On this lesson, you’ll study to attach your bank card to QuickBooks On-line and import the bank card transactions. We’ll additionally clarify when and how one can import bank card transactions into QuickBooks On-line utilizing a QuickBooks On-line (QBO) file or Excel and a comma-separated values (CSV) file. For those who’ve accomplished the prior lesson, How to Import Bank Transactions, then this lesson can be a breeze as the method could be very comparable.
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This lesson is one in our collection of Free QuickBooks Tutorials. You may watch the video under or observe the step-by-step directions that embody illustrations. The video is from a barely older model of QuickBooks On-line. Whereas the method of importing financial institution transactions in QuickBooks On-line is actually unchanged, the format of the screens is barely completely different. The step-by-step directions are from essentially the most present model of QuickBooks On-line.
The Significance of Connecting Your Credit score Card to QuickBooks
Connecting your bank card account to download transactions mechanically is among the greatest time-savers provided by QuickBooks On-line. As soon as linked, all you’ll want to do is check in to QuickBooks and classify the transactions that may switch day by day mechanically. Most bank card corporations help you hook up with QuickBooks utilizing your on-line sign-in credentials. In case your bank card doesn’t enable a connection to QuickBooks, you’ll be able to nonetheless import your bank card transactions utilizing a QBO file or a CSV file with the assistance of Excel.
Tip: Combining private and enterprise exercise on the identical bank card makes for messy bookkeeping, wastes your time, and can probably drive up your accounting charges at tax time. I extremely suggest that you simply get a business credit card and use it purely for enterprise.
The right way to Import Credit score Card Transactions Mechanically in QuickBooks On-line
To attach your bank card to QuickBooks, you want the username and password that’s used to sign-in to your on-line bank card account. For those who haven’t arrange on-line entry to your bank card account, you should accomplish that earlier than persevering with with these steps. Go to your bank card firm’s web site for info on how one can activate your on-line entry.
Step 1: Find Your Credit score Card Firm in QuickBooks On-line
Choose Transactions after which Banking from the left menu bar of your QuickBooks On-line firm dashboard:
If that is the primary financial institution or bank card account you’re connecting to QuickBooks, you’ll see the next display screen and you need to click on the inexperienced Join account button so as to add your bank card account:
For those who’ve already linked one other financial institution or bank card account, you’ll be taken to the Banking Heart. Click on the inexperienced Add account button within the higher proper nook (not proven).
Enter your bank card firm’s title to find out if it’s accessible to connect with QuickBooks On-line. Our fictitious pattern firm, Paul’s Plumbing, has a enterprise bank card with Capital One.
If your organization just isn’t listed, you’ll need to import your bank card transactions with a QBO file or by Excel utilizing a CSV file:
After deciding on your financial institution, click on the inexperienced Proceed button to be taken to your financial institution’s sign-in web page mechanically.
Step 2: Log Into Your Credit score Card Account
QuickBooks will open a brand new browser window so that you can check in to your bank card account:
After signing in, your financial institution may ask you to substantiate that you simply need to share your banking info with Intuit and supply a abstract of the knowledge to be shared. For those who agree, click on the suitable button in your financial institution’s affirmation web page, and you’ll be taken again to QuickBooks.
Step 3: Link Credit score Card Account to Chart of Accounts
Upon returning to QuickBooks, you’re supplied an inventory of accounts you’ve gotten with that bank card firm or financial institution:
Choose the entire financial institution accounts you wish to link to QuickBooks On-line. If in case you have a checking and bank card account on the identical financial institution, you join them each throughout this step. After you click on on an account, a drop-down field will listing the financial institution accounts included in your Chart of Accounts. In case your bank card account is already included in your Chart of Accounts, choose it.
Paul’s Plumbing must create a brand new account for his or her Financial institution of America bank card, so we’ll click on Add new on the high of the drop-down field.
Making a New Credit score Card Account within the Chart of Accounts
After clicking Add new, you’re requested to offer info so as to add an account to your Chart of Accounts. You may look forward to How to Set Up the Chart of Accounts if you wish to study extra however, for now, you’ll be able to present a couple of particulars.
The Account Kind and Element Kind have to be Credit score Card. An account title is required, and I like to recommend together with the bank card firm title for straightforward identification. If in case you have multiple bank card with the identical firm, you may also embody the final 4 digits of the bank card. When you’ve gotten entered all the knowledge, click on the inexperienced Save and Shut button, and you’ll be returned to the prior display screen with the brand new account chosen.
