Add Bank Account to QuickBooks and Import Transactions with ease

QuickBooks users can connect their accounting software with their bank accounts. There are many perks of doing so. But for beginners, it is really difficult to do that as they don’t know “how to add a bank account to QuickBooks and Import Transactions“.

But since there are many benefits of syncing your bank account with QuickBooks, thus you should always do so. Here are some of the perks you see. Some of them are as follows:

  • Firstly, users will be able to pay and receive payments directly from QB.
  • Also, you can easily download all the transactions from your bank account for reconciling different accounts.
  • You can easily access accounts from the Chart of accounts present on the left navigation panel.
  • You can also manage all your transactions easily by importing them into QB.

QB has many tools and features that let users handle transactions, even the most complicated ones. Applying payments and deposits is indeed arduous but can be substantially simplified by interlinking bank accounts. Also, QB is completely secure for performing the transaction. Payroll users have an added benefit. They can link their bank account with QB and deposit money directly into the bank account of their employees.

How to Add Bank Account to QuickBooks

Follow the steps given below to link your bank account with QB software:

  • Login to QuickBooks accounting software.
  • On the dashboard, select “Connect account” present on the Bank account card
  • Search and select your bank
  • Provide the necessary credentials for signing into the bank account
  • Select the type of account you’re adding.
  • This will help QB in easily classifying all the transactions downloaded and imported from this account

Congos!

You have now successfully linked your bank account with QuickBooks. QuickBooks will download all the transactions for the last 90 days from your bank account. Still, for the first time, users need to manually configure and approve each transaction. This will help QB in identifying all the types of transactions along with their categories.

Import Transactions in QuickBooks Desktop

Follow the steps given below to successfully configure and import transactions for the first time in QB:

  • Go to the Bank and Credit Card Page
  • Select each transaction and classify the category for them. You can also perform batch actions on these transactions, though this is only an option for users who are using QuickBooks 2015 or later versions.
  • Select Payee, type of transaction, and Debt Purchase.
  • Hit Add
  • Once you have classified all the transactions, close the Bank and Credit card page.

QuickBooks will, from this moment forward, automatically record and organize all your transactions for you. You can even view a summary report of your earnings and spending on the dashboard. Users can also create customizable reports with the data synced from the bank account. Profit and loss statements are great for gaining insights into your total income and expenditure. This report relies heavily on the data collected from your bank accounts. Also, creating other financial statements is simplified by linking a bank account with QuickBooks.

You can also add a description for transactions and apply them to invoices. You will also be able to manage Accounts Payables and Accounts Receivable easily. Marking payments will be substantially easier. There are infinite perks to integrating QB with your bank account. You can also integrate QB with their party programs for gaining access to more tools and features. If need help and Consultant, then dial QuickBooks Consultant 24/7.

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