Online Banking Improved in QuickBooks Accountant 2014
You can manage your banking and credit card balances in QuickBooks by downloading transactions from the financial institution directly into QuickBooks. QuickBooks will match the downloaded transactions to existing transactions and will mark for review any discrepancies.
You can stay in control by accepting or ignoring the transactions before adding them to QuickBooks.
Downloading transactions is accomplished with one of the following methods:
Whether you are up-to-date with your transaction data entry or behind, Bank Feeds will help confirm, reconcile and add missing transactions. The result will be more accurate and timely reporting of your business expenses and account balances.
Set Up Bank Feeds
In just a few steps, you will be ready to download bank or credit card transactions into your QuickBooks file:
1. Verify your financial institution participates. From the menu bar, select Banking, Bank Feeds, and Participating Financial Institutions. For participating banks or credit card providers, you must first establish online account access directly with the financial institution. You will need to enter the User ID and password when completing the remaining setup steps in QuickBooks.
2. From the menu bar, select Banking, Set Up Bank Feed for an Account. Most of the popular financial institutions participate.
3. In the Enter Your Bank’s Name field, begin typing the financial institutions name or select from the list on the right.
4. Type your User ID and Password. If you are having trouble with the setup, contact information for your bank or credit card provider is listed on each of the setup windows. This User ID and Password is from your online setup with your financial institution
5. From the QuickBooks Accounts drop-down, select an existing QuickBooks Checking / Credit Card account or create a new account. This step directs which QuickBooks account you want the Bank Feeds transactions to be downloaded into. Here is where you associate your online bank or credit card with an account in QuickBooks
6. Success displays in the Bank Feed Setup window. Click Close to complete the setup.
Manage Bank Feeds
Having setup your bank or credit card accounts to accept Bank Feeds, you are ready to save time and improve data entry accuracy!
The Bank Feeds will match transactions avoiding any duplication. If you are behind on your data entry and will use the download to automatically create those missing transactions.
With each successive download, Bank Feeds will know what has already been downloaded and will add any new transactions.
1. To start Bank Feeds, from the menu bar, select Banking, Bank Feeds, and Bank Feeds Center.
2. The Bank Feeds Account Information displays. In the top right, with your cursor click the refresh icon or from the drop-down choose to Sync All For This Bank or Sync This Account.
3. Type your PIN/Password as recognized by your bank or credit card. (Your User ID was stored when you first created the link between QuickBooks and the institution). Click OK to proceed.
4. The Bank Feeds Account Information window now displays details about the selected account. The at-a-glance summary of the balances per your bank/credit card as compared to the balances in QuickBooks is one of the many improvements made to QuickBooks online banking functionality. From this window you can:
5. From the Bank Feeds Account Information window select Transaction List. Bank Feeds displays a list of downloaded transactions separated into three groupings, click on the colored bar at the top of the window to filter the results for the following:
Click on any section of the colored bar to filter the results displayed or to open the register
8. To view the QuickBooks register for the selected account, click on the green Add/Approved bar at the top of the Transaction List window.
Toggle to the register by clicking on the Add/Approved bar in the Transactions List.
Success with Bank Feeds is when your financial institution balance is the same as the balance in QuickBooks. This account in QuickBooks is now and agrees with the institutions online balance.
Renaming rules help Bank Feeds predict what payee name and account you want assigned to each transaction. Managing your renaming rules is easy with these steps, and as you continue to use Bank Feeds, less and less effort will be required on your part:
1. After selecting Add/Approve the Rule Creation window displays. From this window you can choose to change the conditions Bank Feeds set automatically. Click OK when completed.
Bank Feeds automatically creates renaming rules that you can edit
2. Access Rules from the Transaction List, Rules link on the top left. Rules can also be added manually. Click Save when completed.
Manually add or edit Renaming Rules!