Let us tell you that we all have been there. In this blog, however, we will not only answer the above questions of yours, but we will also give you a tutorial on How to Import Transactions into QuickBooks from Excel, and How To Import Transactions into QuickBooks Desktop. We will explain how you can manually import your banking transactions using QuickBooks online or with the help of comma-separated files, i.e., with a CSV file. With the help of this, you will be able to import your older banking transactions as well.
To cut a long answer short, yes, it does help a great deal if you connect your bank account with QuickBooks. By doing so, it will help you a great deal in cutting out the manual labour of downloading your banking transactions. It will also help you to carry out the function automatically.
Most of the banks will allow you to link your bank account with QuickBooks. However, if your bank does not let you connect your account, you can still transfer a record of all your older banking transactions with the help of Excel and a CSV file or with the help of the QuickBooks online file.
Connect your account by searching for your bank on the list.
If in case you click on the drop-down box and you see that the Chart of Accounts does not include your checking account you are trying to connect then you can easily add a new one. Remember that the account type must be ‘Bank.’ The detail type must be ‘Checking Account.’ If you have multiple checking accounts in that bank, then you would be required to share the last four digits of your account number. Once done, you can simply click on the Save and Close option.
The start date is always, by default, set to the beginning of the year. You can always independently and manually change it as per your convenience. For a new startup, it is recommended the date is set from the beginning of time. However, if you happen to be associated with a large-scale company, then it is recommended that you select the first date of the existing quarter.
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There are usually only two situations when you will be required to import your transactions manually. One is if your bank does not allow you to connect your account with QuickBooks. The other situation is when you may need to import older transactions that were not imported.
It can be in the form of:
Go to Banking Center and expand the drop-down menu next to the Update button and then select the file that you want to upload.
Click on the Browse button and select the file that you downloaded in the previous step. Save it to your computer and then select the file and click on Next.
If required, you can also add a new account as explained in the above steps.
This step is only required for CSV and TXT file formats. However, before you carry this step out, you must ensure what pieces of information has the bank extracted and how it has been formatted.
The transaction amounts are shown in positive numbers, and the withdrawals are shown with a negative sign.
In the next step, you need to click on the options where you can tell QuickBooks where it can find the dates, descriptions, and transfer information in the uploaded sheets.
The transactions that have already been imported previously at some point of time, can be imported yet again. Instead of being duplicated, it will match the transactions during the review phase.
You can get back to the banking center where you can see your bank account in the top left corner along with the number of transactions to be reviewed.
Frequently Asked Questions
Q1: Can we import transactions into QuickBooks without linking our bank accounts?
Ans: Yes, we can manually import our old bank transactions in the form of CSV, QuickBooks online, QFX, OFX, or TXT files. Read the process of manually transferring your transactions in this blog above.
Q2: How to import transactions into QuickBooks if my bank account is not there on the list?
Ans: If your bank account is not listed and you are unable to link it to QuickBooks, then you can manually import all your transactions into QuickBooks using the steps above.
Q3: Can I add another checking account in QuickBooks?
Ans: Whether you already have a checking account or not, you can add another one in QuickBooks itself. When you do so, the account type must be ‘Bank’ and the detail type must be ‘Checking Account.’
Q4: When do you know that you need to import transactions into QuickBooks online manually?
Ans: If you are unable to link your bank account with QuickBooks, or when you need to import certain old transactions that were not imported previously, you will be required to import transactions into QuickBooks Online.
Q5: Is a TXT file better for importing transactions or a CSV file?
Ans: TXT files can be imported easily, but may require some editing. For the process to be smoother, you may want to convert it into a CSV file. The positive point of CSV files is that they can be opened and edited with excel.
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Now that you have learned how to connect your bank account with QuickBooks and import your QuickBooks into QuickBooks from Excel, and How To Import Transactions into QuickBooks Online, you can now set up your transactions easily, not just automatically but manually as well if the situation demands so.
Perhaps, now you can get, set, go, and review all your transactions on QuickBooks.