Step 4: Choosing the Proper Date Vary
After linking your bank card to an account out of your Chart of Accounts, you should resolve when QuickBooks ought to start importing transactions:
The default begin date to tug transactions is the start of the yr. It is best to attempt to pull transactions again to the date you want to begin utilizing QuickBooks On-line. In case your credit score firm or QuickBooks doesn’t help you return that far, you’ll need to switch the older transactions utilizing a QBO or CSV file.
Paul’s Plumbing is importing bank card transactions beginning on January 1 of the present yr. Click on the inexperienced Join button if you find yourself carried out.
Step 5: Overview Downloaded Transactions within the Banking Heart
QuickBooks On-line will take you to the Banking Heart after connecting your checking account:
A. Transactions for evaluate: The orange quantity within the Financial institution of America field is the variety of transactions which were imported, however not but reviewed and categorized. Paul’s Plumbing has 47 bank card transactions to evaluate.
B. Overview tab: The tab labeled For Overview lists all of the transactions imported out of your chosen financial institution or bank card which can be awaiting evaluate.
C. Add account: To attach one other financial institution or bank card firm to QuickBooks On-line, click on the inexperienced Add account button within the higher right-hand nook of the display screen and repeat the method.
You may peek forward at How to Manage QuickBooks Online Bank Feeds if you happen to’d prefer to study extra about classifying transactions, however I like to recommend ready till we full a couple of extra setup classes. It’s vital to have your Chart of Accounts finalized earlier than you begin assigning transactions.
Now that your bank card account is linked, new transactions can be imported mechanically into QuickBooks On-line day by day, or you’ll be able to click on Replace within the higher proper nook to import any new transactions instantly. You may go to the Banking Heart anytime by clicking Transactions after which Banking from the left menu bar (as you probably did initially of this lesson).
When to Import Credit score Card Transactions Manually Into QuickBooks On-line
There are two causes to import transactions from a CSV, QBO, or comparable file. Some bank card corporations is not going to join with QuickBooks On-line to permit an automated import. Additionally, you may must import transactions which can be too outdated to import mechanically, even when the bank card is linked to QuickBooks On-line.
Importing bank card transactions which have already been entered into QuickBooks manually, reminiscent of utilizing a bank card to pay a vendor invoice, is not going to create duplicate transactions. Throughout your evaluate of imported transactions, you’ll be able to match them to current transactions, thus avoiding duplication.
The right way to Import Credit score Card Transactions Manually Into QuickBooks On-line With a CSV or Related File
Step 1: Download a Switch File From Your Credit score Card Firm
QuickBooks On-line can import bank card transactions from the next kinds of information:
- CSV: These information are generally used to export knowledge for a large number of functions and will be opened and edited with Excel.
- QBO: QBO information are QuickBooks WebConnect information particularly designed for exporting info from financial institution or bank card accounts to QuickBooks.
- QFX: QFX information are monetary change information created for exporting info to Quicken, however they may also work with QuickBooks On-line.
- OFX: An OFX file is a textual content file particularly designed for exporting monetary knowledge.
- TXT: Textual content information will be imported however may require some enhancing first. You may need to open the TXT file with Excel and convert it to a CSV file for a smoother switch.
To acquire a switch file, log into your bank card account, and find the choice to download your account transactions. You’ll probably have the choice to download your transactions in a number of codecs. Select the QBO or QFX format, if accessible, since they’re designed particularly for QuickBooks. The subsequent best choice is an OFX file. If none of these file varieties can be found, a CSV or TXT file will suffice however require a few additional steps.
Save the switch file to a location in your laptop that you may bear in mind simply to import the file.
Step 2: Choose the Switch File to Add in QuickBooks
From the Banking Heart, open the drop-down menu subsequent to Replace within the higher proper nook after which choose File add:
Click on the Browse button and choose the switch file you downloaded out of your bank card account:
Our pattern firm, Paul’s Plumbing, was capable of download a QBO file with bank card exercise from a neighborhood financial institution. After deciding on your switch file, click on the inexperienced Subsequent button.
