Importing credit card transactions into the accounting software is a general need of every organization. QuickBooks permits their users with ease of import and export of invoices. In this, you can use a QBO file or excel and a comma-separated values file. The below guide will help you to easily connect your credit card to QuickBooks Online and importing the credit card transactions.
- 1 Know the Importance of Connecting Your Credit Card to QuickBooks
- 2 How to Import Credit Card Transactions Automatically in QuickBooks Online?
- 2.1 Step 1: Detect Your Credit Card Company in QuickBooks Online
- 2.2 Step 2: Log Into the Credit Card
- 2.3 Step 3: Link Credit Card Account to Chart of Accounts
- 2.4 Creating a New Credit Card Account in the Chart of Accounts
- 2.5 Step 4: Selecting the Right Date Range
- 2.6 Step 5: Review Downloaded Transactions in the Banking Center
- 3 When do you need to Import Credit Card Transactions Manually in QuickBooks Online?
- 4 How to Import Credit Card Transactions Manually Into QuickBooks Online With a CSV or Similar File?
- 4.1 Step 1: Download a Transfer File from Your Credit Card Company
- 4.2 Step 2: Select the Transfer File to Upload in QuickBooks
- 4.3 Step 3: Select a QuickBooks Account
- 4.4 Step 4: Map Columns to QuickBooks Fields (CSV and TXT Files only)
- 4.5 Step 5: Select Transactions for Import (CSV and TXT files only)
- 4.6 Step 6: Return to the Banking Center
- 5 Frequently Asked Questions
- 5.1 What are the QuickBooks Supported Files to Import Credit Card Transactions?
- 5.2 What should I have to do if the transaction does not appear on the screen during selecting transactions to import?
- 5.3 How can I Review the Imported Transactions in QuickBooks?
- 5.4 How can I Upload the Transfer File in QuickBooks while Importing Transactions?
Know the Importance of Connecting Your Credit Card to QuickBooks
Everyone wants to save time; fortunately, there are many time-saving options available in QuickBooks. Linking the credit card to QuickBooks saves valuable time. It will automatically download the transactions associated with the credit card. When connected there require signing into QuickBooks to categorizing and transferring the daily transaction automatically. You can even import the transaction of the credit card via a QBO file or a CSV file through the Excel without need for the sign-in credentials.
How to Import Credit Card Transactions Automatically in QuickBooks Online?
Users need to enter the username with a password to link the credit card to QuickBooks Online. Make sure you are using the same login credentials as used in creating a credit card account. You need to set up online access to your credit card account if not completed the setup process and activating the online access. Follow the below-given steps:
Step 1: Detect Your Credit Card Company in QuickBooks Online
- First of all, locate the transactions
- Discover the QuickBooks Online Company dashboard
- Search on the left menu bar and then click on the Banking section
- Hit on the Banking center to check if this is the first credit card account you are linking to QuickBooks online displaying on the screen
- You have to click on the green-colored connect account button
- On-clicking this option you integrated the credit card account
- In case you have an existing bank account you will redirect to the Banking Center button
- Now hit on the Green Add account option appears in the upper right corner of the screen
- Fill in the name of the credit card company to check you are eligible to link to QuickBooks Online
- If the name of the company is not listed in the button then you need to import the credit card transactions with an Excel or QBO file via a CSV file
- Once you have chosen the bank then you have to hit on the green-colored Continue button
- It will redirect you to the sign-in Windows automatically
Step 2: Log Into the Credit Card
- The QuickBooks will display a new browser window to complete the sign-in process to your credit card account
- Once signed in, then you might get a prompt from the bank side asking you the confirmation that you need to share the banking details with Intuit and also display a description of the information to be shared
- Once you click to agree on the confirmation then you have to hit on the suitable option on the bank confirmation window. It will directly take you to QuickBooks.
