QuickBooks Users should import Bank Transactions Into QuickBooks to provide perfection to the financial records. Users can import transactions into QB desktop as well as online versions. In this article, we are introducing 2 ways to Import Transaction Into QuickBooks Desktop. One is through Direct connect and other is through Web Connect. So let’s look at the steps you need to follow in order to do so.
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Vital Reasons to Import Bank Transactions into QuickBooks from Excel
Multiple reasons to upload transactions to QuickBooks desktop and online based on concerns around safety or issues with the application are:
- Users don’t want to connect their bank account or credit card with the application.
- Users want to enter transactions prior to the date from which QuickBooks can retrieve data.
- Credit card or bank account is unable to connect directly to QuickBooks.
- It saves time and energy as it automatically updates data.
- It simplifies the reconciliation process.
- Your Books of Accounts must be always updated.
Things you should remember before you Import Transaction Into QuickBooks Desktop
Few steps that must be followed before you Import Transaction Into QuickBooks from Excel:
NOTE: You need to set your bank feeds mode to either Advanced or Express. But Advanced allows you to categorize your transactions in more ways. You won’t be able to import transactions into QuickBooks if they are set on Register or Classic mode. Follow these steps to do so:
- You need to click on the Banking tab and then select Bank Feeds.
- Tap on Change Bank Feeds Mode and a new screen will pop up(set your bank feed preferences here).
- Go to the Checking menu and ensure that either Advanced mode or Express Mode is selected.
- Click on OK to continue.
How to Import Bank Transactions into QuickBooks Desktop?
With the help of Direct connect or Web Connect, You can import bank transactions into QuickBooks desktop. Direct Connect allows you to download your transactions and transfer funds to another account within QuickBooks. Users use a web browser window to import transactions through Web connect.
Steps to Import Transaction Into QuickBooks using Direct Connect (For Windows)
Web connect feature will help you import transactions into QuickBooks automatically. Following these steps for windows operating software:
- Log into Your Bank Account through QuickBooks desktop
- Open the QBD home page and Tap on the Banking menu.
- Click on Bank Feeds and then choose Set Up Bank Feed for an Account.
- A pop-up telling you to temporarily close all running QuickBooks windows will appear on your screen. Tap on Yes to continue.
- A bank feed setup screen should appear after clicking on Yes, enter your bank’s name.
NOTE: The process of connecting a bank account to QuickBooks varies from bank to bank. You need to follow the on-screen instructions and enter the required details.
- Enter your bank account login credentials in the logging window (if you haven’t already signed up for online access at your bank).
- Your transactions will be directly imported once the bank feed is established.
NOTE: To manage and review your transactions, You can use your bank feed center. When you try to import a WebConnect file, the method of managing your transactions in the bank feed center is the same.
Steps to Import Bank Transactions into QuickBooks using Direct Connect (For Mac)
Through Direct Connect your transactions are directly downloaded from your bank to QuickBooks. The transactions are made available in your register when you download (No need to import your transactions).
Execute the below given process to import bank transactions into QuickBooks Mac using Direct Connect:
- Open QuickBooks Desktop on Mac.
- Tap on the Banking menu and click on Downloaded Transactions.
- From the QuickBooks Account list, choose the account you want to connect.
- Click on Download.
Steps to Import Transaction Into QuickBooks Desktop using WebConnect (For Windows)
IMPORTANT: Web Connect allows users to Import Transaction Into QuickBooks without actually connecting both accounts. The process of importing transactions using the Web connect feature is different for both Mac and Windows versions.
If you don’t want to allow QuickBooks access to your online bank account, use the WebConnect approach. A WebConnect file (.qbo) is a file downloaded from your bank’s website. This type of file is accepted by the majority of banks.
- Download a QuickBooks Online file when you’re importing into QuickBooks from your bank’s website.
NOTE: Ensure the file has .qbo extension.
- Go to the Banking tab and select Bank feed.
- Select Import Web Connect File.
- Browse and open the file you downloaded from your bank account.
QuickBooks Desktop has now received your WebConnect file. In the banking center, you may review and control your transactions.
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Steps to Import bank Transactions Into QuickBooks using Web Connect (For Mac)
QuickBooks opens .qbo files when you download transactions via Web Connect. Here’s how to get this file into QuickBooks by downloading it and importing it:
- Go to the Banking tab.
- Click on the Website. It will open up a browser window to your website.
NOTE: Transactions can also be downloaded outside of QuickBooks. Simply open a browser and navigate to the website of your bank.
- Sign in to your Online banking account.
- Go to your transactions and type in the time you want to see. You’ll notice the maximum number of transactions your bank allows if date range is not specified.
NOTE: The steps for downloading QuickBooks Web Connect files differ depending on the bank. Contact your bank if you need assistance downloading the .qbo file from their website.
- Open the QuickBooks application and tap on the Banking tab.
- Select Downloaded Transactions.
- Choose the Import file option and then browse for your .qbo file.
Ways to Import Bank Transactions into QuickBooks Online?
QuickBooks offers an option to import files either in .QBO format or .CSV format. You can configure your system to import banking transactions automatically in QuickBooks online or manually download them and then import it using a CSV file.
How to Import Bank Data into QuickBooks Online Automatically?
The username and password you use to enter into your bank’s website are all you need to connect your bank account to QuickBooks. QuickBooks will stay connected and download transactions regularly when you provide your credentials.
- Open QuickBooks Online, tap on Transactions from the left menu, and select Banking.
- To add your bank account, Tap on the green Connect button.
- Enter either the bank name or the bank’s website URL to find your bank.
NOTE: Import your bank transactions with QBO file or through Excel using a CSV file in case your bank is not on the list.