Step 3: Choose a QuickBooks Account
Subsequent, you should choose an account out of your Chart of Accounts to report the imported financial institution transactions:
If wanted, you’ll be able to click on Add new to arrange a brand new bank card account as demonstrated earlier. Paul’s Plumbing created a brand new QuickBooks account named Native Credit score Card. After you’ve gotten chosen a QuickBooks account to report the imported transactions, click on the inexperienced Subsequent button within the decrease right-hand nook.
In case your switch file is a QBO, QBX, or OFX file, you’re carried out and might skip to step 6.
In case your switch file is a CSV or TXT file, you’ve gotten a pair extra steps to finish.
Step 4: Map Columns to QuickBooks Fields (CSV and TXT information solely)
Earlier than finishing this step, you need to open your CSV or TXT file in Excel to find out precisely what info your financial institution exported and the way it’s formatted. Paul’s Plumbing exported the next CSV file from their native credit score union account.
Tip: While you open a CSV file in Excel, you might be requested to avoid wasting the file as an Excel file to protect options. Don’t do that as a result of the file should stay a CSV file to be imported into QuickBooks.
Discover that transaction quantities are proven in column C with bank card expenses proven as constructive numbers and funds to scale back the bank card stability as destructive numbers. Some bank card corporations may embody expenses in a single column and funds in one other column. Both approach is ok, however you’ll must understand how the quantities are organized within the subsequent step.
After finishing step 3, if you happen to’re importing a CSV or TXT file, QuickBooks requires you to designate which column in your CSV file needs to be imported for every of three fields:
It is advisable inform QuickBooks the place it could discover the date, description, and quantity in your switch spreadsheet:
- First row within the file is a header row: Place a verify mark on this field if the primary row in your switch spreadsheet supplies the title for every column.
- Date: Click on the drop-down arrow and choose the column in your switch spreadsheet that incorporates the date. Within the subsequent subject, choose how your spreadsheet codecs the date.
- Description: Choose the column that incorporates an outline of the transaction. I like to recommend deciding on whichever column goes to offer you essentially the most info to assist classify the transaction with out doing additional analysis. Paul’s Plumbing selected the “Appears On Your Statement As” column as an alternative of the “Description” column due to the extra detailed info.
- Quantity: First, select whether or not your spreadsheet has all quantities in a single column or if expenses and funds are in separate columns. As we noticed above, Paul’s Plumbing’s spreadsheet has all of the quantities in a single column and are situated in column C. For those who point out quantities are proven in two columns, you’ll must specify one column for cash spent (expenses) and one other for cash obtained (funds).
If you find yourself glad together with your mapping, click on the inexperienced Subsequent button within the backside proper nook of the display screen.
Step 5: Choose Transactions for Import (CSV and TXT information solely)
You may choose which transactions out of your file to import. I extremely suggest importing all transactions within the file. Even private transactions on your small business bank card account have to be imported. Reconciling your bank card account from QuickBooks to your bank card assertion is a crucial step to ensure your books are correct. The reconciliation just isn’t potential if you happen to don’t import all transactions.
Be certain all transactions are chosen after which click on the inexperienced Subsequent button within the backside proper nook of the display screen to finish the import of your transactions.
Tip: If there aren’t any transactions listed on this display screen, make the next adjustments to your file:
- Take away all formatting from the quantity column, together with greenback indicators
- Take away clean rows in order that all the things begins at row 1, column 1 of the spreadsheet
For those who make adjustments to your spreadsheet, you should reserve it after which again as much as step 2 and reselect the file to import.
Step 6: Return to the Banking Heart
Click on on Transactions after which Banking from the left menu bar to return to the Banking Heart. Your checking account is now proven within the higher left nook with the variety of transactions awaiting evaluate. You might have to refresh your browser on your banking heart to mirror your freshly imported transactions:
We’ll discover ways to evaluate the transactions and settle for, exclude, or match them to an current transaction in How to Manage QuickBooks Online Bank Feeds, however I like to recommend finishing the tutorial classes so as.
You’ve now discovered to attach your bank card to QuickBooks On-line and to import bank card transactions manually when mandatory. We’ll return to managing bank feeds in a later lesson. First, nonetheless, we should end organising your QuickBooks On-line firm. The subsequent lesson in our QuickBooks On-line Coaching Course is How to Set Up Multiple Users, the place you’ll discover ways to enable your exterior accountant and in addition to different workers full entry to your QuickBooks On-line.