank statements?

[qbteachmt]

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Thanks.

[jeffreyeng]

Hi,

I tried reaching out to QBs for ideas but was unable to get a solution. So, I came to the Practice Advice forum to get an idea what other accounting firms are doing.

I'm not sure if there's a solution for this but just wanted to reach out.

[qbteachmt · Accepted solution]

Well, it should be explained that a Bank Statement for checks means you are looking at the date the payee cashed it. Not the date your client made those payments by issuing the checks. Only electronic payments are timely to the statement clearing date. So, you already have manual adjustments to make, to get these expenditures in the proper period.

Next, when you describe using Accountant Login, and yet the source data is Bank. You want to pull the data from Bank, so that it includes all data fields they provide. You have the statement, so there are pdf reader or other ways to merge Excel data into your file, before import. You seem to be stating it doesn't show in the QB Bank Feed. That is up to the Bank, which is the financial partner to Intuit in support of QB.

Lastly, I've have US Bank as a client, in support of a QB for Mac user, and the bank was not sending description (check memo) in their OFX data stream. It's up to the bank, following OFX, which is an open standard.

[jeffreyeng]

I see, thanks! There does not seem to be a way to auto-fill check descriptions from the check images, though if there was a way, it would expedite the bookkeeping process a lot.