At Altruic Advisors, our CFO Solutions team uses QuickBooks Online to manage our clients’ accounting information. One of the reasons we love QBO is the ease and efficiency of importing transactions from bank and credit card accounts. This reduces manual data-entry and saves valuable time.
While many third-party banks and credit card providers can be connected to QuickBooks Online, linking your account isn’t always necessary. The QBO “import” feature allows you to upload bank or credit card data directly into QuickBooks Online.
Before you begin, make sure that each of your bank and credit card accounts are set up with their own unique GL account number within your chart of accounts.
Step 1: Export Your Bank Transactions
Log into your online bank or credit card account and export a QBO file of new transactions. Different financial providers have different processes to obtain this file, but it should be fairly easy to locate. You will often see an option to “export” or “download” transactions. Click this option and choose the QuickBooks (.QBO) file type.
If your bank or credit card provider doesn’t give you the option to export a .QBO file type, you can use a .CSV file type instead. Follow Intuit’s instructions to ensure your .CSV file is formatted correctly.
Step 2: Import Data to QBO
Now that you have a QBO file, you can import it into QuickBooks Online. Click on the gear symbol in the upper right-hand corner of your QuickBooks account. Under the “Tools” heading, select “Import Data,” then choose “Bank Data.”
Follow the instructions to upload your file. You will be prompted to select the appropriate account for these transactions.
Step 3: Review and Match Your Transactions
After your bank or credit card data has been imported, you can review each transaction through the “Banking” tab in QuickBooks Online.
The “Banking” tab will show all cash transactions that have already been recorded in your QBO account, such as deposits, expenses, or transfers. QuickBooks will automatically attempt to “match” these entries to your newly imported bank information. You have the opportunity to accept the match or change it.
If QBO was unable to find a match, there is no need to worry. First, check to see if you have already recorded the deposit or expense. Click on “Find Match” to search for transactions.
If you have not recorded the transaction yet, follow your regular procedures to obtain the transaction information and enter into QuickBooks. You can enter new transactions and even upload attachments directly from the “Banking” screen. Once you have finalized the transaction information, click “Add.”
Once all transactions are “matched” to your bank information, you’re done!
Importing bank and credit card data into your QuickBooks Online is a quick and easy way to minimize data-entry and keep your books organized. We recommend importing your transactions on a regular and consistent basis, such as after month-end or after each statement period closes.