Bank transactions are the online banking feature in QuickBooks, that lets you connect to your financial institution so you can download bank transactions and use different online services. Through bank feeds, you can efficiently process bank and credit card transactions, allowing you additional time for your other business needs. If you need to download bank feed transactions in QuickBooks and you don’t know to download them. This blog helps you to download bank feed transactions.
Before you Download the Bank Transaction
- Back up the QuickBooks company file before any download or import so that you can always start if needed.
- It is not possible to download transactions more than once in the same QuickBooks desktop company file. However, your financial institution may be able to “issue” transactions on its behalf, so QuickBooks can download them again. You have to contact your FI to see if they have this capability.
- Currently, only Web Connect data can be imported into the QuickBooks desktop.
- QFX and QIF files are Quick Financial data files that cannot be imported into the QuickBooks desktop. QuickBooks may have more options for importing quiff files using a third-party application available on the Intuit marketplace.
Download Bank Transactions in QuickBooks
There have different types of methods you can download bank feed transactions, they are mentioned below:
# Connect to your bank
Why you need to connect your bank account with QuickBooks?
One of the many benefits of QuickBooks Online that you can save a lot of time automatically downloading your banking transaction into QuickBooks instead of manually inputting each transaction. Most big banks allow you to quickly and easily connect to your QuickBooks. Some of the smaller banks and credit unions do not have that capability. And if you don’t have a business bank account and are using a personal bank account then we recommend you that setting up a separate bank account for your business as soon as possible. It is always best practice from an accounting and tax standpoint to keep business and personal activity separate. Most of the banks allow you to connect to QB quickly and easily. This will only get the transactions of the last 90 days if you want more than you have to import it from an Excel CSV file.
1. Locate your banks
To locate your bank, you can do one of the following steps. Type your bank name in the search box. Select from the bank list just below the search box.
From the left menu bar, select Banking. Then to locate your bank, you can do one of the following-
- Type your bank name in the search box
- Or, select from the list of banks right below the search box
2. Log in to your bank account
Enter the user ID and password then you normally use access to your bank account. It depends on your internet connection and the number of accounts you have. QB online takes a few minutes to connect to your bank account.
3. Select bank accounts
Your bank will list all the accounts that you have. And select only the business accounts you want to connect to QuickBooks.
- Select each bank account you want to connect to the QB by clicking in the row of the bank account.
- Enter the account holder’s name.
- The following account setup window should then appear on your screen.
- Complete the fields and type below to set up a bank account in QB.
4. To select the right date range
The maximum number of transactions that will download in 90 days. If you need to download the banking transaction for more than 90 days then you will need to import transactions in QuickBooks using an Excel CSV file.
5. Click connect
Before clicking the connect button, double-check to make sure that you have not selected an account from which you do not want to import transactions into QB.
# Download transactions through Direct Connect
- The first time you download a transaction will include the maximum number of transactions (this can be more than a year of transactions in some cases). You will need to match any new transactions, then delete the remaining (already matched/added) transactions by removing the statement.
- Downloading a bank statement first is not a direct connect job.
- To avoid duplicate entries, once the downloaded statement is deleted, you cannot download it again.
To download and send transactions via Direct Connect:
- Go to the Banking menu, then choose Bank Feed> Banking Center.
- From the list of bank accounts, select the account you need to connect.
- Send items to your bank section, you can edit or delete items by clicking on the drop-down.
- If you are ready to send and receive transactions, select Download transaction. Note: If you have previously downloaded transactions and have not yet processed them, the button label reads the transaction list.
- Select Synchronize, then sync this account to update all incoming and outgoing transactions (if you want to connect a specific account) or sync all for this bank (if you are from the same bank Want to connect all accounts).
- In the dialog box that appears, type your PIN or password.
- fix Select.
# Download transactions through Web connect
- Some banks offer the option to select the date range for the transaction for download. If your bank does not offer this option, you will get the maximum number of transactions downloaded by your financial institution for the first time. It can be 30, 60, 90 days, or more.
- If you are not sure how to use the QuickBooks Web Connect file from your bank, go to the bank’s website and type “QuickBooks” in the search field. Most competing financial institutions will provide detailed instructions. If none is found, contact your bank for assistance.
There are two ways to download transactions via Web Connect:
- Access your bank’s website through a web browser outside of QuickBooks.
- Log into your bank account using your customer ID and PIN or password.
- Download your online transaction activity through a QuickBooks Web Connect file.
- Import the Web Connect files.
- Access your bank’s website within QuickBooks.
- From the bank feed center, select the appropriate bank.
- Select the download transactions option in QuickBooks.
- A QuickBooks browser window opens and displays your bank’s website.
- Use your customer ID and PIN or password to sing in.
# Download Bank Transactions with Excel CSV files:
- Open your QuickBooks Application and select the left Banking menu and select Banking.
- Click on File upload.
- Click on Browse and select the file you downloaded from your bank. If you don’t have the downloaded CSV file yet, follow the on-screen instructions in the Upload file window to download your transactions and then select the file you downloaded.
- Now choose Open and, then hit Next.
- From the QuickBooks Account drop-down list, select the bank or credit card account then tap on Next.
- Choose a Date, date format, Description, and Account.
- Hit Next and select the checkboxes of the transactions to import
- Select next and finally hit yes.
- End by clicking on let’s go!
- The files will start importing and a notification will appear when the task is completed.
In this blog, you can find here how to Download bank feed transactions in QuickBooks. We hope that all information is useful for QuickBooks users. If you don’t understand all steps you can contact us +1-888-461-1336 to reach out to the problem.