. QuickBooks Online Banking: A Useful Guide to Setup & Use

“Are you looking for the answers to questions like “How can I set up a bank account in QuickBooks Online Banking”, or “How to use QuickBooks Online banking?”  If yes, we have prepared this illustrative post to answer all such issues. Online Banking is one such feature that enables users to link their Bank with QuickBooks. Once the account is added, you can easily download the latest bank transactions and get access to online banking services.

If you don’t want to waste your time on performing the complicated steps to set up QuickBooks online banking? Call us at @+1-855-603-0490 and allow our experts to handle it on their own.

Know How Can I Set Up Bank Accounts in QuickBooks Desktop

The QuickBooks Desktop users can utilize the Bank feeds to link their Bank or credit card accounts with online banking. Doing so will enable them to get their transactions downloaded. Thus, it eliminates the need to keep banking transaction records manually. Furthermore, go through the following steps to connect a bank account with bank feeds.

  • First of all, choose the Bank feed option by tapping on the banking drop-down menu.
  • After this, you must add your financial institution name whose Bank feed you require into the respected text field.
  • Thereon, you have to link your account with the bank feed.

Link Your Bank Account to Bank Feeds

There are two distinct methods using which you can set up an account. You can either connect via Direct Connect or Web Connect methods. The method you choose will depend on the one available at your Bank. We have discussed the steps for both the methods, apply accordingly.

Direct Connect Method:-

Go through the instructions below to link your bank account to bank feeds via the direct connect method.

    • Firstly, do the QuickBooks Online banking login with the appropriate sign-in details.
    • Soon after this, navigate to the Banking tab > Bank Feed option.
    • In the next step, you must pick the option to set up a bank feed for the account.
    • Add your bank name to the Name Field column and choose your name from the available options.
    • For instance, if you are subscribing for the first time, browse the Enrollment Site Link.
    • After completing the Enrollment process, tap on the Continue option.
    • Thereon, sign in to the online banking using the exact bank user ID and password that you used while generating the account.
    • Next, hover your cursor over the Connect button to link your QuickBooks with your bank server.
    • Once the Connection Page opens on your screen, look for the bank account from the list and choose it to link with QuickBooks.
    • At last, tap on the Finish button after linking the QuickBooks with your bank account.

    Web Connect Method:- 

    Implement the steps written below if your Bank utilizes the Web Connect method.

    • Initially, go to the Bank Feeds from the Banking option.
    • After this, choose the Import Web Connect Files from the bank feeds option.
    • Thereon, you must select the QBO file that is already saved to launch it on your device.
    • Subsequently, pick any of the following options when asked to choose the Bank Account.
      • Use an Existing QuickBooks Account:- Go with this option if the account you wish to transfer the transactions is already set up in QuickBooks.
      • Create a New QuickBooks Account:- On the other hand, you may pick this option if the account you want to transfer the transactions isn’t set up previously in QuickBooks.
    • Afterwards, hover your cursor over the highlighted Continue option. With this, you will receive a dialogue box on your screen explaining that the data has been successfully read into QuickBooks. Later on, hit the OK button to move to the next step.
    • At last, you must switch to the Bank Feeds Center to cross-examine your transactions properly.

    Know How To Set Up Bank Account in QuickBooks Online

    Before setting up the bank account in QBO, you first have to connect your bank account with QuickBooks. Go through this QuickBooks online banking tutorial to set up a bank account.

    1st Stage: Linking of Bank or Credit Card Account

    • First of all, you must launch the Banking Page on your screen.
    • After this, choose the transaction and then hit the Bank Transactions option.
    • Suppose you set up a bank account for the first time; choose the Connect Account option. Otherwise, go with the Link Account option to proceed further.
    • In the next step, you must look for your Bank. Moreover, you may also link with most financial institutions, even though they are small credit unions.
    • You must use the correct login credentials to enter your bank account and hit the Continue button.
    • Thereon, thoroughly read the Terms and Conditions and tap the Agree button. Later, go through the instructions on the screen to link with your Bank.
    • Furthermore, pick any accounts you wish to link with, say your savings, checking, or credit card account. Afterwards, go to the matching account type via charts of accounts in QuickBooks.

    If you don’t get the right account type in the drop-down, apply the steps below.

    • You must choose how far you wish to download the transactions. Selecting the transactions is important because some financial institutions allow downloading transactions for the last 90 days. At the same time, few banks permit downloading the transactions up to the last 24 months.
    • At last, you must choose the option that says “Connect”.

    2nd Stage:- Get the Recent Transactions Download

    QuickBooks lets users download the most updated transactions, so you won’t have to enter them manually. To get the recent transactions, you have to refresh the bank feeds. Furthermore, go through the process given below to download the transactions.

