quickbooks bank account integration
Sync quickbooks and bank account Connect quickbooks to bank account
It may sound interesting that QuickBooks supports live bank feeds for 15,000 banks and financial institutions. It implies that users can set up live bank feeds and can download financial transactions directly into this software. After integrating bank accounts with QuickBooks Desktop or Pro versions, users can import transactions by providing their username and password to a QuickBooks employee. After connection of accounts, user’s password and username are encrypted for protection.
Integration of QuickBooks and Bank Accounts
QuickBooks automatically downloads as well as categorizes bank and credit card transactions for its users, after it gets synced with bank account. The personal details are entered automatically and no manual transactions are involved. QuickBooks pulls down records of user’s transactions and download it effectively.
Adding a Bank Account to QuickBooks Pro
Before going for integration set up, it’s important to first set up your accounts set up for complicated accounting with QuickBooks Desktop Pro. By adding a bank account, users can import their transactions and keep track of their finances, helps in simplifying balancing the books, helps in preventing errors, and reduces the amount of data entry.
1. Firstly, users should try to add a bank to their QuickBooks Desktop Pro account in the following steps-
a. In QuickBooks app, do go to Company>Chart of Accounts>Account>New.
b. Now, select Appropriate Account Type and then select “Bank” and then click the blue “Continue” button, placed at the bottom of the screen.
c. Now, name the account by typing the name of the account and then click on “Select from Examples” button, if you need any type of help. The information of account name is essential while the following fields are optional but it is advisable to fill fields that are relevant to your business.
d. Thereafter, attach to a subaccount so that you can choose to mark your account as a subaccount of another account.
e. Now, users should write an account description for your account so that it will be easier for you to recognize it in your charts of accounts.
f. It’s time to add a Bank Account Number by entering your bank account number.
g. Now, add Routing Number by typing in your corresponding routing number.
h. Now, it’s time to select a Tax Line Mapping. It is selected because it is used by accountants to prepare the books for tax software and to run an Income tax Preparation Report.
i. It’s time to enter the information of opening balance of your account or else you can click on “Enter Opening Balance” button to open new account.
j. Next, select Check Settings by entering your check settings. Users can set a check recorder point and choose to order checks that can be printed directly from QuickBooks.
k. Now, save Account, by clicking the blue “Save & Close” button to save your new Bank Account.
L. Now You Are Done with Syncing QuickBooks and Bank Account
l. If you desire for live bank feeds then you can enable it by clicking “Yes” and continue on to How To Enable Live Bank Feeds In QuickBooks Pro?. Or else click “No”, if you don’t want to enable live bank feeds.
m. If required, do repeat the entire process many times until all of your checking, saving and credit card accounts are properly entered into your QuickBooks Pro account. It completes the integration process of your bank account and QuickBooks Pro successfully.