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QuickBooks Desktop facilitates its users to set up bank accounts for Bank Feeds in QuickBooks Desktop through online banking, credit card, or debit card. 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 modes using bank feed in QuickBooks desktop.

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

Steps to Set Up Bank Accounts For Bank Feeds In Quickbooks Desktop

Mentioned below are steps to set up bank accounts for bank feeds in Quickbooks desktop.

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 to set up bank feed in QuickBooks Desktop.
  • 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 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.

Wrapping Up

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

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