    • Firstly, all you need to do is to access the Bookkeeping Page.
    • After this, choose the Transaction menu and pick the Bank Transaction by clicking the drop-down menu.
    • Next, you must pick an update for updating the transaction in detail.

    3rd Stage: Categorization of the Bank Transactions

    Once you have successfully downloaded your transaction, tap on the Review option.
    After this, select Categorize your transactions from the options available.
    Then, once you review and organize your transactions page. Herein, you must review all the transactions to verify whether they are categorized correctly.

    Different Methods to Add Bank to QuickBooks Online

    After connecting your Bank or credit card, you must add your Bank to the QuickBooks Online application. For this, you must carry on with the following procedure.

    Method 1: Direct Feed Connection

    • Begin the process by tapping the Banking Page and then proceed to the next step.
    • After this, hover your cursor over the Link Account button.
    • Thereon, you must include the bank name within the Direct Feed Page on your screen.

    Method 2: Include the Bank Account Manually

    If you found that your Bank isn’t allowing the feature of bank feed, then you can do it manually.

    • In the beginning, launch the Charts of Accounts in the Accounting tab.
    • Thereon, move to the New option and include the account particulars into the Account Type. 
    • Afterwards, choose your Bank and then proceed further.
    • Now, you must include the type of the custom bank name of your account. Then, within the Description box, you can include the description of an account.
    • Next, within the Currency Field, you must add the currency the Bank gives.
    • Finally, you will see that the Balance Section will represent the Opening Balance of Your Account.

    Here’s How to Use QuickBooks Online Banking Services

    Once you have set up QuickBooks Online banking, you must use the banking services to get the most out of them. Are you thinking about how to use QuickBooks Online banking services? Well, it’s the right place you are looking for.

    1. Link With Your Online Bank Account:-

    You first have to link QuickBooks with your online bank account. For that, follow the steps below.

    • Firstly, tap the “Connect an Account” option and locate your Bank name from the list.
    • Once you find your bank name listed and log in to your bank account.
    • QuickBooks will eventually connect with your bank account as soon as you log in.

    2. Match Your Transaction:-

    Once your bank data is downloaded automatically, you can classify them as “Expenses and Deposits”. Thereon, you can tally them with the transactions you previously included in QuickBooks. Moreover, QuickBooks will help you categorize the transactions by “recognizing” your bank transactions. Furthermore, you will see that the recognized item will be displayed in Green.

    3. Excluding Transactions:-

    You might often notice that you have a bank statement that carries the transactions you don’t want to include in QuickBooks. In such circumstances, you must remove those transactions by choosing the concerned transactions. Later on, pick “Exclude Selected” from the “batch actions” menu.

    4. Bank Rules:-

    The users may also apply some of the additional rules beyond the automatic authorization. Customizing and automating bank transactions will help QuickBooks save time and reduce the chances of errors.

    To create a rule, choose the drop-down arrow beside the File Upload in the Banks or Cards screen. After this, you must choose the “Manage Rules” option. Then, you have to create new rules, modify the existing ones, and remove those you won’t require anymore.

      Final Thoughts!!

      With this post’s help, we ensure that setting up and using the QuickBooks Online banking services has become easier for you. However, if you are still struggling while accessing the banking services, don’t get panic. You have to contact our professionals via live chat or email support facility and fix your problem. They will ensure that your issue gets resolved permanently without any struggles.

      Commonly Asked Questions:-

      Q1. What would happen if QuickBooks Online not working?

      Ans. If QuickBooks Online is not working, users won’t be able to link their bank account with QuickBooks. Thus, it prevents the users from downloading the latest transactions.

      Q2. How much time will it take for my transaction to show in QuickBooks?

      Ans. The transactions within the QuickBooks Online update every 24 hours. However, if you choose the Update option, QuickBooks will eventually retrieve any transaction which is available in real-time.

      Q3. Can I re-authenticate my connection if I change my online banking password?

      Ans. No, it is not compulsory to re-authenticate the connection if you have changed your online banking password.

      Q4. What should I do to verify the date of the oldest transaction?

      Ans. To check the date of the oldest transaction, you must apply the steps below.

      • Move to Bookkeeping or Accounting and then choose the Chart of Accounts option.
      • After this, choose the View register next to the account where you wish to add transactions.
      • Thereon, look for the oldest existing transaction and copy that date.

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      Adam Zampa

      I am Joe Watson, founder of QuickBooksupportnet.com, engaged in helping QuickBooks users with the relevant services in the hours of their need. After gaining immense knowledge and skills in accounting, bookkeeping, and relevant technologies, I felt the need for this knowledge to be shared, which is why I started this service.