Chapter 20. Online Banking Services

In the 20th century, you had to wait until your bank statement arrived (by snail mail) to find out what your account balances were and which transactions had cleared. But in the brave new world of online banking, you can view those balances and transactions any time and even download them into your company file.

By synchronizing your real bank accounts with the bank accounts in QuickBooks, you’ll always know how much cash you have on hand. Before repaying your aunt the start-up money she loaned you, you can pop online and check your balance—and avoid an embarrassing family blowout instead of risking a bounced check.

Besides managing your cash flow, online banking services are much more convenient than the old methods. If you don’t want to enter transactions into QuickBooks, you can download them from your bank (although you’re better off keeping your account register up-to-date so you know how much money you have in the bank). Or you can transfer money between your money market account and the checking account when you find yourself awake at two in the morning.

If you use online billing, you can pay bills without having to write checks, lick stamps, or walk to the mail box. After you submit payment transactions online, the billing service either transfers funds from your bank account to the vendors or generates and mails paper checks. Online billing also lets you set up recurring bills so you can go about your business without worrying about missing ...

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