How to connect bank accounts with QuickBooks Online Banking?

QuickBooks Online Banking is used to track your income and expenditure without manually entering every transaction. Although you can connect your bank and credit card accounts to QuickBooks Online to record your income through sales forms. However, by leaving out your expenses gives an incomplete perspective of your business’ overall status. But creating records for every transaction can be a huge task. However, with the help of QuickBooks Online Banking ensures your accounts are always up-to-date and drastically reduces the amount of data entry you need to do on a daily basis. In short, we can say that the Banking Page or Bank Feed is the place to connect your accounts. And after that download the transactions. It saves your precious time as well as reduces the data entry work.

Banks compatible with QuickBooks Online Banking 

Here is a list of some banks that are compatible with QuickBooks Online Banking. They are as follows:

  • Santander Business Account.
  • HSBC Business Account.
  • Lloyds Business Account.
  • Barclays Business Account.
  • Cashplus.
  • TSB Business Bank Account.
  • American Express.
  • MBNA.
  • Yorkshire Bank.
  • Clydesdale Bank.
  • Metro Bank.
  • Bank of Scotland.
  • Ulster Bank.
  • Bank of Ireland.
  • Allied Irish Bank.
  • Handelsbanken.
  • Card One Banking.
  • Monzo.
  • Revolut.

Advantages of connecting your bank accounts to QBO

Although you can get many advantages by connecting your bank accounts to QuickBooks Online. They are like:

  • First of all, it automatically imports transactions recorded by your bank. Hence it saves a lot of time. 
  • Reduces manually data entry work by automatically importing the transactions.
  • Adding invoices and sales receipts takes efforts. However, as your business grows, these tasks will increase accordingly. But with the help of the QuickBooks Online Banking feature eliminate your efforts.
  • And also ensures that all of your income and expenses get into QuickBooks. So that you can get comprehensive financial reports.
  • You can get a clearer picture of your business’s financial status and performance.
  • Yet this automation feature also prevents data entry errors that suddenly arises with manual data entry.

Some useful tips before moving to QBO Banking

  • First, you should always use the descriptions from the imported bank records. As it will assist you to categorize the transactions.
  • When QBO can’t recognize a category, then put the program into Uncategorized Income or Expenses. 
  • By attaching the receipts to bank transactions in the Bank Feed will keep your records organized.
  • While matching or adding records, do not add the vendor or client name. Because QBO adds these transactions to the register without one. 
  • QB Online will not try to match any transactions that are more than 180 days old.

Steps to connect your online bank accounts with QuickBooks Online Banking 

However, you can easily connect and manage multiple bank accounts from the Banking Tab. To connect your bank accounts online with QuickBooks Online Banking. Then you have to follow some steps such as:

  • First, you have to click on Add Account.
  • Under the Banking Tab, find your bank on the list.
  • Now select the bank account from the list that you use for your business. 
  • After that tell QuickBooks what kind of accounts they are. 
  • Always use the same login credentials whenever you visit your bank online.
  • Since it may take a few minutes to establish a secure connection. 
  • Once the secure link is created, then you will see all the accounts available on the list. 
  • Next, choose the right type and QuickBooks will begin importing the last 90 days of transactions.

How to connect bank and credit card accounts to QuickBooks Online?

As you already know that bank and credit card companies store information about the money going in and out of your Chart of Accounts. However, if you want that same information in QuickBooks because it is a part of your business finances. Instead of manually typing it all in, allow QuickBooks to get the information for you. Either choose to add transactions as new items or match them up with items you already entered in QuickBooks. Once you are connected, QuickBooks downloads your bank data automatically, at least once daily.

Connect a bank or credit card account

To connect a bank or a credit card account in QBO, then you have to follow some steps such as:

  • Firstly, either click on the Banking menu or the Transactions menu.
  • Under Connect Account, click on Add account to add a new account.
  •  Or click on the Link account if you have an account.
  • Search for your bank.
  • Since you are unable to find your bank on the list but still want to add your transactions to QBO. Then you can manually upload the transactions from a CSV file.
  • Enter the login credentials, and follow all the onscreen instructions.
  • Select the accounts you want to connect to QuickBooks. 
  • For each account, select the account type from the dropdown. These accounts are currently available on your Chart of Accounts. 
  • Select the date range for the download and click on Connect. 
Download and categorize your recent transactions

When your accounts are connected, all you have to do is review and approve the way QuickBooks categorizes them. You have to follow some steps like:

  • Visit the Transactions menu and then click on the Update option.
  • Again go to the Banking menu and select the blue tile for reviewing the account.
  • Choose the For Review tab to start your review.
  • From the Reviewed tab, click on the link in the Added or Matched column to review the transaction. 
  • Add any additional information if required.
  • Choose undo option if you want to re-categorize a transaction and move it to a different account. 
Always keep your accounts up to date

Change the account type of a connected bank account, rename it, add a description or detail type, or make it a sub-account of another bank account. If you ever need to update your bank or credit card info, like your username or password, then you can edit them directly from the Banking menu. They are like:

  • Go to the Banking menu and then select the Banking tab.
  • Click on the Edit icon in the tile for the bank account you want to update.
  • And select Edit sign-in information.
  • In the Account dialog, update the account as needed in the fields provided.
  • Once it is over, click on Save and connect.

Conclusion

QuickBooks Online Banking is also known as Bank Feeds. However, it is one of the most helpful and time-saving features of QBO. QuickBooks automatically downloads and categorizes your bank and credit card transactions for you. With this, you get an up-to-date view of your sales and expenses with virtually no data entry required. For any queries, contact QuickBooks Online Support experts.

Categories:

Leave a Reply

Your email address will not be published. Required fields are marked *

Call Now