As all know, QuickBooks is one of the most widely used financial software by accounting professionals. If you’re using the same software to manage your financial transactions related to business then you even make use of a great feature offered by QB that is you can also download Bank Transaction in QuickBooks Desktop.
Why need to download Bank transaction in QuickBooks Desktop
The banking feature enables you to connect your bank accounts to QB and that makes it easy to keep track of your business income and expenses. One the transaction is available in QuickBooks then you need to accept them into your books or match them to the ones that you’ve already created.
Later, you need to reconcile the transactions against the transactions in your bank account. It is recommended you do this at least once a month in order to avoid lengthy reconciliation processes at the end of the end.
Things keep in mind before download the bank transactions in QuickBooks
You have to take care of certain things before downloading bank transactions. Let’s look at some of the important things that are discussed below:
Before you download or import, you take a backup of the QuickBooks Company record with the intention that you can use it again when required.
It is difficult to import transactions more than once into the corresponding folder of the QuickBooks Online organization. Make sure, the budget organization can have the option on their side to “discharge” the exchanges so that QuickBooks can import them again.
If this is valid, you can contact your FI or bank to verify that they have the capability.
Currently, only WebConnect records (.QBO) can be placed into QuickBooks Desktop. QFX and QIF reports are documents from Quicken’s budgetary details that cannot be placed into QuickBooks Desktop.
Downloading transactions
There are three ways of downloading bank transactions in QuickBooks Desktop that include DirectConnect, WebConnect, and using CSV import. Both DirectConnect and WebConnect allow your transactions to flow into QuickBooks but if you prefer to import that you can also do it manually.
Let’s discuss one by one way to download bank transactions.
Using DirectConnect
Go to Banking Menu and select Bank then Feeds and then Banking Center
Next, click on the record from the list of Bank Accounts that you need to interfere
Now you can alter or erase things using the drop-down in the Send things that are optional
After that select Download Transactions when you’re about to submit and get exchanges off chance
Press Sync this record to do synchronize or Sync just for this bank to refresh all active and approaching exchanges
Now to access; a discourse box that pops up to enter your PIN or secret word
Click on the Ok button.
Using WebConnect
In order to connect to your financial institution or bank using WebConnect, you need to have a web browser like Internet Explorer (Google Chrome or Internet Explorer).There are two techniques involves to download bank transactions in QuickBooks Desktop through WebConnect:-
Inside QuickBooks
Open site of your bank inside QuickBooks
Select the suitable bank from the Bank Feeds Center
Click on the Download Transactions
A window of the QuickBooks system begins and springs up on the web of your bank. Use your customer ID and PIN, or hidden phrase.
Outside QuickBooks
Access the bank’s site outside of QuickBooks using an internet browser
Using your Client ID and PIN or code word to sign in to your Ledger
Download your movement for the online exchange via QuickBooks Web Connect (.QBO) document
Document to import web associate (.QBO).
Using CSV import
If you have connected via DirectConnect or WebConnect to download bank transaction in QuickBooks Desktop that go back longer than what your bank provides. You can import them to QuickBooks using CSV import functionality.
In conclusion
QuickBooks is extremely easy to use and utilize for your own good. It lets you get all the necessary information you need for regular transactions and enables you to run your company smoothly without a hitch. While this software is definitely very much protected and secure but there are certain things that can go wrong due to carelessness. Make sure that no one else has access to your login or password apart from the financial staff that needs your transaction details.
Source: https://bit.ly/36HipK8
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