Bank feeds in QuickBooks desktop can be used to connect the bank and credit card accounts to online banking. This will help the users to download the bank transactions, so that they don’t have to manually record them. It is possible for you to set up bank and credit card accounts for online banking in single user and multi-user mode.
It should be noted that you can connect up to 40 accounts and in case you need more than that, then separate the account that you want to connect between two or more company files. Now, without ado let us explore the procedure to setup or edit bank accounts for Bank feeds in QuickBooks desktop together.
Steps to connect account to bank feeds in QuickBooks
Before you start with the process, you should know that there are two ways to set up an account, which includes direct connect and web connect. Opting for any of the method actually depends on what’s available at your bank.
Connect with Direct Connect
Well, for this process, you will require a PIN or password from the bank. Once you set up the account, you can download the electronic statements to the bank feeds. When the transactions are downloaded for the very first time, QuickBooks sets up an account for bank feeds. And before you proceed, make sure to find out from your bank, if a fee is allocated or not.
Bank provided credentials
Head to the bank feeds from banking.
Further choose set up bank feeds for an account.
You need to enter and choose the bank in the enter your bank’s name field.
Just in case you are enrolling for the very first time, then simply choose the enrollment site link. Now, apply for the option of direct connect. In case your bank requires to approve the application, then contact them. Also, ask them in case special sign-in credentials are required.
Once you have enrolled, here is what you need to do:
Initially, choose the continue tab.
Further, enter the online banking user ID and password.
Choose, connect to connect the QuickBooks to the bank’s server.
Also, go for the bank account you wish to connect to the account in QuickBooks.
And towards the end, choose the finish tab after the connection completes.
Steps to connect with Web connect (.QBO) files
Just in case the bank doesn’t offer direct connect, then make sure you connect and download a file with your company’s transactions from the bank or credit card. After that, import the file to QuickBooks to add those transactions to the accounts.
And if your bank offers web connect, then here are the steps that you need to follow:
Under this process, you simply have to choose bank feeds from banking.
Further, import web connect files.
Go for the .QBO file you saved.
Choose Open tab.
When you are asked to select the bank account, here is what you need to do:
You should select this if the account that you are importing transactions into is already set up in QuickBooks.
This option should be selected if the account that you are importing transactions into isn’t in QuickBooks yet.
Heading forward, you need to click on the Continue tab
This will show up a dialog box telling you that the data has been successfully read into QuickBooks
Now, click on the ok tab
And towards the end, head to the bank feeds center to review your transactions
Steps to change from Web Connect to Direct Connect or Direct Connect to Web Connect
Just in case you wish to change the way you connect, you will have to simply disconnect the bank feeds using some simple steps. And after disconnecting you can set up your bank feeds again.
Edit the bank feed settings for bank or credit card account
One can simply change the login and other info for the bank account you use. You need to simply turn off the bank feeds to make any changes. And furthermore, set up the bank feeds again.
You need to disconnect the bank feeds for the account
And further make changes
Lastly, set up bank feeds for your account
Conclusion!
Following these steps would help you in setting up bank accounts for bank feeds in QuickBooks desktop. As always, if you have any questions, comments, or concerns, then without any hesitation you can reach out to the QuickBooks desktop support team via toll free number i.e., 1-800-761-1787. They are available 24/7 to solve your issue.
Comments