How to Setup QuickBooks Bank Feeds?

Published by admin on Last Updated On :

setup quickbooks bank feeds

QuickBooks is always a standalone program which makes the accessibility of QuickBooks easier. With it, anyone can track down their business accounting health, just with a strong internet and a laptop or device. It also has a fantastic feature, Bank Feeds. It is an online banking feature in QuickBooks that helps you to connect with your banks. With Bank Feeds, you can download all your transactions and use other online services. So, to optimize the Bank Feeds feature, you have to set it up in QuickBooks.But it can be a challenging task for those who are going for it for the first time. So, this blog helps to setup QuickBooks Bank Feeds in easy steps. But let’s know in brief about the Bank Feeds.

 

Why Go For Setup QuickBooks Bank Feeds?

The QuickBooks Online Bank Feed is an advanced feature that lets you track and organize all income and expenses. It automatically tracks all the transactions of the account; that is why it has a Bank Feeds feature.

When you setup QuickBooks Bank Feeds, you can easily sync your bank accounts and credit cards and also track transactions. Whether you are depositing or withdrawing cash, using a credit/debit card or online banking, and any loan payments, it creates transactions and imports them to QuickBooks Online. This saves your time downloading different transactions of different payment methods; it does for you automatically. But you must make sure that your back and merchant accounts are connected with QuickBooks.

After knowing about the Bank Feeds, let’s initiate the QuickBooks Online Bank Feeds setup.

How to Setup QuickBooks Bank Feeds?

If you have more than 1 account, Bank Feeds features allow you to connect up to 40 accounts. But if you have more accounts than the limit, you have to separate the account that you want to connect between two or more Company files.

Setting up the Bank Feeds in QuickBooks has two methods. You can connect your bank account with the Direct and Web Connect method. The connection entirely depends upon the availability at your bank. Now, let’s proceed to the setup process.

Setup with Direct Connect

Intuit Direct Connect is a solution that supplies all Banner Online Banking clients. It also has the capability to connect automatically and access all the information of the account. Also, download all the transactions straight from QuickBooks.

To set up QuickBooks Bank Feeds with Direct Connect, you will need a password or PIN from your bank to operate this connecting method. Let’s start:

Note: Before starting the method, check from your bank that it doesn’t charge for the service or that it’s free.

Bank-Provided Credentials

When you asked the bank for the credentials, your bank sent the Customer ID and the Password to setup QuickBooks Bank Feeds. Also, carry the following ones:

  • Account Number – Can be found in the bank statements. If not, then contact FI.
  • Routing Number – The router is a 9-digit number given by FIs; you can find it from the checks.
  • Account Type – Contact the bank to know the account type or check from the bank web or app. QuickBooks does not do it. Have a look to clarify.
Account Type at FI Account Type in QB
Checking Bank
Savings Bank
Money Market Bank
Line of Credit Bank
Credit card Credit card
Line of Credit Other current liability

After completing all the necessaries, move to setup the Bank Feeds with the following:

  1. Firstly, from QuickBooks, click on the Banking tab.
  2. After the tab opens, go to the Bank Feeds.
  3. Here, you have to provide your bank name in the “Enter Your Bank’s Name” field and choose your bank.

If you are utilizing the Bank Feeds for the first time, choose the Enrollment Site link to setup QuickBooks Bank Feeds. You have to apply for Direct Connect. In case your financial institution ants to approve your application, then you should contact them and ask them that you require some unique sign-in credentials. When you are done with the enrollment, go through the following means to set up Bank Feed in QuickBooks Online with online banking:

  1. Click on Continue.
  2. Thereafter, you have to enter your Online Banking User ID and Password.
  3. Now, click on Connect option to set up your QuickBooks to the Bank’s Server.
  4. After that, choose the Bank Account to connect your account with QuickBooks.
  5. Lastly, click on Finish when the connection is established successfully.

Now, this is the Direct Deposit method to connect the QuickBooks Bank Feed doesn’t help you, let’s go through the other method.