- Now you have returned to the QuickBooks, there will appear the list of accounts related to bank or credit card
- Choose the bank account or accounts that you need to connect to Chart of Accounts
- Now click and select all the bank accounts you want to connect to the QuickBooks online
- If your checking account and the credit accounts belong to the same bank then you can link then both
- Once done hit on an account
- It will appear a drop-down button listed with all the bank accounts linked with Chart of Account
- In case you have already included the credit card account into the Chart of Accounts, then click on it
Creating a New Credit Card Account in the Chart of Accounts
- Locate Add New button and click on it
- It will display a prompt to provide the required information for adding an account to the Chart of Accounts
- Make sure that the Detail Type and the Account Type must be a credit card. It is suggested to write the credit card company name so that it is easy to identify.
- If you have multiple credit cards with same company file then you have to write the last four digits appear on the credit card. After you filled in all the information you have to hit on the green-colored save button and then click on the Close option
- It will take you to the screen with the new account
Step 4: Selecting the Right Date Range
- Once you connected the credit card to an account with the Chart of Accounts
- You must need to decide when the software should start importing transaction
- Choose the beginning date to begin transferring the bank transactions
- The default start date appears at the beginning of the year to pull the transactions
- You can try pulling the transactions time to the date you need to begin using the QuickBooks Online
- If QuickBooks or the credit company does not let you go back then you can use a QBO or CSV file to transfer the previous transactions.
Step 5: Review Downloaded Transactions in the Banking Center
Once you connected the bank account to your QuickBooks Online. It will direct you to the Banking Center. Walk through the below information to start reviewing the transaction in the Banking Center:
The number displays in orange color in the company name box determine the transaction number that has been imported, however not yet categorized and reviewed.
The button labeled for Review contains all the transactions imported from the chosen bank or credit card that are not reviewed yet.
To link another credit card company or bank to QuickBooks online you have to hit on the green Add account option that appears on the upper right-hand side of the screen
Now repeat the process. You can glance at the details of managing QuickBooks Online Bank feeds for categorizing the transactions. It is an essential step to finalize the chart of Accounts before you proceed with assigning transactions.
Once you have connected the credit card account it will import the new transactions automatically or you can hit on Update button that appears in the upper right corner to process the importing of new transaction instantly. Moreover, you can discover the Banking Center by clicking the Transactions button and then hit on the Banking option from the left menu bar.
When do you need to Import Credit Card Transactions Manually in QuickBooks Online?
There many scenarios that take place when you decide to import credit card transactions manually in QuickBooks Online. There are two major causes to import transactions from a QBO, CSV, or identical file. Several credit card organizations will not link with QuickBooks Online to permit an automatic import. Moreover, there is no requirement to import older transactions automatically without the need of connecting credit cards to QuickBooks Online.
To import the already entered credit card transactions manually like paying the vendor bill through a credit card. It will not generate duplicate transactions because it provides the ability to match the transactions with the previous transactions when checking the imported transactions.
How to Import Credit Card Transactions Manually Into QuickBooks Online With a CSV or Similar File?
Step 1: Download a Transfer File from Your Credit Card Company
- To proceed with this step lets walk through the below-written information. Here is the list of types of files that QuickBooks online supports to import credit card transactions:
- QBO: The QBO files referred to the QuickBooks Web connect file which is useful for exporting transaction from credit card accounts or bank to the QuickBooks online
- CSV: CSV files are basic files used to export data for multiple objectives and can be accessed and edited through the Excel
- QFX: These are financial exchange files specially generated for exporting details to quicken; however, it is compatible with QuickBooks online
- TXT: A TXT file referred to a text file used for the import process. However, it might need to perform prior to editing. Sometimes you might need to open the TXL file via Excel and then convert it to a CSV file for a breeze transfer.
- OFX: OFX files referred to a text file used for exporting financial information
- To get a transfer file you need to Log into the Credit card account
- After this discover the button to download the account transactions
- There will appear an option for downloading the transactions in different formats
- Select the QBO or QFX format if listed there is another option available i.e. OFX file
- In case there is no such file appears then you might need to follow some additional steps
- Once done now save the transfer file to the desired location on your system which is easy to access and remember.
