Join Josh Zweig for an in-depth discussion in this video Connecting a bank account, part of FreshBooks Essential Training.
- A really easy way of importing expenses is to connect your bank account directly to FreshBooks. By connecting your bank account, FreshBooks will automatically download your expense transactions on a daily basis, and that way you won't have to enter them manually. To get started connecting your bank account, click on the Expenses Tab from the main menu, then the Bank Account sub-tab. Click on the Add Account button on the right hand side of the screen. In the pop up window that comes up, enter the name of your bank in the text box. Let's use a real example, so we'll connect to a Canadian bank here.
Once you click the Search button, find your bank in the drop down menu and click on it. Unfortunately, if you don't see your bank there, you won't be able to connect your bank account directly to FreshBooks. Since FreshBooks is always changing, you can come back to this screen in a couple weeks and see if they've updated it and your bank appears. If you've found your bank, click on it, and you'll come to this next screen. Here you'll have to enter your bank credentials to log into your online banking. Enter your username and password in the text box. Your username and password are the username and password that you use to login to your online banking portal.
Once you click on Connect, FreshBooks will take a minute to log into your bank account and then pull up the next pop up window so you can decide which bank accounts you want to import from. You probably don't want to import from all your bank accounts, so make sure you just choose the bank accounts that have your business expenses. In our example, our business expenses are just on our Visa account, so we'll leave that box checked and make sure all the other boxes are unchecked. Once you're finished selecting your bank account, tell FreshBooks what kind of account it is. In our case, it's a credit card, so we'll choose Credit Card.
Once you've chosen your bank account or bank accounts, click on Confirm to continue. FreshBooks can take a couple minutes to log into your bank account and pull those expenses to FreshBooks. When it's finished, FreshBooks will tell you how many expenses were imported. To see a list of all your expenses, click on Go to My Expenses, or you can connect to another bank account and follow the same steps. In the Expenses sub-tab, you'll see a list of all your expenses you just imported. FreshBooks will tell you how many expenses were imported, but it will also tell you if you've got some duplicate expenses, or if you have to categorize your expenses.
To check out the uncategorized expenses, click on the View Uncategorized link. Here you can go through the expenses one by one and click on the Edit link to either edit the amount or sales tax, or allocate them to specific categories. Just like we talked about in an earlier movie, you can group the expenses in bulk by clicking on the expenses you'd like to group, clicking on the Edit drop down menu, choosing Edit Category, and then grouping them into a specific category. Note that you can also do the same thing for vendor, assign them to clients, or change the author of those expenses as well.
To check out a list of all your connected bank accounts, let's go back to the Bank Accounts sub-tab. Here you'll see a list of all your bank accounts appear in this dashboard. You can view the expenses that were downloaded from that account, and it will take you back to the expenses screen. To disconnect a bank account, click on the Disconnect button and FreshBooks will no longer connect to your bank account every day. Note that if you disconnect your account, FreshBooks won't delete any of the expenses you already imported, so you won't have to worry about losing your data. Now that you've connected your bank account, FreshBooks should download those transactions for you on a daily basis to save you some time from manually entering them.
Visit FreshBooks.com to sign up for a free 30-day trial and use your new account to follow along with Josh.
- Signing up for FreshBooks
- Accepting credit cards
- Adding customers and contractors to FreshBooks
- Logging time to projects and tasks
- Creating estimates and invoices
- Tracking receivables
- Tracking expenses