QuickBooks Desktop 2023 import bank transactions into QuickBooks. Let’s do it within two, it’s QuickBooks Desktop 2023. Here we are in QuickBooks Desktop bank feed practice file,
we started up in a prior presentation, we’ve been thinking about how to get the data from the bank into the system, there generally been two ways to do that, connecting directly from
QuickBooks to the bank and downloading the information from the bank directly to QuickBooks or going to the bank itself, downloading the information in a QuickBooks file or a file that has the capacity to then be uploaded into QuickBooks, and then upload that file into QuickBooks. Either method will get us to the same point after we have the data in the system,
which then leads to the more complex part, which is to take that information, and then try to set it up in such a way that we can construct our financial statements from it. So if I go to the banking drop down here,
we’ve got the bank feeds, we talked about this is the direct connection method that we could be using. We also have this item here, which is the import web connect file.
And this is one way that we can basically upload the file. Also note that we might then also want to look at the lists drop down the chart of accounts.
And we talked about the fact that we could set up our checking account first, whether we check the second, the checking account up first, take me there, maybe later or not, it’s going to set up an account,
of course, that will be a general ledger account, that’s going to have to be a fake type of account, because that’s the account that’s going to tie to the bank feeds. So if you don’t have that account set up, then if you just go through the setup process, whether you’re going to upload it, or whether you’re going to connect to the bank,
you’re gonna have to set up kind of an account as you go, you might want to name it like a generic name, like I have here. Or if you have multiple checking accounts,
you might want to have like a parent account, and then the sub accounts and possibly the last four digits of the number, so that you know which account that you’re dealing with. Although note that the bank feeds when you actually go into the bank feeds,
they have some some identifications by the institution in there, that can they can kind of help you out. But when you’re looking at your financial statements, still, it’s kind of useful to have different accounts related to each bank and have some identifiable marks on them, such as the last four digits of the number.
Okay, so what we have done is last time, we downloaded the information from our bank onto our desktop. So we talked about how to do that last time, most banks have the capacity to download a QB O type file,
which basically takes the raw data that you find on your bank statements, in essence, but then puts it into a format that can easily be offloaded meaning, it’s just increases decreases to the checking account, and the date, basically, and memos, right. And we talked about, we can also get that in a comma delimited file,
which looks kind of like an Excel file. Now this one up here, however, is the one that’s most easily uploaded into the QuickBooks system.
So that’s the one that we’re going to be using, we could upload it either by going to the bank and drop down and we could go to the bank feeds and import the web connect file,
because we’re importing the file as opposed to connecting directly to the bank, which is good for a practice if you want to practice doing that.
And it’s also good in the event that maybe you want more data, for example, those are two main reasons why you might, you know, download the data file and then and then upload it.
But after we upload, it will be in the same place. But QuickBooks, I believe, actually recommends that we actually close QuickBooks and double click on the data file, which will then open up the program. So I’m going to do it that way.
And so what I’d like to make sure is that I have the file that I want to be importing the data file into this is the correct company file that I want the data to go into.
I’m then going to close this back out the whole thing closing the program, and Intuit recommends backing up would you like to backup I’m not going to back up right now. Thanks for reminding me QuickBooks. And then I’m gonna go back into my desktop.
And so note this is this is the actual QuickBooks program icon. This is the data file that I downloaded. This is the actual the the this is the data file that’s actually my QuickBooks data. This is the data file,
which is the bake data just that just has the banking information. I’m going to double click on this one, which should then open up the program and then start an installation wizard asking us if I want to proceed taking the data from this item into our our system.
Now note if you’re following along with your own data, you’re gonna have to start your your own data because it’s going to be your banking data. And you can practice with the same kind of types.
So once we get the data into the system, well, then I’ll then look at it and imagine different scenarios with the data that won’t necessarily be applied to this particular data.
In real life, it’s just we’re going to use the data in order to think about different scenarios, once we have it in place, which hopefully you can apply to your own data,
for practice purposes or for your own for your own data file. So I’m going to double click on this and it opens QuickBooks back up that looks good looks promising. It asks for my password.
So I’ll put that in, we then get a pop up screen that says QuickBooks has received new transaction data, please indicate whether you want to import this data now, or save the file for import later, import new transactions, that’s what I want,
I don’t want to save the file here always give me the option of saving to a file when I download the web connect, probably don’t need that. But I’m just going to keep it I won’t change anything right now.
