How to Import bank statements into QuickBooks

For your financial reporting, you must import bank statements into QuickBooks account. There are two ways to accomplish the process of importing bank transactions into your QuickBooks account, and it is simple to perform both. Using the QuickBooks program to connect to your bank can be simple or challenging depending on the situation. It depends on your bank account, and the number of accounts connecting to your bank’s software, server, or network.

The accuracy of your financial transactions and accounting data is improved by importing your bank transactions into QuickBooks Desktop. We’ll thoroughly explain how to import your bank transactions into QuickBooks Desktop Pro and Premier today.

Choose the Automatic way if you want to save time, and choose the Manual option if you want to do each step by hand. Setting up the bank account connection with QuickBooks just needs to be done once. When it’s finished, QuickBooks will download and import the bank statements into QuickBooks automatically.

Automatic Import bank statements into QuickBooks Online

You must first link your bank account to QuickBooks online. You need the bank’s user ID and password to do to access your bank account.

Step 1: Find your bank account

1. You must first access your QuickBooks account. Then, from the home page, click on Transactions.
2. then select Banking from the left menu by clicking there.
3. QuickBooks’s banking tab
4. You must enter the bank’s name in the Search field.
5. Additionally, you can choose the bank name from the list there.
6. If you cannot locate your bank in your QuickBooks account, you must import the banking transactions.

Step 2: Access your bank account online.

1. The bank’s login page is now shown in the same QuickBooks window.
2. To access your bank account in QuickBooks, you must enter your User ID and Password information.
3. It takes a while for all the information to appear on your screen.

Step 3: Select the Bank Accounts for Importing the Transactions in Your QuickBooks Account

1. When you connect to your bank, a screen appears in front of you.
2. Whether you are logging in to one or more accounts, it displays all of the accounts that you have with the bank.
3. For each account you want to link to the software, you must check the box in the first column.
4. By choosing the drop-down option next to Account Name, select the QuickBooks account that you want to connect to the bank.
5. Now that your bank account and QuickBooks account are set up, you can import bank transactions.

Step 4: Download the Transaction Using the Date Range

1. You just need to download transactions from date ranges up to 90 days in this.
2. However, if you wish to download transactions going back more than 90 days,
3. Then, using a CSV file, import the transactions.
4. Click the link if you require a shorter date range for the short date range.
5. Next, choose the period, then download the transaction.
6. You must also utilize a lesser date range if you started using QuickBooks earlier than 90 days.

Step 5: Select the Connect button.

1. Check and double-check your bank and QuickBooks accounts before linking.
2. Next, select the blue Connect button that is shown in the window’s bottom right corner.
3. The procedure to retrieve the transactions from your QuickBooks account has now begun.
4. When the download is finished, a success message appears in the opened window.

Step 6: Review the transaction you downloaded

1. Transactions are shown in the QuickBooks Banking Center.
2. Verify that everything has been done exactly.
3. This makes it possible to complete the automatic importing transaction process.

Manually Bank Transaction Importation into QuickBooks Online

One of QuickBooks Online’s major time-savers is online banking. QuickBooks retrieves transactions up to a specific date automatically when you link your bank and credit card accounts.

You can still manually upload transactions if you need to input more recent transactions or if QuickBooks cannot connect to your bank or credit card.

Step 1: Choose a start date

You must be aware of the date of the earliest existing transaction still reflected in the account to prevent inputting duplicates:

1. Select Chart of Accounts from the Accounting menu in QuickBooks.
2. Locate the credit card or bank account to which you want to upload the transactions.
3. Choosing Account History.
4. The date of the oldest transaction should be located and noted. Typically, the opening balance is the oldest transaction.

Step 2: Get transactions from your bank

1. Log in to the website for your bank or credit card.
2. To download CSV files of your transactions to your computer, go to the instructions provided by your bank. There are many stages for each financial institution.
3. Make sure the download’s date range includes the day preceding your oldest transaction at a minimum.
4. Get a copy of your transactions. Save the file at a location you can access readily, such as the desktop of your computer.

Step 3: Examine the file size and format

1. Examine the file from your bank by opening it. Before uploading, make sure the file is in the proper format.
2. Remember that 350 KB is the maximum file size. Reduce the date range and download the transactions in smaller batches if the file is too large.

Step 4: Activate the transactions manually and upload

A. For accounts connected to online banking

1. Go to Banking in QuickBooks Online and choose Banking.
2. Choose the blue tile for the account that contains the transactions that you want to submit.
3. then choose Upload from file from the drop-down menu next to Link account.
4. The file you downloaded from your bank should be selected after choosing Drag or Drop or choose files. Next, click Continue.
5. Choose the account you wish to upload the transactions into from the QuickBooks account selection. Next, click Continue.
6. To match the columns on the file with the appropriate fields in QuickBooks, follow the onscreen instructions. Next, click Continue.
7. Choose which transactions you want to import. Next, click Continue.
8. Choose Yes.
9. Select Done once you have approved your transactions.

B. For accounts not connected to online banking

If you don’t want to connect your account or your bank is unable to connect to QuickBooks, do the following actions:

1. Go to the Banking tab in QuickBooks Online.
2. Choose Transactions to Upload.
3. The file you downloaded from your bank should be selected after choosing Drag & Drop or picking files. Next, click Continue.
4. Choose the account you wish to upload the transactions into from the QuickBooks account selection. Next, click Continue.
5. To match the columns on the file with the appropriate fields in QuickBooks, follow the onscreen instructions. Next, click Continue.
6. Choose which transactions you want to import. Next, click Continue.
7. Choose Yes.
8. Select Done once you have approved your transactions.

Step 5: Sort the transactions by category.

1. Your transactions have now been entered into QuickBooks; it is time to match and classify them. After you review the transactions, they are added to your accounts.
2. Additionally, if you set up any banking rules or if it detects transaction descriptions, QuickBooks Online will automatically enter some information.

Step 6: Reconcile the transactions

Now QuickBooks contains all of your transactions. Reconciling them is the last stage. This guarantees that your books are accurate and that no transactions have been recorded twice.

Conclusion:

The two methods for importing bank statements into QuickBooks are provided above. Both approaches work well on their own. Which approach you choose—manual or automatic—is entirely up to you. To avoid mistakes or problems, you only need to adhere to the procedures step by step.

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