How to Set Up Bank Feeds in Quickbooks Online
Want a quick tip to save you lots of time in Quickbooks? Bank feeds are my quick answer! Read on to find out what they are and how to set them up.
Do you have your bank feeds set up in Quickbooks Online yet? If not, this is one simple thing you could do that will save you hours every week.
What am I even talking about? To put it simply, bank feeds are the connection between your bank accounts and Quickbooks Online. With the bank feeds set up, transactions are imported directly into Quickbooks for you to review and categorize instead of manually entering every transaction. You can also have a bank feed for each credit card account that you have, which saves even more time.
To connect your bank, you’ll need to go to the transactions section and click on bank transactions. This is where all of your transactions will be imported once the connection is complete. Simply click on link account, then choose your bank. Enter your bank’s credentials and select how far back you want transactions to be imported into Quickbooks.
Once your accounts are connected, it should bring in all of the transactions that need to be reviewed. You’ll simply select the correct category for the transaction and attach a copy of the receipt or bill if you’d like. If the transaction belongs in more than one category, you can also split it. For example, if you make a trip to Target to buy food and office supplies, you can break out the amounts spent on each. Once everything looks good, you can click on approve.
And that’s it! Transactions should automatically be fed into Quickbooks Online going forward. You can always click on the refresh button to bring in the latest transactions if it doesn’t do it automatically.
Bank feeds are amazing because they not only save a ton of time and effort by cutting way down on manual entry, but they also help with accuracy in your bookkeeping. No matter how careful and on top of things you are, there will always be some things that slip through the cracks and get missed. Having your transactions automatically being fed into Quickbooks helps prevent incorrect balances, giving you a much clearer picture of your finances at any given time.
So what are you waiting for? Connecting your accounts to Quickbooks takes just a few minutes, but you’ll immediately start seeing how much easier your life will be!