Step 2: Select the Transfer File to Upload in QuickBooks
- Locate the Banking Center
- Now you have to open the drop-down option that appears next to the update button in the upper right corner of the screen
- Now choose File Upload
- Hit on the browse option
- Click on the transfer file you just downloaded from the credit card account
- After this choose the transfer file to start import data into QuickBooks Online
- Once done now hit on the green-colored Next option
Step 3: Select a QuickBooks Account
- Latter, you must choose an account listed in the Chart of Accounts
- It will record the imported bank transactions
- If required you can hit on Add new button to set up a new credit card Account
- After this hit on the green color, the next option appears in the lower right corner of the screen
- In case the transfer file format is QBO, OFX, or QBX file then you are done so you can skip to Step number 6. However, if the transfer file is a TXT file or CSV file then you have additional steps to finish the process.
Step 4: Map Columns to QuickBooks Fields (CSV and TXT Files only)
Once you are done with the above step you should open the CSV or TXT file in Excel file to verify the exported information and its format in the bank. Once you open a CSV file with Excel then a prompt will appear on the screen notifying you to save the file as an excel file. You are requested not to save it because that process is to preserve the feature and there is a need to keep a CSV file format to perform the import process.
- Ensure the columns for the credit card charges because some credit card companies might contain the charges in different columns and payments in another column. You require exploring organizing the amounts in the later step.
- After the completion of step 3 if you begin importing a TXT or CSV file then QuickBooks need you to name the column in the CSV file that should be imported for the below-given fields:
Start Mapping Columns from a CSV file to QuickBooks Online:
You require telling the QuickBooks where it can discover the date, amount, and description in your transfer spreadsheet:
- Header Row i.e. File First Row: You have to place a check mark in the box if your first row in the transfer spreadsheet displays the title for each column
- Date Tab: You have to hit on the drop-down arrow and then choose the column in the transfer spreadsheet with the date. Locate the next field and then choose the date format of the spreadsheet
- Description: Now choose the column with a transaction description. It is highly suggested to choose the column that helps you to get the information regarding classifying the transaction without the need for in-depth research
- Amount: Firstly select the spreadsheets that contain all accounts in a single column or the payments and charges that appear in different columns
Once you have done the mapping process then hit on the green color Next option appears in the bottom right corner of the active window.
Step 5: Select Transactions for Import (CSV and TXT files only)
- Now you can choose the transactions from the file to start the import process. It is more beneficial to import all the transactions in a single file. Also, the personal transactions associated with the business credit card require being imported.
- Make sure you have done accurately the reconciling of the credit card account from the QuickBooks online to the credit card statement; it is an essential step. However, the importing of the transaction is necessary for the reconciliation process. Ensure that you have chosen all the transactions
- After this hit on the green Next option appears in the bottom right corner to finish the import process
- After making the required modification to the spreadsheet you need to save it and then follow step 2
- Again choose the file to import
Step 6: Return to the Banking Center
Here are the steps:
- First of all hit on the Transactions button.
- Now click on the Banking option from the left menu bar.
- It will redirect you to the Banking Center.
- It will display the bank accounts with the number of transactions that are in queue to review in the upper left corner of the screen.
- You might need to refresh the Browser for the banking center to display the newly updated imported transactions.
Here the guide about How to import Credit Card Transactions in QuickBooks Online completes. In case of any doubts feel free to get in touch with QuickBooks ProAdvisor via QB Live Chat or Through Email. The team is there to provide you an exceptional resolution.
Frequently Asked Questions
What are the QuickBooks Supported Files to Import Credit Card Transactions?
What should I have to do if the transaction does not appear on the screen during selecting transactions to import?
If the transactions do not display on the screen then make sure you have done the below modification to the file:
✔ Locate the amount column to delete the formatting like dollar signs
✔ Check the blank rows and then delete them so that everything starts at column 1 and row 1 of the spreadsheet
How can I Review the Imported Transactions in QuickBooks?
✔ Locate the Banking Center option
✔ Search for the review option and click on it
✔ It will display the list of the transactions imported in the chosen bank or credit card that are in a queue for the review process.
How can I Upload the Transfer File in QuickBooks while Importing Transactions?
✔ For this, you need to click on the Banking Center
✔ Open the drop-down button that appears near the Update option
✔ Now Hit on the Select File Upload
✔ Click on the Browse option and then choose the downloaded transfer file from the credit card account
✔ Once you have chosen the transfer file then hit on the next option