Most US major banks give QuickBooks users the ability to download a .QBO file which enables “Online Banking” or now in 2014 called: “Bank Feeds”. This allows the user to significantly speed up data entry from bank transactions are matching cleared transactions to increase efficiency when reconciling the banks.
But, what if the Bank you are working on does not give you the ability to download a QBO file?
Instead it lets you download a .QIF or .CSV (Excel) file. Then I got good news, so, assuming that you got a spreadsheet like this already:
Contains date, check number, payee, memo/description, and amount.. and these are all transactions that cleared the bank. Even if the spreadsheet is NOT exported from the bank, but manually created, this technique works great…
with this program:
QIF to OFX Converter from Big Red Consulting
You can within excel, convert the spreadsheet to a QBO file:
With options such as bank name, account number etc.. once you convert to .QBO it will import into Online Banking within QuickBooks just like a regular bank would!
You can even download a free trial to see how it works, for $59 its a steal and It has saved me personally hundreds of data entry hours in the last few years.
