In this fast-paced world, where every line of work is shifting to online like banking, businesses, shopping, marketing, etc, to securely use time and money. Therefore, to keep a record of an online business or offline business, banking, and bank statements are essential for finance management and day-to-day transactions. In this blog, you’ll find step-by-step guides to set up bank feeds in QuickBooks Desktop that will help you record business transactions without moving to your bank. Learning bank feeds on accounting software seems quite tricky initially. However, every bookkeeping software’s interface varies. Some seem difficult and some are easy to use.
What are the QuickBooks and Bank Feeds?
QuickBooks is an accounting software that provides multiple features. Such features include tracking income & expenses, generating invoices, accepting payments, data security, bank connections, etc to its users along with four editions simple, essential, plus, and advanced.
It also provides free online test drives to the users to get complete details about how the interface runs. The software keeps all business records and transactions safe. Accounting professionals and business owners can use QuickBooks on all devices. It is convenient, adaptable, and simple to use for business accounting.
Bank feeds are also one the key features of the software that download bank transactions instinctively from your bank to the accounting software. This system can be done ideally by connecting bank accounts along with QuickBooks desktop. By setting up this feature in your device you can get updated to your daily bank transactions.
Step Guide for Setting up Bank Feeds in QuickBooks Desktop
There are two steps to set up bank feeds in QuickBooks Desktop
Step 1: Connect with Direct
Note: Before starting the process make sure that you have the latest ID & Password.
- Choose the bank feeds options from the banking section.
- Then, set up the bank feeds for an account option.
- Select your bank.
Note: You must select an enrollment site if it is your first time in this bank. After enrolling go to the step given below:
- Click on continue.
- Log in with your User ID & Password.
- To connect with your bank server, you have to click on the Connect option.
- Now, you have to choose which bank account you want to connect with the QuickBooks account.
- Select the Finish tab.
Step 2: Connect with Web Connect(.QBO) file
If you failed to connect directly with your bank account so, follow the steps that are given below:
Note: You can connect with QuickBooks Web Connector if your bank allows it.
- Firstly, go to the banking and select bank feeds.
- After that, import the web connect file and open the (.QBO) file you saved.
- Now, Select the bank account and use a valid QuickBooks account.
Note: If you haven’t a QuickBooks Account so, create an account. Learn how to Create an account in QuickBooks.
- Click on continue and hit on the OK tab.
- Review your transactions from the Bank Feeds Center Option.
How to Connect bank and credit card accounts to QuickBooks Online?
Following are the steps to set up connect bank and credit cards to bank feeds in QuickBooks online:
- Go to bookkeeping, click on transactions, then select bank transactions.
- Select connect account or link account.
- Search your bank then sign in to the selected bank by entering your banking username and password.
- Follow the onscreen steps, your bank may require more secure checking, and it could take an extra few minutes to connect.
- After that select any account you want to connect, like saving, checking, or credit card. Then select the matching account type from the chart of accounts in QuickBooks.
- Then select how long you want to download the transactions. Some banks let you download the transactions of the last 90 days.
- Then select to connect and finish.
How to download bank feed transactions in QuickBooks Desktop?
There are two methods to download transactions of bank feeds in QuickBooks Desktop:
- Direct Connect
- Web Connect
Download with Direct Connect:
Here are some steps to download bank feed transactions using Direct Connect:
- Navigating the banking.
- Select the bank feeds center after clicking on the Bank feeds options.
- Select the account which you want to connect.
- After that download the transactions.
- Now, choose the synchronize tab.
- If you want to download a specific account, choose Sync this account tab.
- To download transactions for all accounts at the same then, then select Sync All for this bank tab.
- Now, enter your PIN to connect to your bank for window access.
- Last, click on the OK button.
Download with Web Connect:
Here are some steps to download bank feed transactions using Web Connect:
- Firstly, Open banking and select bank feeds.
- After choosing bank feeds click on the bank feeds center option.
- Open the bank’s website and download the transactions. This opens a browser window to your bank’s website.
- Download the web connect file by signing in bank’s website.
Note: If you using QB Desktop so, follow the above steps and if you are not using QB Desktop follow the below steps:
- Open a suitable web browser and go to the bank’s website.
- After signing in download transactions as a QuickBooks web connect (.qbo) file.
What are the Benefits of Bank Feed in QuickBooks?
- This feature allows business professionals to connect or set up Bank feeds in QuickBooks desktop and credit cards to bank feeds, through merging bank accounts and credit cards.
- QuickBooks automatically downloads transactions and creates an impeccable bridge between your work and the software.
- It also innately removes manual recording, ensures time accuracy, and saves precious time.
- Linking your business account to bank feeds protects your data and provides security features to manage privacy.
- It provides password protection to the users to prevent unauthorized access to your account and financial information.
- QuickBooks keeps your data secure in the cloud system. That provides easy and automatic offsite storage that reduces the need for extra effort and expense from your hand.
- Data stays immediately accessible from any internet-connected PC, even in astonishing situations.
- Although QuickBooks is packed with features that help individuals maintain accounts, meantime, bank feeds aid in understanding all accounts and save time and cost.
Conclusion
This blog was about the bank feeds in QuickBooks Desktop, which provide automatic bank connectivity to shed light on business status. Here, you learned about QuickBooks desktop bank feeds step guide from beginning to end and its benefits. We hope this information will be a helping hand for you to keep a record of bank transactions and also aid you in growing the business.
