How to link QuickBooks to a bank account?

In today’s competitive world, there are many accounting software available in the market. However, QuickBooks has proved time and again that it is one of the best options available in the market. Transactions related to bank accounts are very easy to handle and download all due to QuickBooks Services. It makes day-to-day work easier by minimizing paperwork. Everything is available online and on the go. It is also noteworthy that QuickBooks is accessible over all major devices like mobile phones, tablets, and off-course laptops and desktops. It is compatible with both IOS and Android.

When you link QuickBooks to your bank account, it downloads all transactions from the net banking feature. Hereby, the full list of transactions is updated. Any user with authorization can download these statements anywhere and anytime. All they need is a good internet connection.

Also, you can categorize your transactions and add them to QuickBooks so that all your work will be categorized under one roof.

Bank account setup is one of the crucial steps which help a lot in maintaining all business transactions. There are several steps involved in the setup of the bank account appropriately. One must be very careful while handling any work related to transactions under any bank account.

Steps to be followed:

  1. Connect your bank account: Launch the QuickBooks desktop app. On the home screen page, under the Bank Accounts section, click on the link which says Connect an Account. Select the account, and set the Username and Password which is used for e-banking. After this is done, select Login.
  1. Select your account

On the log-in, you will be able to see the account you have associated with this bank. Now, select the account number that you use for business transactions and let QuickBooks know the type of these accounts. As soon as you will click on connect, QuickBooks will help you with downloading the past transactions of the last ninety days. However, these are just downloaded and not on the QuickBooks file as of now.

  1. How to enter transactions

Log in to the banks and credit cards page and click on the category or match column so that transactions can be sorted accordingly. QuickBooks will try to find categories of transactions. To open drop-down transactional details, click on the first transaction in the list.

  1. How to change the transaction category

To change the transaction category, click the transaction menu and click the right one. You can add the column on the right if it is a new transaction.

  1. Choose a Payee

Select a payee. If this is a new payee, you can click on +Add New at the upper part of the menu option. Enter the name of the payee and click on the Save button. You have the freedom to choose to enter the payee details at a later stage.

  1. Processing Transfers

You can make payments from QuickBooks through your bank accounts directly using this feature. Transfers can include paying business credit card bills or make a loan payment. Open the transaction tab and choose Transfer.

  1. How to split transactions

In case you make payments for more than an item that falls into different categories, you can choose to Split them. When you open up the split transaction window, you will be able to choose a particular category and thereby enter a corresponding amount to the price paid for that particular category.

  1. The Batch Action Process

On correctly categorizing a bunch of transactions, QuickBooks provides the option to accept these transactions in one go by clicking the checkboxes, holding down the shift key, and thereby choosing the final one in the list. Open the batch actions and you can choose to accept them in a single go.

Correcting mistakes in the process:

It might happen that the user may accidentally include a transaction that does not belong to this batch action. You will thereby need to click on the QuickBooks tab and choose the transactions. Hit the Undo button to restore to normal conditions. It will return itself in the New Transactions tab wherein you can re-categorize it to its original tab.

Conclusion:

If you are looking to expand your business, QuickBooks will help you to with all the important document which you would need to apply for a business loan and accounting purposes. QuickBooks helps to generate a balance sheet projection, Profit and loss statements, and statement of cash flow. When it comes to reporting, QuickBooks comes out with flying colors. Reports can be customized and downloaded at per convenience of the user.

By setting up your current bank account with QuickBooks, you can pay bills on the go. You can also download transactions of bank accounts. No envelopes, paperwork, and other hassles are required for these petty works. QuickBooks comes with a basic feature of affordability, meaning whether you have a small or medium business, QuickBooks comes at a pretty affordable price.

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