QuickBooks is one of the most common financial software used by accounting professionals. If in case, you also make use of QuickBooks for managing your business-related financial transactions, you can use a great feature offered by QuickBooks that allows you to download bank transactions into QuickBooks.
Your QuickBooks accounting software has the functionality to connect to your financial institution or bank account through WebConnect or through DirectConnect. If you want to use WebConnect to connect with your financial institution or bank, you will need a web browser such as Internet Explorer or Google Chrome.
If you want to use DirectConnect to connect with your financial institution or bank, you do not need a browser. DirectConnect can download the required data without requiring a web browser. If in case you want to use DirectConnect, you should get in touch with your financial institution or bank as some of them charge a fee for allowing you to download bank transactions into QuickBooks.
In case you encounter errors or you find difficulty in understanding any process, you can speak with the QuickBooks Experts at Accountant Squad to help & guide you better.
Download Bank Transactions into QuickBooks
Given below are a few things to keep in mind, before downloading transactions:
- You should back up the QuickBooks company file before you download or import so that you can always start over when it is required.
- It is impossible to download transactions into the same QuickBooks Desktop company file more than once. However, your financial institution may be able to “release” the transactions on their side so QuickBooks can download them again. If so, you must contact your FI or bank to see if they have this capability.
- At present, only Web Connect files (.QBO) can be imported into QuickBooks Desktop.
- QFX and QIF files are Quicken financial data files that cannot be imported into QuickBooks Desktop. There may be more options to import QIF files into QuickBooks by making use of a third-party application available at Intuit Marketplace.
Also Read: QuickBooks Desktop File Types and the Differences
Download Bank Transactions into QuickBooks Through DirectConnect
Before using DirectConnect, take into consideration the following points –
- The transactions that you will download for the first time will comprise the maximum number of transactions (this can be over a year of transactions in some cases). Therefore, you may require to match the latest transactions and then delete the rest (previously matched/added) transactions by deleting the statement.
- When you download prior bank statements you must remember that it is not a function of DirectConnect.
- If you wish to avoid duplicate entries, once you have deleted a downloaded statement, you cannot download it again.
To download bank transactions into QuickBooks through DirectConnect, follow the steps given below –
Step 1: Visit the Banking menu, then click on Bank Feeds > Banking Center.
Step 2: From the Bank Accounts list, click on the account you want to connect.
Step 3: (Optional) In the Send items to your bank section, you can edit or delete items by clicking the drop-down.
Step 4: Choose Download Transactions if you are ready to send and get transactions.
Note: If you have previously downloaded transactions and have not processed them, the button label reads Transaction List.
Step 5: Tap on Synchronize, then press Sync this account (if you want to connect a specific account) or Sync all for this Bank (if you want to connect all accounts for the same bank) to update all incoming and outgoing transactions.
Step 6: In the Access to [FI name] dialog box that appears, type your PIN or password.
Step 7: Tap on OK.
Download Bank Transactions into QuickBooks Through WebConnect
Some banks offer the choice of selecting a (from/to) date range of transactions for download. In case your bank does not supply such an option, then you need to get the maximum number of transactions authorized by your financial institution the first time you download. This may be 30, 60, 90 days, or more.
Every website is different so if you are not sure if you know how to run the QuickBooks WebConnect file (.QBO) from your bank, visit the bank’s website and type “QuickBooks” in the search field. Most participating financial institutions will supply detailed instructions. If none are found, contact your bank for assistance.
There are two methods to download bank transactions into QuickBooks through WebConnect:
- Outside QuickBooks
- Run your bank’s website via a web browser outside QuickBooks.
- Log in to your bank account by making use of your customer ID and PIN or password.
- Download your online transaction activity through QuickBooks Web Connect (.QBO) file.
- Import web connect (.qbo) file.
- Inside QuickBooks
- Run your bank’s website inside QuickBooks.
- From the Bank Feeds center, click on the appropriate bank.
- Press Download Transactions.
- A QuickBooks browser window starts and pops up on your bank’s website. Use your customer ID and PIN or password.
If you looking for how to download bank transactions into QuickBooks, or are facing any issue in downloading bank transactions, you can call us at our QuickBooks Desktop Support Number 1-855-857-0824 to get expert technical assistance. Our QuickBooks support professionals are highly experienced and have a lot of expertise in fixing all types of issues and errors occurring in QuickBooks.
