If you are stuck manually entering every transaction from your checking account or credit card into QuickBooks, we can show you a better and easier way to have your transactions electronically entered into your QuickBooks file.
The process of pulling in your bank transactions can depend on the version of QuickBooks you are using. Read on for some great tips on the process of connecting your bank feed with the PC version of QuickBooks, specifically the 2015 version.
The option to download bank and credit card transactions directly into QuickBooks has been available for several years now and can really tidy up your bookkeeping. Here are some reasons why manually entering transactions is not a good idea:
- When you are manually entering each transaction you leave room open for error in entering the amount of the transaction, which can throw off your reconciliation process later. When you choose to use the download option for the transactions it will pull in the exact amount that has been withdrawn from your bank account.
- Manually entering each transaction is time consuming. When you connect your QuickBooks file to your online banking for download, it will save time by automatically entering the amount of the transaction as well as the date it occurred and what vendor shows up on your bank statement.
- Depending on your settings, when you are manually entering transactions you may also have to manually choose the type of expense of income that applies to that transaction. When you opt to use the download feature, QuickBooks will remember what type of expense is associated with the vendor you indicate and will pop up that expense in the future when any transactions from the same vendor show up.
Here’s how to start using this feature:
- Click on the “Bank Feed” icon on your Icon Bar. You can also choose “Bank Feeds” from the Banking menu on your tool bar and choose “Set up Bank Feed for an Account.”
- You will be prompted to enter which bank you are currently banking with for the specific account(s) you would like to link.
- Once QuickBooks recognizes the bank you have chosen it will ask you for the Online User ID and Password you use to log in to that bank’s website to view your online banking.
- The next step will ask you to pair the bank account that QuickBooks was able to locate on your online banking with the bank account or credit card account you have set up in your QuickBooks file.
- Once your accounts are linked, you are now set up and ready to download transactions!
To use the Bank Feed option now, simply choose “Banking” from your menu bar, “Bank Feeds, and Bank Feeds Center.” From here you will be able to choose which account you want to have transactions downloaded from – this will be listed on the left hand side – and click the “Download Transactions” button.
Once your transactions have been downloaded you can review them, choose the expense account or income account each transaction applies to, and simply choose “Add/Approved” to have it automatically added to your check register.
Using this feature will help you be more efficient and save you time. If you are interested in learning about how to use this feature with your QuickBooks for Mac or Online QuickBooks please contact us today!