Read about:- Quickbooks desktop to online

Setup with Web Connect (.QBO) Files

Sometimes, the banks don’t permit the setup QuickBooks Bank Feeds with Direct Connect. In that cases, you can download a file (.QBO) with the Company’s transaction from the credit card or bank. After downloading the transaction, import the file to QuickBooks to configure those transactions to accounts. Following are the steps:

  1. Firstly, go to the Banking and choose Bank Feeds.
  2. Secondly, select Import Web Connects
  3. Now, you will be asked to choose your bank account:
  • Use Existing QuickBooks Account: Choose this option when the account is importing transactions that are already set up in QuickBooks.
  • Create a New QuickBooks Account: When the account isn’t created to import the transactions.
  1. After selecting, click on Continue to setup QuickBooks Bank Feeds.
  2. Here you will see a dialog box notifying you that the data was successfully read into QuickBooks,
  3. Click on OK.
  4. Finally, go to the Bank Feeds Center, and check your transactions.

Now, you successfully setup QuickBooks Bank Feeds. Somehow, if you want to discontinue this feature and don’t know about it, then we have the solution for that.

How to Disconnect QuickBooks Bank Feeds?

There are many scenarios where users want to disconnect the QuickBooks Bank Feeds as they no longer want to use it. For that, we provide you with the following steps.

Step 1: Contest and Eliminate Transactions

When you are going to discontinue the Bank Feeds, ensure that you have matched and deleted all the downloaded account transactions. Also, QuickBooks won’t allow making any changes if there are pending transactions. After this, follow the next step.

Step 2: Disable Bank Feeds

In this step, you can discontinue the Bank Feeds feature from the Bank Feeds one at a time. Disabling the setup QuickBooks Bank Feeds are different for Windows and Mac. We have provided you with the steps for both OS.

For Windows QuickBooks Desktop

  1. Firstly, go to the Lists and click on the Chart of Accounts
  2. Secondly, right-click on the account that you wish to disable or turn off.
  3. Now, click Edit Account and go to Bank Settings.
  4. After that, choose Deactivate all Online Service option and hit the OK
  5. Lastly, click on Save & Close.

For Mac QuickBooks Desktop

Following are the steps to setup QuickBooks Bank Feeds in the Mac version.

  1. In the first, go to Lists and click on the Chart of Accounts
  2. Now, choose the account and the Pencil to edit.
  3. After that, click on Online Settings and choose Transaction.
  4. Thereafter, click on Enabled and click OK to confirm.
  5. Finally, click on OK.

When you disable the account, QuickBooks will not download any new transactions.

If you already have an existing QuickBooks and you want to setup Bank Feeds in it, then you should go with the following section.

Read about:-quickbooks tool hub

How to Setup QuickBooks Bank Feeds in Existing QuickBooks Account?

To set up the Bank Feeds, you have to setup an account with the help of the Chart of Accounts and then choose the Create New Account option. Another way to set up is to go to the Lists menu. Here’s How;

  1. Go to the Lists menu and then go for the Chart of Accounts.
  2. From the Account dropdown and then click New.
  3. Now, from the Choose Account Type wizard, click on Bank and then Continue.
  4. After that, from the Add New Account wizard, set a Bank Name.
  5. Choose Enter Opening Balance button and Statement Ending Balance based on your bank statement type, and then Statement Ending Date.
  6. Now, click OK.
  7. Finally, click on Save & Close.

After setup QuickBooks Bank Account, connect your bank account and start the transaction download.

Finishing Up

It is best to setup QuickBooks Bank Feeds. It will help you to track and handle all the bank-related transactions, whether it’s about credit or debit. So set up the Bank Feeds in QuickBooks; we have derived the easy steps you can perform. The experts approve these steps, so there is confusion while operating the setup with the above steps. But after setting up Bank Feeds, if you are facing any issue or are not able to work on and need specialized help, then contact our ProAdvisors through Email or Live Chat. You will get your solution immediately.

You can comment if you have any doubts regarding the steps; we are always here to assist you.


0 Comments

Leave a Reply

Avatar placeholder

Your email address will not be published.