Learn how to set up a bank account and connect it to Bank Feeds in QuickBooks Desktop:
QuickBooks Desktop allows you to use Bank feeds for connecting the bank and credit card accounts with online banking. This feature eases the process, as you do not have to record them manually. It is possible for you to set up bank and credit card accounts for online banking in single user and multi-user mode. You can set up an account in two different ways and we will help you do that. Either you can connect with direct connect or Web Connect. This entirely depends upon what’s available at your bank. To help you with the procedure, here we are with this segment sharing the entire process to set up or edit bank accounts for bank feeds in QuickBooks desktop.
Before you proceed, note that you can connect around 40 accounts, and in case you need more than that, separate the accounts that you need to connect between two or more company files. Now, without ado let us explore the procedure to setup or edit bank accounts for Bank feeds in QuickBooks desktop together. For any queries call us at 1-800-7610-1787.
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Steps to Setup or Edit QuickBooks Desktop Bank Accounts for Bank feeds
As we mentioned earlier, you can connect the accounts to bank feeds in two different manners. Here are the detailed steps that can be performed:
Steps for downloading your transactions with direct connect
Well, for this process, you will require a PIN or password from the bank. Once you set up the account, you can download the electronic statements to the bank feeds. When the transactions are downloaded for the very first time, QuickBooks sets up an account for bank feeds. And before you proceed, make sure to find out from your bank, if a fee is allocated or not.
Bank provided credentials
- Head to Bank feeds from Banking menu.
- You will then have to select Set up bank feeds for an account.
- Now you need to enter and choose the bank in the Enter your bank’s name field.
Just in case you are enrolling for the very first time, then simply choose the Enrollment site link. Now, apply for the option of direct connect. In case your bank requires to approve the application, then contact them. Also, ask them in case special sign-in credentials are required.
Once you have enrolled, here is what you need to do:
- Initially, you need to choose Continue tab.
- Next, enter the Online banking Id and password that you have for your account.
- After that select Connect your QuickBooks to your bank’s server.
- Also, go for the Bank account you wish to connect to the account in QuickBooks.
- And towards the end, choose the Finish tab after the connection completes.
In situations when you download the transactions from the bank for the very first time, the software will automatically set up the account for the bank feeds. After setting up the account, you will be able to download transactions from the bank.
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Steps to import web connect (.QBO) files
It should be noted that the web connect .qbo files are basically the online banking transactions from the bank’s website. The .qbo files can be downloaded and also saved on the system. After which, you will be able to import the transactions so that they become available in the bank feeds. Just in case your bank offers web connect, then follow the procedure below:
- Under this, you simply have to select Bank feeds from the Banking menu.
- Then go for the Import web connect files option.
- Choose the QBO file that has been saved, and choose Open.
- After you are prompted to select bank account, choose:
- Using an existing QuickBooks account: You can use a QuickBooks account that already exists, in case the account you are importing transactions into is already set up in QuickBooks.
- Create a new QuickBooks account: Now, create a new QuickBooks account, in case the account you are importing transactions into isn’t available in QuickBooks yet.
- Heading forward, you need to click on Continue tab.
- This will show you a dialog box that would tell you that the data has been successfully read into QuickBooks.
- Now hit a click on OK tab.
- Complete the process by heading to the Bank feeds center to review your transactions.
Steps to Change from Web Connect to Direct Connect or Direct Connect to Web Connect
Just in case you wish to change the way you connect, you will have to simply disconnect the bank feeds using some simple steps. And after disconnecting you can set up your bank feeds again.
Steps to Edit QuickBooks Bank feed settings for bank or credit card accounts
One can simply change the login and other info for the bank account you use. You need to simply turn off the bank feeds to make any changes. And furthermore, set up the bank feeds again.
- Firstly, you need to disconnect Bank Feeds for your account.
- After that make your required changes.
- Then Set up bank feeds for your account.
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Winding Up!
Setting up bank accounts for bank feeds in QuickBooks desktop is possible using the set of steps discussed above. However, if you failed to do so, even after incorporating the set of steps elaborated above, then in that case, do not hesitate in connecting with our QuickBooks desktop support professionals. Dial our number i.e., 1-800-761-1787, and all your queries will be addressed by our experts immediately.
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