Getting Started with the QuickBooks Bank Feeds

The latest version of QuickBooks has an entirely upgraded section on Banking, and it includes all the features from the previous “Downloaded Transaction” page along with some major alterations. The enhanced features of QuickBooks Banking will allow you to handle all your bank transactions in an accurate and quick manner. However, a lot of QuickBooks users are not using their bank feeds as yet, mainly because they find it difficult to understand or they don’t want their bank data connected to anywhere else.

While your concerns are understandable, rest assured that QuickBooks is one of the safest applications you can share your banking data with. Connecting an account with the bank feeds of QuickBooks can save you a lot of time by saving you from entering data manually. All the data regarding your expenses is pulled every night and can be used for the month-end reconciliation. You will simply be required to confirm and approve the data before it is entered into your account.Untitled

You can currently connect with more than 16,000 banks worldwide through your QuickBooks bank feed. If you can’t locate your bank on that list, you can submit a request to get it added to it. For those who are just getting started with bank feeds, here are some tips to help you with them.

  • It is better to get both your bank account and credit card connected to the feed. If you want to save even more time, you can also add your PayPal account to bring most of your transactions to a single platform.
  • If you can’t connect to your bank due to a connection issue or because it isn’t listed on QuickBooks, you can get your data transported through File Upload, where you can enter the OFX and QIF files.
  • When you get started, there will be a lot of categorizing and reviewing to be done initially. However, this will only be a problem once since the categories from the last time will be remembered when a similar transaction comes again. To categorize in bulk, you can use the checkboxes and batch action buttons.

If you are still not using the QuickBooks bank feed, you should think about getting started with it in order to save your time and get your transactions handled more accurately.

Hector Garcia

Hector Garcia

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