- Click on the green Continue button after selecting your bank and you will directly be taken to the bank’s sign-in page on a new browser window.
- Enter in your login credentials for your bank account.
- Click on Agree when your bank asks if you want to share your banking information with Intuit.
- Once you agree on terms and conditions, you will be taken back to your QBO account.
- Choose all the bank accounts you would want to link to your QBO account.
- Click on Accounts and the list of accounts will open up carrying Charts of Accounts.
- In case the account you added is already in the Charts of Account, select it.
- Create a new checking account if the account you are connecting is not included in the Chart of Accounts. Tap on Add New.
- Choose Bank for Account type and Details type as checking.
NOTE: If you have more than one Checking account with the same bank, add in last 4 digits.
- After entering all the required information, click on the green Save and Close button.
- You will be taken back to the prior screen with a new account added.
- Select the range for which you want to import transactions.
NOTE: The beginning of the year is the default start date for pulling transactions. It would be best if you tried to go back in time to the date you want to start using QBO. If your bank or QuickBooks won’t let you go back that far, you’ll have to use QuickBooks Online or a CSV file to transfer the older transactions.
Now that your bank is connected, newer transactions will be imported automatically.
Steps to Manually Upload transactions into QuickBooks Online
While users always have an option to automatically import the transactions in QuickBooks, there is a limit to which date QuickBooks can retrieve the data. There is no limit of date for which you can manually upload transactions in QuickBooks Online. Here are the steps to do so:-
- Open QuickBooks and Move to the Accounting Menu.
- Go to Chart of Accounts and look for the bank or credit card account for which you want to upload the transaction.
- Click on View Register.
- Find the oldest transaction’s date and write it down (The opening balance is usually the oldest transaction).
- Now, Sign in to your bank or credit card’s website.
- To download CSV files of your transactions to your computer, follow your bank’s instructions. Each financial organisation has its own set of procedures.
- Examine the download’s date range. It should be at least one day before your oldest transaction’s date.
- Download a copy of your transactions. Save the file to a convenient location, such as your computer’s desktop.
Tip: You may get a choice for the type of file you want to save. Choose the QuickBooks Online data (QBO) format. These have been specially designed for QuickBooks Online. You can also use a CSV or Quicken (QFX) file to import transactions.
- Open the file you downloaded and ensure that it is in the correct format. The file size should be a maximum of 350KB. Shorten the date range in case the file size is too large.
- Manually upload the transaction now. The steps you need to follow are based on whether your account is connected or not:-
- For Accounts that are connected to Online Banking
- Open QuickBooks Online and select Banking or Transaction menu. Go to the Banking tab.
- Choose the blue tile for the account to which you’d like to upload the transactions.
- Tap on Link Account list and then Upload from file.
- Go to Browse and then select the file you downloaded from your bank’s website. Tap on Next then.
- Select the account you wish to upload the transactions to from the QuickBooks account dropdown. Then tap on Next.
- To match the columns on the file with the correct fields in QuickBooks, follow the on-screen instructions. Then tap on Next.
- Choose the transactions you wish to import and then tap Next.
- Click on Yes.
- Click on Let’s go once you are ready.
- For accounts that are not connected to Online Banking
- Open QuickBooks Online and navigate to Banking or Transaction menu.
- Click on Upload Transactions.
- Choose Browse and then select the file you downloaded from your bank. Then tap on Next.
- Select the account you wish to upload the transactions to from the QuickBooks account dropdown. Then tap on Next.
- IMPORTANT: You might not have an account to upload the transactions if you’re using QuickBooks for the first time. If you don’t see one, click on Add New from the dropdown menu to create one.
- To match the columns on the file with the correct fields in QuickBooks, follow the on-screen instructions. Then tap on Next.
- Choose the transactions you want to import and then click Continue.
- Click on next and Tap on Let’s go when you are ready.
- For Accounts that are connected to Online Banking
After you review the transactions, they go into your accounts. If you set up any banking rules or recognize transaction descriptions, QuickBooks Online will automatically enter certain details. The last step is to reconcile the transactions. This guarantees that your books are correct and that no transactions are duplicated.
Steps to Manually Import Transactions Into QuickBooks Self-Employed
QuickBooks self-employed version is totally different from QuickBooks desktop and online thus the steps to import transactions are also different. You can add transactions from a CSV file into the self-employed version in order to import bank transactions into QuickBooks from Excel.
Follow these steps in order to do so:
- Go on your bank’s website and download a CSV file for your account.
- Open QuickBooks self-employed.
- Tap on Profile icon and choose Imports.
- Choose Import Transactions.
- Follow the on-screen steps in order to upload the CSV file.
- Tap on Import.
Also Read: [Solved] How To Resolve QuickBooks Error 179?
Contact Experts to Import Transaction Into QuickBooks!
You may effortlessly Import Transactions Into QuickBooks Desktop, Online, and Self-Employed by following the procedures outlined above. If you aren’t tech-savvy and are having trouble following the instructions, please contact our experts or give us a call on QuickBooks Data Service Solutions Helpline Number +1-(855)-955-1942.
Frequently Asked Questions
To import bank transactions into Quickbooks Online automatically, follow the given steps:
1. First, find your bank account and log in to it.
2. Then you need to choose the bank account in QuickBooks for which you want to import the bank transactions.
3. After that, you can download the transactions according to the preferred date range.
4. Then you need to click on Connect and review the transactions that you downloaded.
You can import transactions into QuickBooks with a CSV file by
1. Going to the Banking Center option.
2. And choosing the file uploading option.
3. After that, you need to select the QuickBooks account.
4. And map QB to the Bank Fields.
5. Then finally, you need to click on the transactions of the Bank for import.
