How to Use Bank Feeds in QuickBooks
One of the main reasons that QuickBooks Online and the advanced versions of the software are preferred is due to its ability to connect directly with your bank account and smoothly download the transactions data. It helps to manage your banking and credit card balances in your QuickBooks software. It saves business owners the amount of time it would take them to enter a date and an amount for each transaction. To follow data import into QuickBooks Desktop you need to check that your bank participates with Intuit.
There are two methods of downloading the transactions:
Direct Connect – The users can smoothly login to the financial institution within QuickBooks.
Web Connect – The users will download a file from the financial institutions website and then import this file into QuickBooks, also from the Banking, Bank Feeds menu.
It depends upon your bank participation with QuickBooks Bank Feeds feature to follow any one method and may automatically default during the setup. The cost of using Direct Connect with Bank Feeds is determined by your financial institution. Henceforth, you are up-to-date with your transaction data entry, or behind, Bank Feeds will help confirm, reconcile and add missing transactions with more accurate results and timely reporting of your business expenses and account balances.
Setting up Bank Feeds in QuickBooks
By following the steps mentioned below you will be ready to download bank or credit card transactions into your QuickBooks file:
Thoroughly check your financial institution participates.
Select Banking -> Bank Feeds -> Participating Financial Institutions.
For participating banks or credit card providers, you must first establish online account access directly with the financial institution. You will need to enter the User ID and password when completing the remaining setup steps in QuickBooks.
From the menu bar, select Banking, Set Up Bank Feed for an Account. You can also access the setup from the New or Edit Account window, by selecting the Set up Bank Feeds button at the bottom of the window.
Enter the right credentials required – begin typing the financial institutions name, or select from the list on the right.
If the bank or credit card participates, Bank Feed Setup automatically displays. Enter your User ID and Password. If you face problems with the setup, contact information for your bank or credit card provider.
From the QuickBooks Accounts drop-down select an existing QuickBooks account, or create a new account. This step manages which QuickBooks account you want the Bank Feeds transactions to be downloaded into.
It’s a success! Message displays in the Bank Feed Setup window. Click Close to complete the setup. You are now ready to manage your bank feeds in QuickBooks.
Manage Bank Feeds With QuickBooks
Once Bank Feeds is successfully set up your bank or credit card accounts to accept Bank Feeds, you are ready to save time and improve data entry accuracy. If you are downloading the data for the first time into QuickBooks, there is nothing to worry as the Bank Feeds will do a great job of matching transactions without duplicating. Data entry and missing transactions are met very well with Bank Feeds. However, the period of time that is downloadable the first time with Direct Connect is controlled by the financial institution.
If you face any problem or have any technical or functional query regarding QuickBooks Bank Feeds contact QuickBooks customer support without delay. The QuickBooks expert ProAdvisors provide you instant resolution so that you can resume your work hassle free. The Intuit certified ProAdvisors are approachable via various modes like phone support, email support, live chat etc. Sometimes due to some valid reasons you fail to reach the support professionals. In such scenario you can contact other reliable agencies.
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Technical Help for Setting Up Bank Feeds in QuickBooks Desktop Windows & Mac
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