Upload Bank Transactions into QuickBooks

Import or Upload Bank Transactions into QuickBooks

In this article, you learn how to upload bank transactions into QuickBooks. QuickBooks accounting software is developed to grow small businesses. The implementation of the software to the business eases the tasks to create invoices, track expenses, smoothly import complete bank transactions from excel, and many more.

QuickBooks Bank Transactions

Your entire bank and credit card transactions can be imported into QuickBooks from Excel by using a feature known as batch entered transactions. Download all the bank transactions and all other information including debits, credits, deposits, withdrawals, and all the banking activity. There may be a huge number of transactions but it is very easy to bring up all the transactions in the minimum time using Excel. If you are not used to excelling then here is the easy way of “How to import bank transactions into QuickBooks from Excel with nothing else required.

Upload Bank or Credit Card Transactions into QuickBooks Online

Online banking is a significant time-saver in QuickBooks Online. When you link your bank and credit card accounts, QuickBooks automatically retrieves transactions up to a particular date. You can still manually upload transactions if you need to enter more recent transactions or if QuickBooks cannot connect to your bank or credit card.

This is how:

Step 1: Pick a start date

To avoid entering duplicate information, you must be aware of the date of the earliest existing transaction that is still reflected in the account.

  • You have to go to Settings and then you have to select Chart of accounts.
Advice: In the Menu, under the Transactions tab, you may also choose Chart of accounts.
  • Find the Credit card or bank account that you want to upload the transactions to.
  • Now you have to select View register.
  • The date of the oldest transaction should be located and noted. Typically, the opening balance is the oldest transaction.

Step 2: Get transactions from your bank

  • You have to sign in to your bank or credit card’s website.
  • Then you have to follow the instructions of the bank for how to download CSV files of your transactions to your PC. There are different steps for every financial institution.
  • Now check the data range for the download. Before the date of your oldest transaction, it should be at least one day.
  • Then you have to download your transaction. Then you have to save your file where you can easily find it, such as your computer’s desktop.

Step 3: Review the file format and size

  • Review the file from your bank by opening it. Before uploading, make sure the file is in the proper format.
  • Remember that 350 KB is the maximum file size.
  • If the file is too big, narrow the date range and download the transactions in smaller groups.

Step 4: Manually upload the transactions

For accounts connected to online banking

  • Firstly, you have to go to transitions, then you have to go to Bank transactions
  • Choose the blue tile for the account that contains the transactions that you want to submit.
  • Then choose Upload from file from the drop-down menu next to Link account.
  • The file you downloaded from your bank should be selected when you choose Drag & drop or Files. Next, you have to click Continue.
  • Choose the account you wish to upload the transactions into from the QuickBooks account selection. Next, click on the Continue option.
  • Follow the onscreen directions to match the columns on the file with the corresponding fields in QuickBooks.  Next, click Continue.
  • Choose which transactions you want to import and then click Continue.
  • Then you have to select Yes.
  • Select Done once you have approved your transactions.

Don’t be concerned if you encounter an error message. Here’s how to fix issues that arise during transaction upload.

For accounts not connected to online banking

Follow these instructions if you don’t want to connect your account or your bank can’t connect to QuickBooks:

  • Firstly, you have to go to Transactions, then you have to click on Bank transactions.
  • Choose Transactions to Upload.
  • The file you downloaded from your bank should be selected when you choose Drag & drop or Files. Next, click Continue.
  • Choose the account you wish to upload the transactions into from the QuickBooks account selection and then click Continue.
  • To match the columns on the file with the appropriate fields in QuickBooks, follow the onscreen instructions. Next, click Continue.
  • Choose which transactions you want to import. Next, click Continue and hen you have to click Yes.
  • Select Done once you have approved your transactions.

Don’t be concerned if you encounter an error message. Here’s how to fix issues that arise during transaction upload. 

Step 5: Categorize the transactions

  • The time has come to categorize and match your transactions now that they are in QuickBooks. After you review the transactions, they are added to your accounts.
  • Additionally, QuickBooks Online automatically enters some information if you have set up any banking rules or if it detects transaction descriptions.

Step 6: Reconcile the transactions

Now QuickBooks contains all of your transactions. Reconciling them is the last stage. This guarantees that your books are accurate and that no transactions have been recorded twice.

How to Import Bank Transactions into QuickBooks from Excel

Here is how to import bank transactions into QuickBooks from Excel.

Step 1: Clean up the data

There is a couple of useless things in the transactions that are not required. So you need to copy those things and clean it all properly by finding and replacing options. Easily clean-up bank the unnecessary bank transactions you have downloaded into a CSV or Excel format.

Step 2: Separate/Split deposits from withdrawals or the debits from credits

You can edit multiple vendors and customers using the specific tool to add or edit the Multiple List Entries tool. It is a very simple process. Select and sort by the amount, which will give you the amount all in order. Copy all the transactions of debit, then cut and paste in a new sheet sorting with date wise. The dollar sign before the amounts needs to be removed as QuickBooks does not accept the dollar signs.

Step 3: Go to the Accountant menu and choose Batch Entry Transactions

Copy and paste the transactions from Excel into QuickBooks using the Batch entry transaction feature found only in the QuickBooks Accountant version import customers/vendors. Going to the excel check that the configuration of the columns as the spreadsheet should match with the QuickBooks.

Step 4: Copy & Paste checks/debits

Copy and paste it into QuickBooks. Check that the column configuration matches excel. Customize columns in QuickBooks. Check for the negative symbol or dollar sign as QuickBooks does not understand these symbols. QB will have a quick check over the list of vendors which is better than manual entry. Save all the changes once done with the configuration of data into QuickBooks.

Step 5: Finally Reconcile

After finishing the data entry and going through the reconciliation process put the actual ending balance from the statement. All imported data and transactions entered are automatically going to reconcile. Reconcile all the transactions in a single go within QuickBooks. No need for manual reconciliation because you have pushed 100% of the bank data into QuickBooks. Now you are sure that all the back information is in QuickBooks.

Step 6: Reclassify Statements

You need to further classify the account into income and expenses. By using the Reclassify Transaction feature you can sort functions quickly to assign transactions to their appropriate accounts in QuickBooks. This technique is useful to bring thousands of transactions in a minute. Now you have to choose client data review and reclassify transactions. This feature is exclusive in the Accountant edition of QuickBooks.

For e.g. the deposits under the income category can be vendor’s refunds, capital from the owner, etc. Sorting the income category by the particular name will help to classify it properly.  It is a two-fold technique:  Print data into QB & use the batch reclassify to classify correctly.

Even after following the steps recommended for data import to QuickBooks from the spreadsheet by Intuit, you are having any kind of technical or functional contact with QuickBooks Support immediately.

Frequently Asked Questions

Can I import bank transactions into QuickBooks online?

You can easily upload bank or credit card data into QuickBooks Online using the import feature of QuickBooks Online. Before you start, confirm that your chart of accounts has assigned each of your bank and credit card accounts a distinct GL account number.

Are you able to add manual transactions to QuickBooks?

QuickBooks Self-Employed will download your most recent transactions automatically if you link your bank and credit card accounts. Additionally, you may manually add a single transaction.

Is there any way to import transactions into QuickBooks online?

● You have to select the Link account dropdown menu and then you have to Upload from the file.
● Then you have to select Drag and Drop or select files and then you have to select the file that you have to download from your bank.
● After that, you have to select Continue.
● Choose the account you wish to upload the transactions into from the
● QuickBooks account dropdown menu.

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