Connect bank account to QuickBooks Online and automatically import transactions recorded by your bank. Adding invoices and sales receipts takes effort – as your business scales, these tasks will increase accordingly. Using the Online Banking feature to supplement your efforts ensures all of your income and expenses get into QuickBooks so you have comprehensive financial reports and thus a comprehensive perspective of your business’ performance. This automation also prevents data entry errors that occasionally occur with manual data entry, giving you peace of mind and freeing your day to get more done.
Trying to Connect Bank Account to QuickBooks Online? To know-how, you may get in touch with our experts by giving us a call on our Helpline Number +1(855)-955-1942.
Methods To Connect Bank Account To QuickBooks Online
You can connect as many bank accounts as you want, be it a business account or personal. But you’ll be required to sort out personal transactions on the go. Below we have listed the two ways through which you will be able to add and Connect bank and credit card accounts to QuickBooks Online:
- Using the Banking section.
- Using the Chart of Accounts.
A: Connect Bank/Credit Card through the Banking Section
If you haven’t connected or added your bank account to the QuickBooks chart of accounts, then you need to connect your bank/credit card through the banking section in QB. Execute the below given procedure:
- Firstly, go to the Banking or Transactions menu. From there, click on Banking tab.
- Then, click on the Add account or Link account option. (However, if you’re connecting for the first time, click on Connect Account).
- Now, you have to search for your bank. You would be able to connect to the majority of the banks including the small credit unions.
- When found, click on Continue.
- When prompted, enter the username and password that you used for your bank’s website.
- Connect by following the instructions that appear on your screen. It might take some time to connect, as banks may require additional security checks.
- Further, select the bank or credit card account (savings, current, or credit card) that you want to connect. Make sure to consider and check all of your accounts that are available at your bank or credit card company.
- Now, Select the matching account type from the dropdown menu for each account that you connect to connect.
NOTE: These are accounts on your chart of accounts in QuickBooks.
- Select the duration for which you want to download the transactions. As the duration for banks varies, some allow you to download the transactions of the last 90 days while others can go back as far as 24 months.
- At last, click on Connect.
Well, there might be a possibility that you wouldn’t be able to find your account and thus, may fail to connect your bank account to QuickBooks Online? It can happen if you’re a new QuickBooks Online user or when you fail to find the right account from the dropdown. In that case, create a new account on your chart of accounts by clicking on Add New.
- Create a New Bank Account: First, Select Bank for the Account type. For the Detail type, Select Savings or Current. Give the name to your account and then click on Save and close.
- Create a New Credit card Account: You have to Select the Account type i.e., Credit card. Give the name to your account, then click on Save and close.
B: Connect Existing Bank via Chart of Accounts
You might have forgotten to connect bank account to QuickBooks Online after adding it to your chart of accounts. Well, there’s nothing to worry about. Later on, You can connect it from your chart of accounts to start downloading the transactions automatically:
- Go to the Accounting menu and click on Chart of Accounts.
- Then, look for the bank you wish to connect with.
- Then, click on the Account history from Action column.
- At last, click on Connect bank and follow the instructions that appear on your screen.
Things to Do After Connecting Bank/Credit Card Account with QB
Download the Recent Transactions
Once you’ve successfully connected your bank account to QuickBooks Online, you won’t have to manually download your transactions. QuickBooks will handle it for you. You can also refresh and retrieve the most up-to-date transactions by following the steps below:
- Go to the Banking menu or Transactions menu in the first place.
- From there, select the Banking tab and then, click on Update.
Try to Categorize the Downloaded Transactions
Now that your transactions are in QuickBooks, it’s time to match and categorize them. The transactions go into your accounts after you review them. QuickBooks Online also enters certain details automatically if you set up any banking rules, or if it recognizes transaction descriptions.
- Go to the Banking menu and Choose the tile for the account you wish to review.
- Now, you need to select the For Review tab to begin your review.
NOTE: Downloaded transactions are sent by QuickBooks to the For Review tab. They are Reviewed one by one. For each, there’s an option to match, add, or view multiple matches.
Update the Connected Accounts
Once you have followed the above-listed steps, make sure to update your bank or credit card information (username or password) to successfully connect bank account to QuickBooks online. To update your connected accounts, you must follow the below-given steps:
- Navigate to the Banking menu or Transactions menu and then, click on the Banking tab.
- Click on the Edit icon in the tile for the bank account you want to get updated.
- After that, click on the Edit sign-in info and update your account info.
- Lastly, click on Save followed by connect.
NOTE: Here, you may also disconnect your account from online banking. It will restrict you from downloading the new transactions. However, it doesn’t mean that it will delete your account or the downloaded transactions.
Process To Manually Upload Transactions In QuickBooks Online
Many times, you may find yourself in a scenario where your bank is unable to connect to QuickBooks Online, or you do not intend to connect your bank account to QuickBooks Online. You might try manually uploading your transactions in QuickBooks Online in such case:
- Sign in to QuickBooks Online and go to the Banking menu. From there, click on Upload transactions.
- Then, click on Browse and select the file that you want to download from your bank and click on Next.
- After that, select the account you want to upload the transactions into from the QuickBooks account dropdown. Then, click on Next.
- Moreover, if you’re new to QuickBooks, you won’t be having an account to upload the transactions into. In that case, create a new bank account by clicking on Add New from the dropdown menu.
- Further, columns on the file must be matched with the correct fields in QuickBooks by following the instructions that appear on your screen steps. Then, click on Next
- Now, select the transactions that you would like to import and click Next followed by Yes.
- At last, click on Let’s go.
Call Experts to Connect Bank and Credit Card Accounts to QuickBooks Online!
We have listed all the steps in detail that you need to connect your bank account to QuickBooks Online. However, if you get stuck while following any of the above steps and need expert assistance, we would suggest you get in touch with our experts by placing a call on QuickBooks Data Service Solutions Helpline Number +1(855)-955-1942.