From time to time I get a bookkeeping client that actually provides a complete .QBO (Web Connect) File from the bank that makes the data entry process truly blissful. See the Bank Feeds article for details.
But sometimes, when I do not have access to the .QBO (Web Connect) files, there are a few alternatives, for example:
- If I get a CSV (or Excel Spreadsheet) with all the bank transactions, I can use the CSV2QBO tool to convert it
- If I get a QIF file (some banks can export to QIF and not QBO, PayPal is a great example) I can use QIF2QBO to convert it
- If I get a PDF file (Bank Statement) that are the original digital PDF’s from the bank, I can use PDF2QBO con convert it.
- If I get paper statements, I can use ScanWriter or PDF2QBO+ from MoneyThumb to scan them and convert them to .QBO
Long story short, I prefer to use Bank Feeds (QuickBooks Desktop) or Downloaded Transactions (QuickBooks Online) to do the data entry:
Why? it has proven to be 10x faster than manual data entry, plus it gets faster exponentially as the BANK RULES are being built.
All these tools i discussed: CSV2QBO, QIF2QBO, PDF2CSV, and PDF2QBO can be individually purchased at the MoneyThumb website. However, because I am an Accountant and get different file types from different clients, I get the software package that contains ALL the convertors, its called:
At $299, is not an inexpensive tool, however, any accountant that wants to save hours of data entry time will really get their return on investment with the first project, I promise.
Ralph, the CEO of MoneyThumb is a good friend of mine and is not unknown that I have endorsed this product in the past; I personally help Ralph test the software and add improvements to it whenever possible, so although I am not affiliated with MoneyThumb in any way, shape or form… I consider myself a contributor to the software features, as I suggest the things I personally want on an all-in-one file converter. You can use this coupon code: POWER10, for 10% off the software.
I explain the entire process in this 25 minute video: