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How to Set Up Bank Feeds in QuickBooks Desktop for Windows?

With the help of this article, you will know whole about how to set up bank feeds in QuickBooks for […]

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With the help of this article, you will know whole about how to set up bank feeds in QuickBooks for windows. In this, you will know about how to set up an account for Bank Feeds, connect with direct connect, and download bank transactions. Bank feeds are one of the most time-saving automation that QuickBooks offers. This will tell you the simple steps of Bank Feeds.

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By reading this article you can set up Bank Feeds easily and can reduce the amount of time that it takes to classify transactions in the Banking Center.

Set up an Account for Bank Feeds

in this article, learn how to set up a bank account and connect it to Bank Feeds in QuickBooks Desktop.

Your bank and credit card accounts can be connected to online banking in QuickBooks Desktop using Bank Feeds. You can avoid manually recording your bank transactions by downloading your bank transactions. By reading the above article you can easily know the basic info about Bank Feeds in QuickBooks for windows.

With the help of two ways, you can set up an account. You can connect with Web Connect or Direct Connect. The options at your bank depend on how you connect.

Connect with Direct Connect

To use this method, you will require a PIN or password from your bank. You can download your electronic statements to your Bank Feeds after setting up the account. QuickBooks creates an account for Bank Feeds automatically when you download transactions for the first time.

Ask your bank if there is a fee or if the service is free before you start.

Bank-provided Credentials

  • First, you have to go to Bank Feeds which is available in the Banking option.
  • Then choose Set up Bank Feeds for an Account.
  • In the Enter Your Bank’s Name field, enter and then choose your bank.

Choose the Enrollment Site link if this is your first time enrolling. The necessity to apply for Direct Connect can arise. Contact your bank if it needs to approve your application. If you require unique sign-in credentials, inquire with them.
After Enrollment:

  • Choose Continue.
  • Type in your password and user ID for online banking.
  • To connect QuickBooks to the server at your bank, select Connect.
  • Choose the bank account you want to connect to your QuickBooks account.
  • When the connection is complete, click Finish.

Connect with Web Connect (.QBO) Files

You can download a file (.QBO) containing the transactions for your company from your bank or credit card if your bank doesn’t offer direct connect. To add those transactions to your accounts, you then import that file into QuickBooks.
If your bank offers Web Connect:

  • Choose Bank Feeds, then Import Web Connect Files from the Banking menu.
  • Then select Open, then pick the .QBO file you saved.
  • When prompted to choose a bank account:
    • If the account you’re importing transactions into is already configured in QuickBooks, Use an Existing QuickBooks Account.
    • If the account you’re importing transactions into doesn’t already exist in QuickBooks, Create a New QuickBooks Account.
  • Choose Continue. A dialogue box informing you that the data was successfully read into QuickBooks will appear. Then click on OK.
  • You can review your transactions by going to the Bank Feeds Center.

Edit Bank Feed Settings for Bank or Credit Card Accounts

For the Bank Account you use with QuickBooks Desktop, you can change your login information and other details. Simply turn off your bank feeds to make any necessary modifications. Then configure your Bank Feeds once more.

  • Disconnect Your Bank Feeds for Your Account.
  • Then make Your Changes.
  • For Your Account Set up Bank Feeds.

Download Bank Feed Transactions

With the help of this article, you will know how to download bank feed transactions in QuickBooks Desktop. This covers the Bank Feeds in QuickBooks for Windows. After setting up your accounts for bank feeds, you can start downloading transactions from your banks.

Below are a few things to keep in mind:

  • Before you begin downloading, make a backup of your QuickBooks company file.
  • Transactions cannot be downloaded more than once into the same QuickBooks Desktop company file. To enable QuickBooks to Download the transactions once more, your bank might be able to reopen them on their end. For assistance with this, get in touch with your bank.
  • Only .QBO files can be used with web connect. Quicken files of other formats, such as QFX and QIF, won’t function. On the Intuit Marketplace, a few third-party applications that can handle QIF are available.

Download Transactions

To download transactions bank offer one of two ways. Select the method of download to learn how to use them.

  • Web Connect
  • Direct Connect

Download using Direct Connect

When you first connect, QuickBooks will immediately download the most transactions from your bank that are accessible. This can allow you access to up to a year’s worth of previous transactions, depending on the bank. Most banks only allow you to download 90 days’ worth of transactional history.

