How to Import QBO File into QuickBooks Desktop/Online

QuickBooks is one of the most popular applications small- and medium-sized companies use to manage their accounts and auditing needs. You can get all the QuickBooks features through a connection to your bank and credit card credentials. The bookkeeping allows alleviated productivity and saves time within companies, as QuickBooks allows quick transactions through online approvals.

A QuickBooks Online file is nothing but a download copy of your bank activity from your online banking account into the QuickBooks Bank feed view section. With the help of QuickBooks online file in the QuickBooks, you will be able to download the bank transactions in the QuickBooks GL without much hassle. So, let us look into the process steps of importing a QBO File into QuickBooks Online.

These bank statements are essentially and automatically downloaded when you engage in banking activities. These bank statements, or the QBO files can be imported into QuickBooks Desktop.

Continue reading this article to learn how to import such files into QB Desktop.

What is a QBO File?

As mentioned earlier, QuickBooks requires downloading your bank statements to bookkeep all the data. This is where the essentiality of the QBO file arises. QBO is the abbreviation for QuickBooks Online bank statement file. QuickBooks uses this file when you open bank transactions. The financial statements that are stored in your bank’s server are downloaded in this format by QuickBooks to keep the records of your banking transactions. In other words, it is an electronic statement of your banking transactions.

How to Import QBO File into QuickBooks Online?

You can refer to below steps to Import the QBO File in QuickBooks Online:

• At the start, Login into QuickBooks Online and then click on Banking. Select the account your must have created earlier.
• Now look for the File Upload button at the top right corner of the screen. Refer to below image.

• Now Click on Browse and Select the QBO File and then Click Open and Next.
• Ensure to Review Your QBO File by Filename, Account ID and Type, and Date Range, etc.
• If everything Seems fine, Click on Next to Import Your QBO File, and after that Click on Next.
• Now you will be able to see the downloaded bank activity in the ‘For Review‘ tab. Herein you will have to categorize the Transactions and match them to vendors.

How to Import QBO File into QuickBooks Desktop?

To import a QBO file, you need to follow the steps mentioned below.

• Login to QuickBooks Account.
• Navigate to the File Menu and search for Utilities.
• Click on Import once you select Utilities.
• You will see further options under Imports. Tap on Web Connect Files.
• Select the downloaded QuickBooks Online file.
• Press the “Use an Existing QuickBooks Account” option to choose “Bank Name“.
• Tap on “Continue” to follow the QBO Bank Account for all transactions.
• The data import is complete, so press the “Transaction List” to review all transactions.

Now that you are aware of the importing process, you might wonder about its importance in managing accounts and auditing.

Why Importing QBO Files to QuickBooks Desktop Essential?

QuickBooks allows users to manage their accounts but it will be for the naught if there are no bank transactions or entries into the books that can be managed. Thus, importing QBO files ensures that the users:

• Allow access permission to QuickBooks for their accounts.
• Do not have to enter information manually to save time and effort.
• To keep all their books up to date.
• To reconcile in QuickBooks procedure easily if they lose data from any of the files.
• Do not overlook any transaction or report.
• To review all the expenses through the books in the QB application maintained via QBO imported transactions.

You now know why importing the QBO files is essential but you should also know that once the QBO files get uploaded, the payee section becomes empty.

In this situation, you need to create a rule to automatically fulfill the payee column.

What is a Rule and How to Make it?

When you download bank statements for your transactions from your bank, you are required to categorize them to direct them to the correct accounts. This review process is sped up using bank rules. You can create these rules to automatically manage your accounts. QuickBooks follow these rules and categorize your transactions more efficiently.

So, to increase productivity you need to know how to make a rule. Follow the simple steps to conduct the process.

• Navigate your cursor to the “Rule” and click on “Manage Rules.“
• After that, Select “Add New.“
• Type the rule name.
• Click on the Description field and type the “Common Contains” of the memo.
• Press “Rename” and type the payee field to select “Add.“
• Select the preferred category and type the “Accounting Field.“
• Click on “Save.“

In several cases, you already have a certain rule but need to modify it for other specifications.

How to Modify a Rule?

To Modify a Rule, You need to:

• Select the preferred rule for modification.
• Visit the “Action Column” and from the drop-down list.
• You will find the edit rule or delete rule options as “Edit Rule or Delete Rule.“
• Select your preferred option to delete or change a rule.

Alternative Method

You can also use this alternative method if the mentioned one fails:

• Open your QuickBooks Online Account.
• Visit the banking section and enter your existing account.
• Select the file upload option on the top-right corner of the screen.
• Press on the browser tab now.
• Search for the QBO file and open it.
• Press Next. Make sure that the selected file is correct via account ID, date range, file name, etc.
• Once you are sure that the contents are right, hit next to import the file.
• After the successful import of the file, enter next again.
• Review the transactions by entering the review section.
• Mark the transactions to their merger vendors and categorize them accordingly.

What are the Different Importing Methods for Windows and Mac Users?

Using QuickBooks Desktop and Online is a bit different for Windows users and Mac users. Even though the basic procedure is the same, some differences can confuse users.

Check the methods to follow as a Windows user and a Mac user.

For Windows Users

Before starting to import, make sure to notice the yellow strike icon, which represents the enabled virtual direct download. It stops downloading new transactions while you are importing files.

Now, on with the process:

• Click the Lists menu in QuickBooks.
• Navigate to the Chart of Accounts.
• Check if there is a yellow strike icon. If yes, then move to the importing process provided above (Step 2).
• Right-click on the edit account option.
• Now, Press the bank feed settings option.
• Click to deactivate all online service options.
• Repeat the steps if the yellow icon remains.
• Follow the importing procedure mentioned in the second section of this article (How can you import QBO files into QuickBooks Desktop?).

For MAC Users

Like Windows users, Mac users will see a blue ball icon in place of a yellow strike icon. The blue ball icon also depicts the turned-on or -off virtual direct download option. To manage this:

• Navigate to the Lists menu in the QuickBooks application.
• Select Chart of Accounts.
• Right-click the edit account option.
• Click on the online settings section.
• Press on Not enabled, then save.
• Press OK.
• Notice the gear icon and see if the icon persists.
• Follow the importing steps as above (Step 2 onwards from the second section of this article).

How often should You Import QBO Files into QuickBooks?

Importing the files into QB once a month should be enough to keep the records of your transactions. It is so because the basic term period for profit and loss statements and other reports is annual.

Many users are worried about data loss from their bank statements but it is baseless because their banks already have these data. The information is also downloaded in QBO files. Despite that, if you require generating the reports in less, you can import more frequently.

Final Words

QuickBooks provides tremendous advantages to the companies using it to manage their accounting and auditing. However, it is also essential to note the matters that allow companies to track their transactions. Importing the bank statements (QBO files) is therefore required.

The article presents all the methods and other necessary actions to import a QBO file into QuickBooks Desktop. If you are still not clear, feel free to contact our experts or the official website of Inuit to be enlightened.

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