QuickBooks Pro Plus desktop 2020 to import bank transactions into QuickBooks, get ready because we bookkeeping pros are moving up the hill top with QuickBooks Pro Plus desktop 2022. Here we are in our QuickBooks a bank feed practice file, go through the setup process with a view drop down the open windows list on the left hand side company dropped down home page in the middle maximize the homepage to that gray area.
And prior presentations, we talked about setting up the bank feeds either through linking from the bank to the QuickBooks system, or by downloading the transactions from the bank and then importing them into the QuickBooks setup system that way, that second method possibly being useful in the event that you’re trying to download a lot of transactions to upload them into QuickBooks, and you might not be able to go quite so far back when you’re linking to the bank.
So now we want to take that data and import it into the QuickBooks system. Once the data is import, whether we import it by downloading it from the bank and then importing it into QuickBooks, or by connecting directly to the bank, we’ll be at the same point having the data into the system in in essence, bank feed limbo, and then we’ll need to add it to the financial statements.
So it can be used to construct or check the financial statements. So we could then go to if we go to the banking drop down, we talked about the bank feeds in either setting up the bank feeds that connection here. Now we’ve got the data that we downloaded from the from the bank, which we could then import as a web connect, this is one way that you can do it.
You can also set up your bank accounts by going to the lists drop down chart of accounts. And then you could set up a new account account rise up and add a new account this way as well, which would be the big account, and then it would ask you to set up your bank account information that way. So now we’re going to I’m going to minimize this, I’m going to minimize this and go to our desktop.
You’ll recall this is the actual software. This is what we downloaded from the bank. And now we’re going to use that to upload. If you see the extension, it looks like a QB o extension which reminds you of an online file, it’s not an online data file, it’s the bank file, which can then be used to upload the banking information to either the online version of the software or the desktop version.
We also took a look at that data with regards to just a spreadsheet type program. This is a CVS type of file, we’re going to be uploading this file, which again, you can do if I jump back on over to the QuickBooks by going to the banking drop down bank feeds, and then going to the import the web Connect.
But it some recommends oftentimes to just double click on that file and open up the software. And then it’ll import it. So that’s what we will do that way. Note that you want to have this as the prior file that you had open. And then I’m going to close this. And I’m going to say are you sure you want to exit I’m going to say yes. And once it’s closed, then I’m going to go back to the desktop and find that file.
So here it is. Remember, this is not the software, it looks the same. But it’s actually that QB o file the data file the transactions that we downloaded from the bank, I’m going to double click on it, it should then open up the software and populate or start to import the information or give us the wizard to do so from that point. So double click in here. So I had to input the password to open the file.
And then we have this information. So QuickBooks has received new transaction data, please indicate whether you want to import this data now or save the file for import later, we’re going to import new transactions. Now it says always give me the option for saving to a file when I download, I’m going to keep that on as the default for our reminder. And so it says to download and import sign in with your Intuit account.
So I’m going to say OK, so here’s my Intuit account, it’s trying to link to the online to make sure that I have an actual subscription model because I’m in 2022 and above where they have the subscription model. So I’m going to sign in here. So then it says you are downloading transactions for the following account gives the account detail here we got the QuickBooks does not have an online account to handle these transactions, please use a selected selection below.
So now we can set up our account, which is just going to be a checking type of account. If you already have one set up, it would be in the drop down here. We don’t have any bank account type of account setup.
So we’re going to set up a new account. And then it says do you want to create called you know, the, the checking for Wells Fargo, I’ll just call it checking. And then you might if you have multiple accounts, possibly with a institution, you might put like the last four digits. So I’ll just give an imaginary last four digits here. And then I’ll say checking, let’s call it bank.
And then we’re going to go in and say 5746 Let’s do it like that. And say Continue. Continuing on. It says quite small Lee here are in a small text your web connect data has been successfully read into QuickBooks, you can view the download data in big field center by selected your financial institution. That is nice.
So we’re going to say OK, and see what it pulls up for us here. So now it redid kind of our normal login. So I’m going to go to the View tab on the left hand side, going back to the setup process, do the open windows on the left. And then it says here, advanced bank feeds a faster and improved way to categorize your bank data, create enhanced rules and contrast to your books. We will talk about rules later.
But I’m not going to look at that. Now. I’m going to say close that for now I’m going to maximize my homepage over here, maximize in it, and then it takes it opens up the bank feeds. So the bank feeds are opened up. Whenever you go into bank feeds. Now you can you can basically close this back out if it was closed, imagine if it was closed. And then we can go to the banking.
And then if I go to bank feeds, we now have the bank feeds Center, which we didn’t have before because we didn’t have any bank feeds set up. But now we totally do. If I go on that I’m gonna say skip the intro. So skip the intro poor five or I don’t want to see that no more.
And then we can maximize this screen and this is going to be our bank feed information, you can then close the caret on the left hand side, it gives you a little tag up top, they changed this last year to be a little look a little bit more like the online bank feeds, which is nice, except that they kind of left a lot of space up top for these tags, which gives you an option to toggle between the different types of bank feeds that you have up top.
And so you don’t get to see as many transactions basically down below. In other words, they kind of took up a lot of real estate on the screen. Now notice I have the screen zoomed in right now. So I’m kind of in a zoomed in mode. So I’ll probably zoom it back out I’ve got I’ve got it zoomed in more than it needs to be because I think it would be better for presentation purposes.
So I’ll zoom it out and future presentations. And we’ll be able to see a little bit more transactions then on down below when we when we look at it in that format. But you can see these items are in the under recognized area.
That means what I would call their bank feed limbo, in essence, and then we’re going to add those transactions, the little tag gets you the banking information that we’re on, it gives you the number of transactions that are pending review that we got to go into an update. Notice that is if I go up to the to the reports up top and go to the company and financial and and take a look at like a balance sheet.
For example. For the current year, there’s nothing in there. Let’s make this as of 1231, two to one. And then let’s go to the prior report prior the income statement reports drop down company and financial profit and loss let’s make this from Oh 1012 1-201-212-3121. And there’s no data in there, even though we imported the information into the bank feeds, opening the carrot on the left hand side, because they are currently in what I call bank feed limbo.
So we’re going to go through in future presentations and get a better idea of these transactions that are now in here, how we can navigate basically this screen. And then we’ll go through and start to add these into the system.
And as we do so we’ll talk about how they can increase or how we can you know what problems might happen. As we add data we’ll took take a look at the deposits and then we’ll take a look at the at the decreases to checks and other decreases.
We’ll talk about memorizing transactions and automating this thing and making it more and more automated. As we enter data month over month. It should get easier should get faster if we got things set up correctly, to do the data input for the second month, then from the first month and so on and so forth.