Setting up Accounts for Online Banking


Setting up QuickBooks accounts with online banking gets easy

Banks form an important part of our business. With number of transactions which we take through banking it will consume a lot of time to process and feed each transaction into the books of accounts manually. QuickBooks offers as very simple solution to cut down on your efforts and bring all your banking transactions into your books of accounts in just a few clicks. The simple Banking feeds tools allow importing all the banking transactions data from your bank account and matches it to the bank account created in QuickBooks. This ensures that you do not spend hours into feeding each transaction manually and are able to do so with just a few smart clicks on your QuickBooks software.

How to set up the online banking account on QuickBooks?

Setting up a bank account on QuickBooks is pretty easy. All you need to do is go to the Home Page of QuickBooks and from the top menu select ‘Banking’. Select the ‘Bank feeds’ in this menu and quickly choose the ‘Set up bank feed for account’. This will lead you to a toolbar which will ask you to choose the bank and its branch you use and if your account is equipped with the service of online banking or not. Upon filling the requirements, you create a path to pull the bank transactions.

How to download the banking transactions from your bank account?

The next step that you need to do to set up the QuickBooks accounts for online banking is to go to your web browser and log in to your bank account. Go to the transactions downloading page and select the period for which you want to download the transactions. Each bank has its own website portal which is different from the other and hence understands how your bank works. Choose the format you want to download the transaction statements in i.e. ‘.qbo’ for linking to QuickBooks. Click download and save the file.

How to import banking transactions to QuickBooks Banking account?

On the HomePage of QuickBooks select the ‘Banking’ menu and go to the Banking feeds. This time you have to select the ‘Import web connect file’. This will open a window to select the downloaded ‘.qbo’ file that you had downloaded from your online banking. Select the file and click open. This will lead to another window which will ask you to open a new QuickBooks account or import it on the already existing one. If you have a bank account already on QuickBooks select the same account and click Import. The web connect data will be downloaded in seconds into your bank account and will reflect the transactions as it should be in your books of accounts.

QuickBooks ensures maximum comfort of transactions with least of efforts through the use of the smart features and tools that are made available on the software. This makes it easy to maintain your accounts with excellence while also ensuring accuracy and efficiency.

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