The online banking feature allows its users to connect their bank accounts with the QuickBooks software so that they can easily track their income and expenses. This also helps you to streamline your bookkeeping process and save valuable time as you don’t have to enter each transaction manually.
When the transactions are started displaying on your QuickBooks software, you have to accept them and then compare the balance against your bank account to do reconciliation at the end of every fiscal period.
Points to be considered before downloading the Bank feed Transactions!
Below are certain things you need to keep in mind when downloading the bank feed transactions in QuickBooks Desktop, which include:
It is recommended that you create a backup of your QuickBooks company file before you start downloading or importing. This will allow you to access it again later if required.
You can’t download transactions into the same company file more than once. However, if your Bank is able to reopen the transactions on its end, then you can download them again. Contact your Bank in case you need any assistance.
It is important to know that Web Connect files only work with .qbo files. Other file types like QFX and QIF Quicken files won’t work. There are a few third-party applications available on the Intuit Marketplace that can manage the QIF files.
Simple ways to download Bank Feed transactions in QuickBooks Desktop
There are two methods to download bank feed transactions, including Direct Connect or Web Connect, and you can select any one of them if you want to import transactions manually. Below, we have discussed how each method can be downloaded and used on a QuickBooks desktop.
You can download bank feed transactions in these scenarios; one is when you are using QuickBooks software, and the other is when you are outside of QuickBooks.
When you are using QuickBooks software, then the solution is automatically built within the system, and we use Direct Connect or Web Connect services.
When you are outside of QuickBooks, then you can download the .QBO file and upload manually into your QuickBooks software.
If You’re Using QuickBooks Desktop
Download Bank Feed Transactions Using Direct Connect
When you connect for the first time, QuickBooks automatically downloads the maximum limit of transactions available from your Bank. It totally depends on your Bank, and this can give you up to a year of historical transactions. However, most of the banks may only download 90 days of historical transactions. Adhere to the following steps to download transactions using Direct Connect:
Navigate to the Banking section.
Choose Bank Feeds and then select the Bank Feeds Center option.
Now, click on the account you want to connect from the Bank Account list. To edit or cancel a payment, hit the Online Checks link under the Send items to your bank section (It is optional, not mandatory).
Once you’re ready to get your transactions, choose the Download Transactions option.
Note: If you’ve already downloaded the transactions but haven’t reviewed them yet, check for the Transaction List.
Select the Synchronize icon.
If you only want to download transactions for a particular account, click the Sync this account icon.
Or, if you want to download transactions for all your accounts at the same Bank, mark the Sync all for this Bank option.
Enter your PIN or password to connect to your Bank in the Access to window.
Press the OK button.
After downloading the transactions, you need to match or add any new ones.
Important: You can delete any remaining (previously matched/added) transactions or statements. Once you delete your downloaded transactions, you won’t be able to re-download them. This will avoid duplicate entries or data redundancy.
Download Bank Feed Transactions using Web Connect
Some banks allow you to set a date range for downloads, but if your Bank doesn’t have this option, you can automatically get the maximum number of transactions available when you download. The range may be from 30, 60, 90 days, or more days, depending on your Bank. You can import transactions from Web Connect using two different ways, which are as follows:
If you’re using QuickBooks Desktop
Hover over the Banking menu.
Go to the Bank Feeds and then choose Banking Center.
Locate your Bank and select Download Transactions. This will open up a browser window to your Bank’s website.
Finally, log in to your Bank’s website to download the Web Connect file.
Download Bank Feed Transactions if You’re Outside of QuickBooks Desktop
Open a web browser and then navigate to your Bank’s website.
Now, log into your bank account using the normal process.
After this, download your transactions as a QuickBooks Web Connect (.qbo) file.
Note: Every Bank has different ways to download QuickBooks Web Connect files. If you’re not sure about how to do it, visit your Bank’s website and follow the on-screen instructions or reach out to the nearby branch for help.
When you have the Web Connect file, try to import it into the QuickBooks Desktop application.
Set up or Edit your Bank Accounts for Bank Feeds in QuickBooks Desktop
In QuickBooks Desktop, you have the option to use Bank Feeds to connect your Bank or credit card accounts to online banking services. When you download your bank transactions, you don’t have to record them manually. There are two ways to set up an account, including Connect with Direct Connect or Web Connect. The way you connect depends on what is available at your Bank.
Connect with Direct Connect
Note: Make sure you have a PIN or password from your Bank’s end to use this method.
After setting up the account, you can download your online statements to your Bank Feeds. However, if you’re downloading transactions for the first time, QuickBooks will automatically set up an account for Bank Feeds.
Important: Check with your Bank if there’s a fee or if the service is free when you start setting up your account.
Bank-provided credentials
For online banking setup, your Bank offers a Customer ID and password (or PIN) to every customer. You may also need the following things:
Account Number: This is the number that your Financial Institution provides you when you create a new bank account. It appears on your banking statements. If you fail to find it, contact your Bank for help.
Routing Number: Financial Institutions have a 9-digit number called a routing number. You can usually find it on a check for the account. Connect with your bank account if you aren’t able to find it.
Account type: For every account holder, it is important to know how your financial institution classifies your account, not how QuickBooks does.
Under the Enter your Bank’s name field, type and select your Bank.
If you’re a new user or enrolling for the first time, click on the Enrollment Site link and then apply for Direct Connect. However, if your Bank needs to approve your application, contact them or ask them if you need special sign-in credentials.
Once you log in successfully, do the following:
Press Continue.
Then, type in your Online Banking user ID and Password.
Choose Connect to link your QuickBooks to your Bank’s server.
After this, select the bank account you wish to connect to your account in QuickBooks.
Hit the Finish tab when the connection process is completed.
Connect with Web Connect (.QBO) files
To download your company’s transactions from your Bank or credit card, you can use a .QBO file in case your Bank doesn’t offer Direct Connect. Then, you need to import that file to QuickBooks and add such transactions to your accounts.
If your Bank offers Web Connect:
Under the Banking menu, choose Bank Feeds and then Import Web Connect Files.
Now, select the .QBO file you saved, then click Open.
When you’re prompted to opt for your bank account:
Select an existing QuickBooks account if the account you’re trying to import transactions into is already set up in QuickBooks.
Create a new QuickBooks account in case the account you’re importing transactions into isn’t in QuickBooks yet.
Press the Continue tab.
After this, You’ll be directed to a dialog box letting you know that the data has been successfully read into QuickBooks. Later, hit the OK icon.
At last, navigate to the Bank Feeds Center to check your transactions.
Edit your Bank Feed settings for Bank or Credit Card Accounts
To change or edit your login and other info related to the bank account you use with QuickBooks Desktop, you are required to turn off your Bank Feeds and then set it up again.
Firstly, disconnect Bank Feeds for your account. Here’s how:
QuickBooks Desktop for Windows
Hover over the Lists menu and then choose the Chart of Accounts.
Next, hit right-click the account you’d like to turn off and then select the Edit Account option.
Go to the Bank Settings and choose Deactivate all online services, then press OK.
In the end, click Save & Close.
QuickBooks for Mac
Head to Lists, and then choose the Chart of Accounts.
Now, highlight the account and click the pencil to edit.
Select the Online Settings option and click Download Transactions.
