A Step-by-Step Guide to Import Transactions into QuickBooks Online
Here, we are going to cover how to import transactions into QuickBooks online, such as linking bank accounts, importing transactions manually with the help of a CSV file or entering credit card charges.
It is no surprise that QuickBooks makes accounting tasks easier to complete, or that millions of people know this- which is why they are using one version or the other for their businesses worldwide.
However, some of the tasks may require a bit of help, especially if you have to import your data into different software. If we talk about importing bank accounts, then there is a certain time period of 90 days up to which you can do so more easily.
For any time later, we will have to use a particular type of file- either a QBO or a CSV file- which is in the Excel format. It may all sound difficult but it is still important and very easy to link your bank account to QuickBooks.
Before we move to the steps on how to import transactions into QuickBooks online, there are certain details that you need to have with you. These include the user id for the bank account which you want to have linked to your software, along with the password of course.
This will be required for just one time, after which QuickBooks online can start downloading the transactions on a daily basis.
Steps to Import Transactions into QuickBooks Online
Step 1– You first have to determine if your bank is mentioned in the list of banks that allow users to import transactions.
For this, type the name of your bank in the search box under the “Banking” section. If it is there, then select it. If not, then you will have to import by a different method- using the CSV file.
Step 2– The next step is to log into the account that you wish to connect to QuickBooks Online. This is where you will use the user id and password mentioned a few lines before. Be patient as it could take a little time to connect.
Step 3– When it connects, just select the desired bank account if there is more than one mentioned, with a click. Once you have selected the relevant accounts, click on “Add Account”.
Step 4– At this point, there will be some fields that will require information referring to the bank account. These details also include certain information like the type of account, description, name and detail. Finish filling the same and then click “Save and Close”.
Step 5– Set the time range for which you need to import your details. It is necessary to specify the exact range here if you want data from less than 90 days before. Otherwise, the previous unrequired data will also be imported.
Step 6– Take a quick look to check if all of the details, like the choice of bank account, that you have filled are correct and then click on “Connect”.
This is when the downloading will begin which will take time, based on your requirement to import transactions into QuickBooks online.
Don’t forget to check the transactions that have been downloaded into your QuickBooks Online once the message has been displayed. This can be done in the “Banking Center”.
Why it is Necessary to Import Transactions into QuickBooks Online
The main advantage that you will get by doing this is that you will save plenty of time and effort. This is because here you just download your transactions all at once, automatically.
There is no need for you to enter each and every transaction separately by hand. Otherwise, it could get very complicated to do it the manual way. That is why most of the big banking corporations have enabled this feature to connect to your QuickBooks software.
If you need help on how to import credit card transactions into QuickBooks online or want to spare some time and get it done by professionals instead, then you can get in touch with our ProAdvisors at QB Pro Solution and they can do this for you without wasting any of your precious time.
We can also help you with other related tasks like how to import PayPal transactions into QuickBooks online. Just let us know!