Among the numerous advantages of QuickBooks on the net is you could save lots of time by automatically downloading your banking transactions into QuickBooks in place of manually inputting each transaction.
Most big banks enable you to easily and quickly connect with QuickBooks, some of the smaller banks and credit unions don't have that capability. We consider Bank of America to be the ideal bank for small enterprises, based on their low rates.
In the event that you don’t have a small business banking account as they are using a personal banking account, then I recommend getting a separate bank account for your business at the earliest opportunity and then connect it to QuickBooks. It will always be best practice from an accounting and tax standpoint to keep business activities completely separate from personal. View here to set up your small business bank account with Bank of America.
Importing Banking Transactions Automatically in QuickBooks Online
So that you can connect your money to QuickBooks, you'll need your on line banking user ID and password to log into your banking account.
Step 1: Locate Your Bank
From the Home Page, select Transactions and then Banking from the left menu bar:
QuickBooks Online Banking Tab
Type your bank name within the search box as indicated below or
Select from the list of banks right below the search box.
If you are struggling to locate your bank then you will need to Import your Banking Transactions using CSV Format which we will cover later in this lesson.
QuickBooks Online Banks List
Step 2: Log Into The Banking Account
You really need to see your bank login screen just like the one below.
QuickBooks Online Bank of America Login Window
Go into the user ID and password which you normally used to access your money as we have inked for Paul.
Based on your web connection therefore the number of accounts which you have, it could take a couple of minutes for QuickBooks to connect to your bank.
Step Three: Select Bank Accounts
You should see a screen similar to the one below that may list all of the accounts you have got at this bank.
Bank of America QuickBooks Online Account Selection Window
Place a checkmark in the 1st column for every single account you desire to hook up to QuickBooks.
Account Name: Through the drop down, find the QuickBooks account you want to connect to this bank account. When you yourself have not put up the account in QuickBooks yet, select Add Account through the drop down.
Your screen should display the following account setup window. Complete the fields below to setup the financial institution account in Quickbooks:
Bank of America QuickBooks Online Add Account Window
A. Account Type: choose the kind of account you may be downloading transactions for. Typically this would be either a Bank or bank card account.
B. Detail Type: Here you need to provide more information in the sort of bank account.
C. Name: This is how the account name will show up in Quickbooks.
Suggestion: in the event that you’ve got more than one business checking account that you want to connect to QuickBooks I quickly will be more descriptive here and place the name regarding the bank therefore the last 4 digits of the bank account number (for example. Bank of America Checking, x1234). This may allow you to easily tell one bank account from another if you're writing checks.
D. Description: place the bank name and account type (i.e. checking, savings etc;)
E. make sure to make sure that you have make selections in all 5 fields. Click on the Save and Close button
Step four: choosing the right date range
The maximum # of transactions that will download is ninety days.
If you want to download more than ninety days of banking transactions, you will need to Import Transactions using CSV.
If you want a shorter date range, simply click the link that says need a shorter date range as indicated below:
Bank of American QuickBooks Online Account Selection Window
If the date you start using QuickBooks is not as much as 3 months, then chances are you would need to use a shorter date range.
Below is an example whenever you could need to use a shorter date range:
Step 5: Click Connect
Before you click on the blue connect button, make sure to make sure that you failed to select any accounts you do not would you like to keep track of in QuickBooks. (for example. personal bank accounts)
Caution: when you click Connect all transactions will likely to be downloaded into Quickbooks. Unfortunately there is no automatic undo button. Later on if you find out that you accidentally selected a free account that you do not want linked to QuickBooks then you'll definitely need to manually delete all of those transactions before you can delete the account from QuickBooks.
Click on the blue Connect button into the far bottom right part of the screen. This may start the process of downloading transactions for the accounts you selected in Step 3 into your QuickBooks file.
Bank of America QuickBooks Connect Button
According to the number of accounts you have selected additionally the date range, this can take a bit to complete.
Once the transactions have now been successfully downloaded into QuickBooks, listed here message will display:
Bank of America QuickBooks Connection Success Window
Step 6 - Review Downloaded Transactions into the Banking Center
Into the Banking Center, you ought to start to see the # of transactions which have been imported as indicated below:
QuickBooks Online Review Downloaded Transactions Window
All transactions which can be downloaded will be from the For Review tab. To understand just how to manage banking transactions when they are downloaded, watch our step-by-step video tutorial as to how do I manage downloaded banking transactions.
To add another account, simply click the blue Add account button as indicated above and go back to Step 1 with this course to continue doing this process.
For those who have bank accounts at multiple banks that you would like to trace in QuickBooks then you'll definitely have to go back again to step one and repeat this process for every bank in which you have business accounts you want to track in QuickBooks.
When to Manually Import Banking Transactions Into QuickBooks Online Using a CSV File
If you were unable to locate your bank or if you want to download more than ninety days of banking transactions, then it's very important to you to definitely learn how to import your banking transactions using an Excel format called .CSV or a .QBO file.
To get this kind of file, log into the bank account and go directly to the section where you could download transactions or bank statements. Most likely you will have the choice to download your transactions in multiple formats. In the event that you don't see either among these options (.CSV or .QBO) then contact your bank. Inform them that you want to download your banking transactions into QuickBooks and you also wish to know how to do that from their site.
All transactions that are downloaded will appear in the For Review tab. To learn just how to manage banking transactions once they are downloaded, watch our step-by-step video tutorial on what do I manage downloaded banking transactions. If you want to know about How to Download Bank Statement to QuickBooks then call on our toll free number.