When using QuickBooks, you may have encountered the need for importing your bank transaction with your QuickBooks Online. Well, those who aren’t aware may be confused as to how, to begin with, the process? QuickBooks is the most amazing, versatile, and great online tool to make use of for business without having to learn much about an accountant.
Almost anyone can make use of it and enjoy automating the entire accountancy, payroll, and another process with ease. Here we are going to cover how you can connect your bank accounts with your software and why importing your transaction is necessary. If you follow these steps mentioned below, you will surely happen to follow the right procedure.
Why is it important for connecting your account to QuickBooks?
Downloading your bank transaction into the QuickBooks system seems way better, efficient, and quick than manually inputting each transaction. The process becomes 10x faster, a time saver plus you get to work on other important business stuff than this.
Most bank accounts allow you to make an easy integration of connecting bank account with QuickBooks. However, if you find it difficult or unable to connect transactions of the bank with QuickBooks, you can still transfer the transaction without having to worry much about anything.
One very major topic to understand here is you will be required to provide certain information, to begin with, the process. The username and password will be required, one which is used to login to your bank's website.
Once you have provided the information, QuickBooks will be connected and the transactions will be downloaded seamlessly every day, without having to do it regularly.
Step 1: Locate your bank by selecting the transaction and then the banking option, this will be provided on the left menu bar of your QuickBooks dashboard.
You will see a green "Connect account" button, you can directly add the bank account from there.
Make sure you search for your bank by either entering the name or your bank URL.
If you find out your bank isn’t listed you can import your transaction with QuickBooks online file or via Excel. Click continue once done.
Step 2: You will be required to log into your bank account, QuickBooks will open a new web browser for you to sign in. You have to confirm for sharing banking details and provide a summary of the information shared. For agreeing, you can give your permission on the bank's confirmation page and navigate back to QuickBooks.
Step 3: This process makes you link your account with a Chart of accounts. Select your bank, click on the account, a drop-down will appear to list the bank account with Charts of Accounts.
Step 4: The date is very crucial to understand how far behind, the QuickBooks should navigate to pull your transaction. Decide the date to begin using QuickBooks and importing the transaction.
You can pull your transaction to the beginning of the current year. Once you are done with the dates, you can press the button "Connect". It will hardly take a few minutes to connect your bank account.
Step 5: Review your Transaction to ensure whether you have successfully imported the transaction into your QuickBooks Online.
Review your file data and this can be done in the Review Grid screen. You can check to assure whether the process until now is accurate. Later, you can click on the option "Send to QuickBooks" to upload your file data to QuickBooks with ease.
How can one manually Import the transactions into QuickBooks by using a CSV file?
There are other options as well for importing the transaction. You can manually import transaction from a CSV or similar to it files. Some of the banks will not let you connect to the QuickBooks online, which means no automatic importing is provided.
Secondly, in some scenarios, you will have to import older transactions, these transactions were missing and haven’t been imported earlier in your QBO.
It is likely that while manually adding transactions, few of them would have been imported already in QuickBooks. Once you review your transaction, you can match them and check for duplicate entries, this will allow you to be far away from duplications if any, and also your transactions will be done accurately.
Now that you have learned to import your bank account transactions to QuickBooks online, you can make the most out of it. Enjoy using this tool and see how quick every process becomes. There is no need to panic now when you can slowly move ahead with each step. It will hardly take a few seconds for you to connect the bank and import your transaction when you are aware of the steps.