Setting up accounts for online banking

There's definitely more than one way to connect your bank account to Quickbooks to download transactions from your physical bank online and import them in directly. You may need an online account already to do online banking or you may be able to connect using a routing and bank account number, which you can find on your bank issue check. There's no right or wrong, and your bank will tell you through Quickbooks, every step of the way, how they need you to do it. To set up online banking select banking from the Top menu > choose Bank feeds > and select Set up bank feed for an account.

Click Yes at the prompt that all QuickBooks windows are going to be closed. And the first thing that you need to do is find your bank. So it's simply a matter of typing in the bank that you use. Now sometimes their will be a lot of branches. So if you're not sure which one to select. You're going to have to call your bank and find out which one is the correct one to use. Now, once you select a bank, I'm going to show you how QuickBooks tells you everything that you need to do. I've selected a bank. And here it's telling me that I have to take a minute to make sure I'm enrolled in Citizen's Bank New England Consumers Direct Connect Service.

It even gives me a phone number to call. So as you can see, I'm going to be walked through everything. Because of this, I'm not going to continue. When you're ready, though, you can click the blue continue button at the bottom and it'll walk you through putting in everything that you need to do. I'm going to show you another way that you can do this from downloading transactions directly from your online bank account. I'm going to close out of this for now. I'll select the home button to get back to that main screen. You can log into your online banking account and download the transactions if your online bank supports downloading into Quickbooks.

So as you can see I'm logged into online banking through the bank I use, and in the account details, there was a button to go to download account data. Now this is going to be different for each online bank, so you'll need to find out where to go to do that. The next thing that I'm going to do is choose the dates that I want to download all the transactions from. Now if you'll remember, we opened our checking account on August 8th, so I'll choose that date to start. And I can choose whichever date I want to import them from. In the type, I can also select any particular transactions, in this case, I want all of them.

But, here's what you need to make sure your online bank you can do. In the format, there's an option that says Quickbooks using web connect. If you have that option, select it, and click Download. It's going to ask me if I want to save or open the file. As you can see, it ends with a file extension.QBO. I'll choose Save, so I know where to find it. I'm going to close out of this and come back into QuickBooks. And now in the Banking menu, I'll select Bank Fees and choose Import web connect file. I'm going to browse to my downloads folder, and here's my file that I downloaded.

I'll click Open. And it’s telling me that am downloading transactions from the following account. Now, the next thing that we need to decide is to where we’re going to import these into. I can either create a new QuickBooks account but in this case I want to use an existing one. I have already set up my business checking and that’s the company I’m reconciling these transactions against. I will click Continue and my web connect data has been successfully imported into Quickbooks, now I need to view this downloaded data, click, Ok. So this brings us to our bank feeds list, you can either close this knowing all your transactions have been imported.

Or you can go back to it which I will show you in the next video as we reconcile all those transactions against the one in our Quickbook checking account