  • First you have to go to the Banking.
  • After choosing Bank Feeds, choose the Bank Feeds Center.
  • Select the account you want to connect from the Bank Accounts list.
    • (Optional) To edit or cancel a payment, click the Online Checks link under Send Items to Your Bank.
  • Select Download Transactions when you’re ready to get your transactions.

Note: Choose Transaction List if you have already downloaded the transactions but have not yet reviewed them. How to review them is given below.

  • Now you have to click on Synchronize.
    • Select Sync this Account if you just want to download transactions for a certain account.
    • Select Sync all for This Bank to download transactions for every account you have with the same bank.
  • To connect to your bank, enter your PIN or password in the Access to the window.
  • Lastly, you have to click on OK.

You must match existing transactions or add any new ones after downloading them.

Note: Any remaining (already matched/added) transactions may be deleted. You cannot download the same transactions again after deleting them. Avoid duplicate entries.

Download Using Web Connect

You can specify a date range for downloads with some banks. If your bank does not offer this choice, you will automatically download the maximum number of transactions available the first time you download. Depending on the bank, this could take 30, 60, 90, or even longer.

Two ways to import transactions by Web Connect:

If you are using QuickBooks Desktop

  • First, you have to go to Banking.
  • Select Banking Center, then Bank Feeds.
  • Go to your bank’s website and choose Download Transactions. This will open a browser window to your bank’s website.
  • Download the Web Connect file by logging in to the website of your bank.

If you are outside of QuickBooks Desktop

  • Go to the website of your bank by opening a web browser.
  • Use your normal method to log into your bank account.
  • Your transactions can be downloaded as a QuickBooks Web Connect (.QBO) file.

Note: The process for getting QuickBooks Web Connect files varies depending on the bank. Visit your bank’s website and look at their instructions if you’re unsure how to proceed. Contact your bank for assistance if you are unable to find any.

  • When you have the Web Connect file, import it into QuickBooks Desktop by following the steps.

Add and Match Bank Feed Transactions

Here, find out how to add and match bank feeds transactions.

In QuickBooks Desktop, there are three different Bank Feed options available. Each displays and handles transactions in a unique way. The check numbers, amount, date, and who paid you are taken into consideration by QuickBooks when it finds a match. This article is a part of a series on QuickBooks for Windows’s bank feeds. In this article, you will read about Add and match Bank Feed transactions in QuickBooks Desktop.

Step 1: Download Transactions to QuickBooks

In Advanced Mode, you can also sync transactions from multiple accounts with a bank.

  • Choose Banking from the menu.
  • To view the transactions under each category, hover over Bank Feeds and choose Bank Feeds Center.
  • Select Sync This Bank after choosing a bank.

Step 2: Review and Match Transactions

The transactions in your electronic account statement must be compared to those in QuickBooks once you download it. In this way, you are able to determine which transactions your financial institution has processed and which haven’t yet been cleared by the bank.

Based on information from your bank and information in QuickBooks, your transactions are divided into three categories.

Take a look at Your Transactions:

  • Activate the Banking menu.
  • Review the transactions in each category by selecting Bank Feeds and Bank Feeds Center.

For the Bank Feeds Mode Match Transaction You use

  • Advanced Mode
  • Express mode
  • Manually match transactions
  • Classic mode

Express Mode

In order to match bank feed transactions to any existing entries in the associated account, QuickBooks tries to do so. If no match is found, QuickBooks creates a new transaction on your behalf. Before adding them to the register check the matches.
Match categories are:

  • (Need Your Review) Unmatched: There is no QuickBooks account associated with the download transactions.
  • (Changed By Rules) Renamed: One of the renaming rules creates a new transaction that is prepared to be added to the register if there is no match.
  • (Auto) Matched: When comparing the downloaded transaction to one in the related account, QuickBooks found a match.

A checkmark appears on QuickBooks matches. Then, from the Batch Actions or Actions dropdown, choose Add/Approve or Approve if you agree with the match. If not, the transactions remain pending.

Choose Not a match if you don’t concur with the match. Transaction status now reads Unmatched.

What to do if QuickBooks Can’t Find a Match

Sometimes QuickBooks is unable to match a transaction.

