Import Bank Transactions into QuickBooks Desktop

How to Import Bank Transactions into QuickBooks Desktop

User Query: I am bit reluctant to ask, how can I import my bank statements into QuickBooks desktop.

A: It is completely depending on your bank, browse your Bank site, login it. Go to bank services & download the latest transactions in to excel format.

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When you’re trying to reconcile accounts or simply add accounting data, downloading and importing bank transactions into QuickBooks Desktop can simplify the entire process. For this, you can either connect your bank account with QuickBooks or download the transactions in a supported format. In this article, you’ll learn how to import bank transactions into QuickBooks Desktop.

Users have two options to connect the bank account with QuickBooks Desktop. These options are provided below:

  • Direct Connect
  • Web Connect

Read More: How to connect Bank accounts in QuickBooks?

You should follow the method according to the option of your preference. Also, you can only download the bank transactions once into one company file. However, your bank can enable you to download it again. Further, the webconnect format only works with the .QBO file and not .QFX or .QIF files.

Read More: How to change Bank account information in QuickBooks?

Import BankTransactions with Direct Connect

Directly connecting your bank account with QuickBooks has many benefits, among which ease of use is the most important one.  Once the integration is complete, you can download transactions directly into QuickBooks. The date range for which you can download the transactions differ from bank to bank. However, most banks enable you to download transactions for the whole year.

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To download transactions via direct connect, follow the steps provided below:

  1. From the Banking menu, click on Bank Feeds.
  2. Click on Bank Feeds Center.
  3. Select the Bank Account which you want to connect.
  4. Choose which items to send to your bank from the Send items to your bank section.
  5. Click on Download Transactions. However, if you’ve already downloaded the transactions, then you should click on Transaction List.
  6. Click on Synchronize and select:
    • Sync this account: if you want to download transactions from a single bank account.
    • Sync all for this bank: if you want to download transactions from all the accounts that you have in with the currently selected bank.
  7. Enter the PIN or password to authenticate the connection. Hit Ok.

You should always delete any previously added/matched transaction. This will help you to avoid duplicacy. Direct Connect is an effective method and one on which you can always rely.

Read More: How to Use Memorizing Transactions in QuickBooks?

Import Bank Transactions with Web Connect

Although Direct Connect is simpler to implement and use, some users prefer not to link their bank account with QuickBooks Desktop. If you’re one of those users, then you can rely on Web Connect and import bank transactions into QuickBooks Desktop. One benefit here is that you can download as many transactions as made available by your bank; whereas there’s a limit of one year when using Direct Connect.

To import bank transactions into QuickBooks with Web Connect, follow the steps provided below:

  1. Click on Banking and select Bank Feeds.
  2. Click on Bank Feeds Center, then Banking Center.
  3. Select your Bank and click on Download Transactions.
  4. In the new browser window, enter your authentication details and download the Web Connect File.

If you want to download the Web Connect file externally, then follow the steps provided below:

  1. Launch a Web Browser and visit your Bank’s website.
  2. Enter the Authentication Details.
  3. Download the transactions in .QBO (QuickBooks Web Connect) file format.
  4. Launch QuickBooks and click on Banking.
  5. Select Bank Feeds and click on Import Web Connect Files.
  6. Select the QBO file downloaded from the Bank’s website and click on Open.
  7. Select one of:
    • Use an existing QuickBooks Account: to import transactions when the bank account is set up in QuickBooks.
    • Create a new QuickBooks account: to import transactions when the bank account isn’t set up in QuickBooks.
  8. Click on Continue, then Ok.
  9. Review your transactions by visiting the Bank Feeds Center from the Banking menu.

Read More: How to Import & Export CSV Files in QuickBooks Desktop or Mac?

These are the easiest methods to import bank transactions in QuickBooks Desktop. According to your preference, you can select either direct connect or web connect. To know more, you can get in touch with our experts at our LIVE CHAT.

FAQs

Q. Can these transactions be used to reconcile accounts?

A. You can rely on the transactions downloaded from the bank and the bank statements to reconcile your accounts at the end of each accounting period.

Read More: How to Setup Recurring Transactions in QuickBooks Desktop?

Q. I’m getting an error while trying to download transactions even after I’ve connected the bank account. What should I do?

A. If you encountered an error while trying to download the bank transactions, then either your bank account isn’t properly linked yet or the bank’s website is down. In either case, try to download the transactions the next day.