These days life has become more accessible and easier with great features of accounting software. QuickBooks allows users to easily access all their bank transactions and store them for at least 90 days. By making use of great features, users can download transactions to QuickBooks via WebConnect or DirectConnect. You can also download using CSV import functionality. In this post, we will discuss all the methods one by one so read this post until the end.
Why do you Require to Download Transactions to QuickBooks
The banking feature lets users connect their bank accounts to QB so that they can keep track of business income and expenses with much ease. Once the transactions are available in QB then you need to accept them in your books or balance them with the ones you’ve made.
Afterward, you must check the balances in your bank account against the balances. It is also suggested that you do this at least once a month in order to prevent long periods of reconciliation at the end of the month.
Important pointers take into consideration before downloading the transactions
There are certain things; you need to take care before moving to the downloading procedure. Few important things are mentioned below. Just have a look:
- The very first, you have to take a backup of the company file record before download or import. It can help you later in case you want to use it again if required.
- Importing transactions more than once into the corresponding QB Online organization’s folder is difficult. Make sure the budget organization will have the option to “discharge” the exchanges on their side so that QuickBooks can easily import them one again.
- If it is possible, you can contact your FI or bank to verify they are capable of doing so.
- Only WebConnect records (.QBO) can be put in QB Desktop at this time. QFX and QIF reports are documents that can’t be put in QuickBooks Desktop from Quickens budget information.
Methods to download transactions to QuickBooks
You can download transactions to QuickBooks using two different methods and that includes WebConnect, DirectConnect, and using CSV import. Both WebConnect and DirectConnect let the transaction flow into QB but if you want to import your transaction then manually you can do it. Let’s see one by one method:
Method 1: Using WebConnect
To connect with a bank or financial institution using WebConnect, it is required to have a proper web browser such as Internet Explorer or Google Chrome. Two techniques involved in this method:-
- Initially, open your bank site inside QB
- Next, from the Bank Feeds Center section, choose the appropriate bank
- After that, hit the Download Transactions button
- At last, the QB Program window starts and springs up on your bank ‘s screen. Use your ID and password, or secret word.
- Firstly, access to your site of the bank outside of QB using a Google Chrome or Internet Explorer
- Next, sign in to ledger by using the ID and password or code word
- Now, download the online transaction activity via .QBO (QB Web Connect) file
- At last, import .qbo (WebConnect) file.
Method 2: Using DirectConnect
There are few things that need to consider before using DirectConnect:
- The transactions that you access first include the maximum number of transactions. Therefore, it is required to suit the most recent transactions and delete the remaining transactions by removing the statement.
- Make a note that downloading previous bank transactions is not a function of DirectConnect.
- Unless you wish to avoid duplicating entries, you cannot download it again once you have deleted a downloaded statement.
Follow the given steps to download the transactions:
- The very first, go to the Banking Menu >> Bank >> Feeds >> Banking Center
- Select the record from the Bank Accounts’ list that you wish to modify
- Next, erase and alter things with the help of the drop-down menu
- Now, hit the Download transactions when you are ready to submit
- After that hit the “Sync this record” in order to synchronize
- Or just click on sync to check all approaching and current transactions only for this bank.
Method 3: Using CSV import
If you’ve signed in to access bank transactions in QuickBooks Desktop through DirectConnect or WebConnect that may go back longer than what your bank provides. Use CSV import features, you can import them with ease.