  • Perhaps you haven’t yet entered it into QuickBooks. The status should become Matched as a result.
  • The transaction could have a different name, value, date, or transaction number. Locate the transaction in QuickBooks and make edits is based on your bank records. By doing this, the downloaded transaction’s status will be changed to Matched. Important: Only do this if you know that QuickBooks contains the exact match.
  • QuickBooks won’t match two downloaded transactions that are identical to one that has previously been reconciled. The CLR column of the reconciled transaction is checked.
  • QuickBooks might download duplicate statements or transactions, however, this is rare. Even if all the information is the same, transactions that contain a lightning bolt in the CLR column won’t match again.

Classic Mode

Match categories are:

Match Downloaded Transactions: The transaction you’ve entered in QuickBooks matches to the one on the electronic statement.

  • You don’t need to do anything if you agree with the match.
  • Unmatch the transaction if the match doesn’t agree.

Unmatched Transactions: There is no transaction in the account for QuickBooks that matches the transaction in the electronic statement. A few reasons this can happen:

  • Perhaps you haven’t yet entered it into QuickBooks. The status should become Matched as a result.
  • A typo or the wrong account is present in the transaction in QuickBooks.
    • In QuickBooks, correct the transaction as it matches the one on the electronic statement.
    • Create an alias in the electronic statement to a name in QuickBooks if there is no match due to the name.
    • Manually matching the transaction is possible.
  • The transaction on the statement is wrong due to a mistake made by the financial institution.

The Items Received section removes the statement from the Bank Feeds Center once all transactions have been matched or entered to QuickBooks.

Advanced Mode

  • Recognized transactions
  • Partially recognized transactions
  • Unrecognized transactions

Recognized transactions

  • Your transactions Match Status is as follows on the Recognized tab:
    • Auto-matched Transactions: Transactions that automatically match your bank transactions include those in QuickBooks.
    • Rules Applied: Transactions that are matched by rules. The rule is obvious when you look over the transactions.
    • Auto- Recognized Rule: QuickBooks matched since the Description or Downloaded As had an exact match with the vendor’s name and you have an account assigned for it.
  • You have to review each transaction, then from the Action column, select either:
    • Approve: The transaction will be added to your register if the transactions match.
    • View Details: show additional information about the transaction.
    • Not a Match: This informs QuickBooks that the transactions don’t match. The unmatched transactions will be moved back to the Need your review section if there are no other possible matches.

You can choose Batch Actions for multiple transactions to rapidly match them to transactions. Select the transaction to view the details in QuickBooks if you’re unsure about it.

Partially Recognized Transactions

These can correspond to multiple transactions in your account. You must choose the best match from a list of existing transactions in QuickBooks.

  • Ignore: By doing this, the transaction is removed from your list. When you have several transactions to ignore, pick them all before choosing Ignore Transactions from the Batch Actions dropdown menu.
  • Add more Details: By doing this, you can add a new transaction as opposed to using one from QuickBooks.
  • Match to Other Transactions: You can choose a transaction to match with manually using this.

Unrecognized Transactions

Whether no rules could be applied or transactions that don’t match any transactions in your books.

  • Choose a transaction from the Unrecognized tab, then edit the transaction details, or pick one of these options in the Action column:
    • Add: If you don’t need to add transaction details or monetary splits across accounts or jobs, this puts it to your register.
    • Add more Details: To split a deposit between accounts or a vendor payment among various customers: jobs/accounts, you can enter further information.
    • Match to Existing Transactions: Find it and compare it to an existing transaction in your books.
    • Ignore: By doing so, the transaction is removed from the list.

If you have multiple transactions, you can choose Batch Actions to add Name, Class, Account, Memo, or Customer: Job and make multiple changes all at once.

Record Credit Card Transfers

You can choose to record transfers for checking, savings, or credit card accounts. This can be used to record a payment transfer from a checking or savings account to your credit card.

  • Select the transaction from the Recognized, Partially Recognized, or Unrecognized tab, then pick Record Transfer from the dropdown.
  • Choose the account from which the transfer was made.
  • After entering the transfer information, choose Save and Add to Register.

View Transactions in Your Register

Transactions will start to appear under Added to register once you’ve added them to the register.

Check your register for transactions:

  • First, you have to go to Banking, then choose Bank Feeds Center.
  • Choosing the Added to Register tab.
  • To open a transaction, double-click on it.
  • Make any edits or attachment additions to this transaction.
  • Select Save and close.

