Many banks now offer to export statements and posted transactions into a .QBO file that the business accounting program QuickBooks can import into your company accounts, whether on a PC or a Mac. The QuickBooks online bank statement file will show a list of downloaded payment and deposit transactions, including the dates and the payees of checks and debit card payments. Updating your QuickBooks bank register is then a simple matter of comparing the imported transactions to what you’ve recorded, and transferring any missing transactions to the register.
Click on the menu item “Banking” in QuickBooks while online, and in the drop-down list that appears, see if you’re financial institution is listed. You can also check your bank’s website directly to discover if it has an export function that saves as a .QBO file.
Download your transactions from the bank, usually over a set period of dates.
Open your company files in QuickBooks. Under your “File” menu, select “Import,” and then in the new window, select “From Web Connect.” Locate the file in the new window and click “Open.” A window opens showing downloaded transactions.
Choose the account in the drop-down list that matches the register you’re using, most likely checking. The list in the downloaded transactions window shows items that match what you’ve already recorded in your register, and those transactions that the program can’t match up with any of your register’s current entries.
Confirm that a transaction that doesn’t match automatically is not a duplicate. Dates may differ from when you write the check and when it clears the bank. Also check for errors in any manual entries you made in your register. For downloaded entries that are duplicates, select the entry and click on the “Match” button to force the software to match the transaction. If that doesn’t work, click on the delete button. For downloaded entries that are not duplicates, select the entry and click on “Add One to Register.” The entry is added to your checking register, and the downloaded entry is now marked as matched.
Edit the transaction as necessary in your register to attach it to a specific expense or income account, and to match the names of customers or vendors with what you have listed in your QuickBooks company file.
Repeat until only matched transactions are left in the downloaded transactions window. Check the balance to see if it matches your bank balance, except for outstanding transactions. When your register balances, close the download window. You’re done.
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