Are you dealing with lost check fees and cash flow issues because you have suppliers that tend to wait more 3 months to cash their checks?
You are not alone! This is one of the most common problems I see my nonprofit and small business clients struggle with all the time.
The report you need is called Uncleared bank transactions report in QuickBooks Online. This report will show you outstanding checks and all transactions that have not cleared your bank account.
In this tutorial, I am going to show you how to create the Uncleared Bank Transactions Report in QuickBooks Online to prevent lost check fees and bank overdrafts.
QuickBooks Online doesn't have the uncleared bank transactions report as one of the standard ones. You have to create it using a balance sheet report, which is also known as a statement of financial position report for a nonprofit organization.
Watch the video if you are visual learner or read the transcript below.
I am using the sample Craig’s Landscaping and Design company file in this tutorial. To get started, follow the below steps.
Log into your QuickBooks Online account.
Click on the Reports tab, then select Standard Reports. In the standard reports screen, scroll down to find the Balance Sheet or Statement of Financial Position report. Then click on it to open the report.
Change the report period to All dates. Change the Accounting method to cash basis, then click run report.
So we need to see uncleared transactions for all bank accounts. Click on the total bank account line to open a transaction detail report.
We will customize the bank transaction detail report to only show uncleared bank transactions. To do this, click the customize button at the top right corner of the page to open the customize screen.
Choose the option to show negative numbers in red and in parenthesis.
Expand the filter option then scroll down to find and click on Cleared.
In the drop-down option for the Cleared filter, select uncleared and collapse the filter.
Expand the header section, then change the report title to "Uncleared Bank Transactions".
Uncheck the boxes for date prepared and time prepared. Once done, click on the green run report button to run this report.
To customize the report further, you can group or sort the report by any of the displayed columns and click run report to see the changes. I love customizing my report by grouping or sorting the report by name or sorting them by the name of the vendor, so choose that option. And, click run report again.
Once done, save the report by clicking on the save customization button at the top. And, leave the name as the default because QuickBooks will automatically pick up the name we added earlier.
Once you save the report, it will automatically be stored under the custom reports tab.
Click the back to the reports list, then select the custom reports tab. The report we just created will be located here. You can email this report to someone else by clicking on edit. And, set a schedule for the report to be sent to the person on monthly basis.
Going back to the custom reports screen and by clicking on the drop-down arrow next to the edit button, you can export the report to PDF or Excel.
Now you have a report to follow-up with your vendors to find out if a replacement check needs to issued or to figure out why a transaction did not clear your bank account to save yourself some lost check fees.
Feel free to share this QuickBooks Online tip with other users. Contact us if you have any questions.