Connect your bank & credit card accounts to QuickBooks Online

connect your bank & credit card accounts to QuickBooks Online

One of QuickBooks Online’s most valuable and time-saving features is Online Banking (also known as Bank Feeds). QuickBooks downloads and categorises bank and credit card transactions for you when you add an account. It enters the data for you, so you don’t have to enter transactions manually. All you have to do now is give your approval for the job. Here’s how to get started and add your accounts.

Step 1: Connect a bank or credit card account: You are free to connect as many accounts as you like. You can connect accounts for both business and personal use, but you’ll need to keep track of private transactions as you go.

  • Select Banking or Transactions from the drop-down menu.
  • Go to the Banking section.
  • If this is your first time connecting, click Link Account on the landing page. If you already have an account, you can choose Add account or Link account.
  • Look for your financial institution. Most banks, including small credit unions, can be connected.

Please note that you can manually import bank transactions if you can’t find your bank but still want to add your transactions to QuickBooks Online.

  • Tap on Continue . In the browser, type the username and password you use to access your bank’s website.
  • To bind, follow the onscreen instructions. Your bank may require additional security checks. It may take a few minutes for the connection to establish.
  • Choose which bank or credit card accounts you’d like to connect (savings, current, or credit card). At your bank or credit card business, you should be able to see all of your open accounts.
  • Pick the appropriate account form from the dropdowns for each account you bind. These are the accounts on your QuickBooks list of stores.
      • Are you unable to locate your account? Pick + Add New if you’re new to QuickBooks Online or don’t see the right account in the dropdown. On your chart of accounts, this generates a new account.
      • Create a new bank account by following these steps: For the Account form, choose Bank. For the Detail form, choose either Savings or Current. Select Save and close after giving the account a name.
  • Create a new credit card account by following these steps: For the Account form, choose a Credit card. Select Save and close after giving the account a name.
  • Choose how far back in time you’d like to download transactions. Some banks allow you to archive transactions from the previous 90 days. Others can go back as far as 24 months.
  • Tap on Connect 

From your chart of accounts, link bank accounts: Have you added a bank account to your map of accounts but have yet to link it? It’s no problem. You can add it later from your chart of accounts to begin downloading transactions automatically:

  • Pick Chart of Accounts from the Accounting menu.
  • Locate the account to which you want to associate.
  • In the Action column, click Account history.
  • Select the Connect bank option.
  • Follow the instructions on the screen.

Step 2: Download recent transactions: Your accounts are now connected. QuickBooks downloads transactions for you, so you don’t have to enter them manually. To get the most up-to-date transactions, go to:

  • Select Banking or Transactions from the drop-down menus.
  • Go to the Banking section.
  • Tap on Update.

Step 3: Sort downloaded transactions into categories: You must approve the way QuickBooks categorises transactions after it downloads them. Here’s how to go through your downloaded transactions and organise them.

Step 4: Make sure all of your linked accounts are up to date: To refresh the link or update your bank or credit card information, such as your username or password:

  • Select Banking or Transactions from the drop-down menus.
  • Go to the Banking section.
  • In the tile for the bank account you want to change, click the Edit button.
  • Select Edit sign-in information from the drop-down menu.
  • Make any necessary changes to your account details.
  • Select Save and connect.

You may also use this section to detach accounts from online banking. Accounts and downloaded transactions are not deleted when you disconnect. It simply disables QuickBooks’ ability to download new transactions.

Conclusion

In conclusion, QuickBooks Desktop software is accounting software that different organisations and bookkeepers have always loved. The whole motive of this blog is to help you understand how can you connect your bank and credit card accounts to QuickBooks Online. I hope that this blog helped you in some way or the other and was worth a read. 

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