I’m going to say OK, and there we go. So then it’s going to give me the information. So you are downloading transactions for the following account.
It gives us our account information, financial institution, that type of account, a checking account, account number, and then that’s from your institution. So we got QuickBooks does not have an online account to handle these transactions, please make a selection below.
So we can then choose to use an existing QuickBooks account. Or if we don’t have one set up, create a new QuickBooks account. So if I hadn’t already set up that checking account, then I would use this one and I’d set up a new account, since I do have it set up,
I can pick this one and say I just want it go into the checking account. Now notice, when I have the drop down here, it doesn’t show me the all of the chart of accounts, it only shows me the account types that I have available, which are bank account types.
Also note that I gave it a generic name, so that that could be fine. However, if you have multiple accounts, you might want to have an account with like put the last four digits of the account number or something to identify one account versus another account if you’re dealing with multiple accounts.
So I’m going to say continue, let’s do it. And it says your WebConnect data has been successfully read into QuickBooks, you can view the downloaded data in bank feeds center by selecting your financial institution. So I’m going to say OK, and then it usually takes you there directly.
So it gives me this little thing. Advanced bank feeds a faster and improved way to categorize your bank data, create enhanced rules and transactions to look books quickly. So I’m going to say don’t show me this again, and skip it.
And then it’s I think it’s going to take me right into the bank feeds directly. Now if it didn’t take me directly into the bank feeds, I can close this back up. And I could I could then say, Okay, I’m going into the bank feeds.
By going to the banking dropdown, I can go to the bank feeds. And now I’ve got a bank feed center, I didn’t have a bank feed center buffer all I had in here, the first one was set up bank feeds for an account,
because I didn’t have any bank feeds set up before now I do so now I have a bank feed center. So if we go into that, we get into this screen for the for the bank feed center. So it gives you like kind of your recap item up top.
And we will have multiple cards later because I believe we’ll just check out a credit card as well. So you might if you have multiple accounts, you’d have multiple kind of cards up top. So the look and feel that they’ve changed it recently to this look and feel we’ll talk more about it in the future.
But it’s it’s nicer. It’s cleaner looking, although there’s this huge gap up top, which is kind of annoying. And so now that I’ve zoomed in on my screen,
I’m actually zoomed in using my settings here on my Windows settings. And I’m zoomed in to like 150. So I might bring it back down to like 125. And that wouldn’t be so much of a problem if you were working yourself and you didn’t need to because I’m trying to zoom in for presentation purposes.
But still, it seems like there’s a lot of empty space with these cards, it would be kind of nice if they allowed us to collapse the cards or whatever. But it is what it is. We’ll talk more about that later.
So now we’ve got our data down below. The thing we want to note right now is this data is now in what I call bank feed limbo. It’s not being used to create financial statements yet.
In other words, if I go to the reports up, top company and financial look at my balance sheet, for example. There’s nothing there.
Nothing has happened thus far. Because Because I need to take this data into the system. Now. When you first set up your bank feeds, that will typically be the case because all QuickBooks has then from the bank or increases and decreases to the checking account.
And if you have electronic transfers, it gives you this memo information, which is useful to finish the information necessary to add the data into the system. But usually you’re going to need a couple other things, what are you going to need, you’re going to need to identify and account to for it to be hitting the QuickBooks knows it’s going to be adjusting cash,
Cash is either going up or down. But what’s the other account in the double entry accounting system, if it’s a deposit, you would think mainly the other side would be income. And so you have to assign it to an income account. If that’s the case, QuickBooks can’t make that assumption.
Because it might not be income, it could be from you or a loan or something like that. So we got to set that up. And if it’s a decrease, you would think the other side of the account would be an expense.
So we’ve got to tell QuickBooks what the expenses are. Now we can then start to memorize those things as we go. The other information that the system needs is if we want to know who the money came from, we’ve got to give a customer which gives us more detail.
And if we want to know who we are paying in and track by who we paid in the system, we’ve got to give the system a vendor. Usually that information can be found in the memo, which is nice. So we’ll get into that in more detail. We’ll talk about this whole kind of layout in more detail in future presentations.