How to import bank or credit card transactions for the new banks into my QuickBooks Desktop Pro 2018 electronically?

Our Company has been reconciling the bank and credit card accounts manually so far through paper statements. Our company owner has some concerns and a negative opinion about banking online and the reconciliation becomes a big hassle. It takes a lot of time and effort and we sometimes can’t send Accountant’s copy for review on time. I have somehow convinced the company’s owner and explained that online banking is encrypted and absolutely secure. Fortunately, I got a go ahead on this and looking forward to the methods to import credit card transactions in QuickBooks. Anticipating an early and best information. Thanks

Asked on June 14, 2019 in QuickBooks Pro.
1 Answer(s)

Thanks for taking out time and writing your question about importing transactions into QuickBooks. Congratulations…!!! that you won the discussion with your company owner about the using QuickBooks Desktop online Services and precisely importing bank transactions in QuickBooks. I am complete with you on this, there is no point of using software with its full functionality and all the benefits it offers. So is the electronic import of bank transactions in QuickBooks, how creepy that looks punching hundreds of transactions manually first and then reconcile them?

Anyways, let me quickly move on filling your requirements and for that I will also be sharing a blog at the bottom. The blog contains detailed information on how to import bank transactions in QuickBooks and the methods. Before you go through the blog, take a look at methods of importing bank transaction in QuickBooks.

Almost all the variants of QuickBooks can import bank transaction electronically if your financial institution supports and provides the facility. Inevitably, you will have trouble connecting bank to QuickBooks, if the name of your bank doesn’t appear in the list available in QuickBooks. All major Banks support connectivity with QuickBooks except few.

Methods to Import Bank and Credit Card Transactions in QuickBooks 

  1. QuickBooks Direct Connect: With this option QuickBooks directly syncs with your bank in order to download the transactions / Bank Feeds. This option works only if your financial institute supports sync with QuickBooks or third-party applications. Some Financial Institutions do charge for this service. 
  1. Import QuickBooks Web Connect (.QBO) Files: This option is very useful to import bank or credit card transactions if your bank doesn’t offers direct connect option or you don’t want to pay the charges for Direct Connect Service. Web Connect Files (.QBO) contains online banking transactions downloaded from your Bank’s website. These files can be downloaded as per the required date range. The Web Connect file can contain a maximum of 90 days of bank transactions. These files can be downloaded on the computer where your QuickBooks software is installed. The .QBO file can later be imported and can are available in your Bank Feeds section in QuickBooks.
  1. Import Credit Card Transactions using a CSV File or IIF File: This option comes into play when your financial institution neither offers the Direct Connect or Web Connect download option. Most of the banks let you download them .CSV file which can further be imported to the respective accounts in your QuickBooks.

Please click on the blog link below to know the steps to import credit card transaction into QuickBooks for all three options. Hope this helps.

 

Article Link:

How to Import Credit Card Transactions into QuickBooks

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Answered on June 15, 2019.

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