The procedure to import bank transactions into QuickBooks has been made simple in this brief blog. The steps involved are given as under:
- Choosing a start date
- Obtaining transactions from the bank
- Double-checking the format and size
- Uploading the transactions manually
- Grouping the transactions
- Getting the transactions reconciled
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Methods to Import Bank Transactions into QuickBooks Online
Steps to Import Bank Transactions into QuickBooks:
1st Step: Choosing a start date
- The first step requires choosing Chart of accounts.
- Thereafter, locate the credit card or bank account to which you want to upload the transactions.
- Thereafter, pick the option to View register.
- Locate and record the earliest transaction date. Typically, the opening balance is the oldest transaction.
2nd Step: Obtaining transactions from the bank
- This next step requires logging to the website of your bank.
- Afterward, download the CSV files corresponding to your transactions.
- Subsequently, verify the date range. At least one day should have passed since your earliest transaction date.
- Save a copy of the transactions. It is recommended to save the file in a location where you can access easily them.
3rd Step: Double-checking the format and size
- Check out the file from your bank after opening it. Before uploading, verify that it is in the proper format. Remember that 350 KB is the maximum allowable file size.
- You should consider reducing the date range and downloading the transactions in smaller batches if the file is too large.
4th Step: Uploading the transactions manually
You can then upload the transactions manually.
5th Step: Grouping the transactions
- Once the transactions are uploaded to QuickBooks, you should group/characterize them. After reviewing the transactions, they will be added to the account.
- Additionally, QuickBooks Online automatically enters some information if you have set up any banking rules already.
6th Step: Getting the transactions reconciled
You now have all the transactions in QuickBooks. The final step requires reconciling them. This step guarantees that your data is accurate and that no transactions have been recorded twice.
This brief blog contains all the information you need to import bank transactions into QuickBooks. The set of 6 steps discussed in this article should have helped you in setting up your transaction. For assistance on further QuickBooks-related issues, read a myriad of blogs on troubleshooting QuickBooks issues. You can access the article and the FAQ section for the same.
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