Manually Match Transactions

A transaction in an electronic statement may not always match a transaction in QuickBooks. You can manually match it to open or posted transactions if this happens.

Advanced Mode

You can manually Match Your transactions to what is in your books on the Unrecognized tab.

  • From the selection in the Action column for the transaction, choose Match to existing transactions.
  • Find and select the matching transaction, select it, then choose Save and add to register.
    • Choose Resolve to split entries to balance the remaining amount if the amount is off. Resolving split entries for deposits and payments can also be added to an already posted transaction.
    • To indicate a complete or partial payment when matching a money-out transaction to a bill, edit the amount under the To Pay column.
  • When you’re ready to add the transaction to your books, choose Save and add to register.

Note: Resolve does not allow you to create split entries for the following transactions since they have already been posted or linked to your bank:

  • Bill Payments
  • Transfers
  • Multiple posted transactions
  • Paychecks
  • General Journal Entries
  • Sales Tax Payments
  • Open Bills
  • Liability Checks
  • Sales Receipts/Bill payments directly deposited to bank and not in Undeposited funds

Classic / Express Mode

  • First, you have to go to Banking, then choose Bank Feeds Center.
  • Make sure the right bank account is displayed in the Match Transactions window by opening the Financial Institution dropdown menu.
    • Select the View option.
    • Download and view the statement in an electronic statement.
    • Check to see that the Show Register checkbox is selected in the Match Transactions window.
  • Choose the statement transaction you need to compare to the register transaction.
  • To match then select the transaction in the register. Be sure that the amounts match.
  • Click on Match.

Deactivate Bank Feeds for an Account

Bank Feeds can be used to import transactions from your bank into QuickBooks. In QuickBooks Desktop, Bank Feeds may need to be disabled if:

  • Transactions don’t need to be downloaded.
  • You close your banking institution’s accounts.
  • Bank Feeds are no longer supported by your bank.

This article is a part of a series that provides an introduction to QuickBooks for Windows’s bank feeds.

Step 1: Delete or Match Your Transactions

Make sure to match or delete all of the downloaded transactions for the account before turning off Bank Feeds. If there are any pending transactions, QuickBooks won’t let you make changes.

Step 2: Turn Bank Feeds off

You can disconnect each account individually from Bank Feeds.

Desktop QuickBooks for Windows

  • Select the Chart of Accounts under Lists.
  • Then right-click on the account you want to turn off. Select Edit Account after that.
  • Click on Bank Settings.
  • Then click OK after selecting Deactivate all Online Services.
  • Lastly, click on Save and Close.

QuickBooks for Mac

  • Choose Chart of Accounts that is under Lists.
  • To edit, highlight the account and choose the Pencil.
  • Click on the Online Settings.
  • Now you have to select Download Transactions and then click on Not Enabled.
  • To confirm click OK, then click OK again.

In case you disconnect your account then QuickBooks won’t download new transactions.

With the help of the above article, you will be clear about how to set up Bank Feeds, download Bank Feed transactions, add and match Bank Feed transactions, and deactivate Bank Feeds for an account. In case you still getting any issues after reading this above article then you can connect with Dancing Numbers experts via LIVE CHAT any time as they are available round the clock and get the best possible solutions.

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Frequently Asked Questions (Faqs)

How to Turn on Bank Feeds in QuickBooks?

• First, you have to start by going to Banking
• Then go to Bank feeds and then select Set Up Bank Feed for Account.
• Below you will see the notification.
• Lastly, save and close any information that you have currently opened and click on yes.

How to Download QuickBooks Online Transactions?

• First, you have to open a web browser and then go to the website of your bank.
• Then you have to sign in to your bank account by using your normal process.
• Then download your transactions as a QuickBooks Web Connect (.QBO) file.
• After getting connected with the Web Connect file, you have to follow the steps to import it into QuickBooks Desktop.

How to Reset Bank Feeds in QuickBooks?

• At the top menu bar click on the list tab.
• After that select the Chart of Accounts.
• Then right-click on the account and click on the Edit account.
• After that go to the settings tab of Bank Feed.
• Now you have to select Deactivate all online services and click on OK.
• Lastly, click on save and close.

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Imports

Imports

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Customization

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Dancing Numbers supports all QuickBooks entities that are mentioned below:-

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Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
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Statement Charge

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Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

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How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

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What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

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Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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