Set up QuickBooks Bank Feed in QuickBooks Online and Desktop
QuickBooks bank feed primarily connects your QuickBooks Online account to your client’s bank account. For instance, if your client has Citibank, you can sign into QuickBooks Online, find this Bank, and enter their login details. It doesn’t matter which kind of transaction hits their account; it will feed into QuickBooks Online. Bookkeepers can view all the transactions, income, and expenses and categorize them into various categories.
In QuickBooks download Desktop 2021, you can find a new Advanced Mode. The advanced Bank feeds categorize a large number of downloaded transactions with enhanced matching to any transactions that exist within QuickBooks. This is a beneficial feature, and business owners can efficiently reconcile bank transactions without spending hours on it. Thus, using this feature, you get a lot of time you can devote to other crucial business responsibilities.
How to Use QuickBooks Online Bank Feeds
The online Bank feeds provides a sort and store feature for the financial management of your business. With QuickBooks Online banking center, you can insert imported bank transactions to the QB check register as another transaction.
You can also match the transactions to another transaction. Here is how you can manage bank feeds.
- Head over to the QuickBooks simple start Online in the banking center.
- Hover your mouse over ‘Banking’ present on the left menu bar.
- Now, tap the ‘Banking’ dropdown.
- The banking center contains a tile on the top of every Bank and a credit card account that’s linked to QuickBooks. Every tile has the Bank’s name and the current balance.
- The current account balance is present in QuickBooks.
- See transactions appearing in the ‘For Review’ tab.
- You can see all the newly imported transactions in the ‘For Review’ tab. It’s present at the end of the ‘Banking Center’ screen.
- You must add every transaction in this tab to the check register.
- You should also match it to a present transaction present in QB or excluded from it.
- Matching imported transactions to an existing transaction is important. If you don’t do it and simply add transactions as new ones, your financial statements will be incorrect.
- You will find checks printed from Quickbooks direct deposits cost of payments already recorded as imported bank transactions present in QuickBooks.
- QuickBooks Online will forward you matches for imported transactions automatically. You can tap anywhere on it and ensure that the match is accurate.
- After that, just tap the green ‘Match’ button.
- You can add imported transactions that haven’t been entered into QB as new transactions.
- To do so, tap anywhere on the transaction. You will find more detail. Then give a category or account.
- Enable the class and location tracking below the ‘Advanced’ option if you don’t find them on the screen.
Creating Bank Rules for QuickBooks Bank Feed
Bank rules enable you to categorize frequent transactions. To create bank rules in QuickBooks Online, follow these points.
- Go to the ‘Banking’ tab.
- Now choose ‘Rules.’
- Choose ‘New Rule.’ It’s there at the top right part of the page.
- Write a description in the ‘What do you want to call this rule?’ field.
- Now, tap ‘Apply this to transactions that are.’
- Through the dropdown, you can choose ‘Money out’ if it’s an expense or choose ‘Money in’ if it’s an income.
- After that, you will need to either choose ‘All Bank Accounts’ or ‘Cash’ to which you’ll implement the rule.
- Now, choose if the transaction fulfills all or a single of the three conditions.
- ‘All’ means that the transactions must correspond to all items in the functions.
- ‘Any’ means that the transaction must correspond to any one item.
- Now you can make a rule as per the description, amount, or bank text.
- The description is usually the name of the payee.
- The bank text delineates transaction details in QB Online. Some details can also be vendor numbers, store demographics, and acronyms the Bank uses.
- The amount is the numerical information of the transaction. Use this option if you have a non-fluctuating monthly payment.
- Now choose ‘Contains’, ‘Doesn’t Contain’, or ‘Is Exactly.’
- You can also filter the rules as per your wants. The options for filter have ‘Description’ and ‘Contains.’
- After applying the filter options, that bank rule will be used for every description with the data you have entered into the ‘Enter Text’ field.
- You can add more conditions to your bank rule.
- Now, you can either ‘Assign’ or ‘Exclude.’
- If making a rule, you’ll designate a rule for a particular transaction. You can also exclude some transactions from the Bank feeds.
- Now define the transaction type. It can be an expense, check, or transfer. If the rule is to categorize online expenses, choose the ‘Expense’ option. But choose ‘Transfer’ if you want the money to shift from one to another source. If you print the checks, choose the ‘Check’ option.
- Now, choose a category. It has lots of business options. You also have the freedom to add an option.
- Complete the tags in the final prompt if you want to tag transactions.
The Process to Set up Bank Feeds in QuickBooks Desktop?
Before setting up Bank feeds in QuickBooks, ensure you are signed in as a QuickBooks administrator. Now, follow the steps below.
- From the QuickBooks menu bar, choose ‘Edit.’
- Now, select ‘Preferences’ followed by ‘Check-in.’
- Now, tap the ‘Company Preferences tab.
- Under ‘Bank Feeds’ choose the ‘Advanced Mode.’
Using advanced Bank Feeds for transactions.
First-time users need to pay careful attention to using advanced Bank feeds for daily transactions. Follow these steps below.
- Open QuickBooks bank feed setup, go to the menu bar, and choose ‘Banking.’
- Next, select ‘Bank feeds’ followed by ‘Bank feeds center.’
- The advanced Bank feeds automatically categorize various downloaded transactions by accounts, payees, and classes with enhanced matching to the transactions that may be within QuickBooks.
- Sometimes, QB can partially match a specific downloaded transaction. It will prompt you to review the transactions downloaded against suitably matched transactions.
- You can choose the suitable transaction, and to add it to the register, tap ‘Confirm match.’
- If QuickBooks cannot find a matching transaction, it may be possible that you did not enter a transaction previously in QuickBooks.
- If the transaction isn’t entered in QB, you can use the ‘Unmatched Transactions’ tab to post it. You only need to input suitable details into the text boxes for which QB cannot extract the data.
- Tap the dropdown beside ‘Add’ and choose ‘Add more details if you want to split a transaction into more than one line and item.
- Now you can add as many detail lines as you want to itemize the transaction correctly.
- After that, tap ‘Save’ and send to register.
QuickBooks bank feed enables users to automate bookkeeping. It also enhances bank reconciliation, making it simpler for you to reconcile. Use the information in this article to set up and use the bank feed in your QuickBooks Desktop or Online product. To learn more about it, connect with QuickBooks support services.