Set Up Bank Accounts For Bank Feeds In QuickBooks Desktop

06 Jan 2021

Set Up Bank Accounts for Bank Feeds in QuickBooks Desktop

 

QuickBooks Desktop facilitates its users to use Bank Feeds for connecting bank and credit card accounts with online banking. It would eliminate the hassle of manually downloading each and every bank transaction. Users would be able to configure their bank as well as credit card accounts for online banking purposes in both single and multi-user mode.

Usually, transactions from user’s account would automatically generate the Bank Feed. Most of the banks have set up multi-factor authentication (MFA). The Bank Feeds are an integral part of business development and are generated in an automated manner on a daily basis. In QuickBooks Desktop, it works as a potent online banking component. It would allow smooth connection between the users’ Bank Feeds and financial institutions. Simultaneously, transactions, invoices, can be downloaded by users and readily apply other online financial services. So, the ways to set up bank accounts for Bank Feeds in QuickBooks Desktop are listed as follows:

Connecting user account to Bank Feeds:

An account can be set up in two ways – Direct Connect and Web Connect. The choice would be dependent on the one that’s available with the bank.

Downloading transactions with Direct Connect

Before proceeding it is important to know whether the service is free of cost or levies a fee, by the respective bank.

  • Select Bank Feeds from Banking.
  • Click on “set up Bank Feeds for an account”.
  • Enter and select the respective bank in the “Enter your Bank’s name” section.

In the case of the first-time enrolment, users would have to select the link “Enrolment site”. In such cases, users might require to apply for Direct Connect. Banks should be approached for any required approvals related to the application. They would suggest whether or not special sign-in credentials would be needed.

For users who are already enrolled, the following steps should be followed:

  • Click on “Continue”.
  • The user’s online banking ID and password should be entered.
  • For connecting the QuickBooks with the bank’s server select “Connect”.
  • The particular bank account that needs to be connected should be selected.
  • Once the connection is done, click on “Finish”.

The account for Bank Feeds would be set up in an automated manner by the QuickBooks while downloading transactions from the bank for the first time.

Importing Web Connect(.qbo) Files

 

Online banking transactions from the user’s banking website are Web Connect (.QBO) files and can be downloaded and saved on the computer. Next, to avail the Bank Feeds, the transactions could be imported. With Web Connect provisions from the bank following steps needs to be followed:

  • Bank Feeds” should be selected from the Banking menu followed by “Import Web Connect Files”.
  • Next, select the saved QBO file and click on “Open”.
  • With the “Select Bank Account” notification, select:
  1. Use an Existing QuickBooks account” if the concerned account is already added in QuickBooks.
  2. Create a new QuickBooks” if the concerned account is not added in the QuickBooks.
  • After selecting “Continue” a dialogue box will appear informing about the data that have conclusively been read into the QuickBooks. Click on “OK”.
  • To review transactions, users can refer to the Bank Feeds Centre.

By following the above-mentioned steps users can easily set up bank accounts for Bank Feeds in QuickBooks Desktop. It will help them to keep a track of their updated financial transactions and to a great extent reducing the hassle of regular data entry.