QuickBooks Online Banking- Let It Work For You

  • It’s not been many years when you had to invest numerous hours for reconciling your accounts. Then, what has made the change now? Well, now you can eliminate all the hard work by linking your bank and credit card accounts directly to QuickBooks online accounting software. Once you do that, you’ll start witnessing the impact of bank feeds on your business. Apart from saving your crucial time, it gives you the surety of keeping your data secure, up-to-date, all the time. To know how it can help you, and what changes it can bring to enhance your business productivity, let’s proceed further.

     

    Why Is Automatic Connection Preferred?

    With automatic connection, it becomes easier for you to download all your transactions automatically. Therefore, you don’t have to enter any data by hand at all. Once you’ve initially set up categories for your data, QuickBooks learns as it goes – it’ll start doing the work for you without asking you to do anything. Moreover, if you are looking for a further level of control, you can get it by setting up Bank Rules.

     

    Wondering how it works? Well, follow the below-given steps:

    Here, we have tried to explain the step-by-step functioning of the automatic connection:

    1. Connect to your online bank account

    It’s not a hassle to connect QuickBooks to your online bank accounts. All you have to do is, go to the QuickBooks home page and click on ‘Connect an Account.’ Then, select or search for your bank. Once you’ve logged in, QuickBooks connects to your bank account via the same mechanism you use to log in directly. Don't worry! It will keep your data safe and secure – all you have to do is link your bank account with an account in QuickBooks and you’re ready to go.

     2. Transaction Matching

    Well, by this point your bank data is downloaded automatically, on a regular basis. Once it’s there, it will be easier for you to categorize expenses and deposits, and match them to transactions you’ve already entered into QuickBooks.

    QuickBooks helps you with your categories by ‘recognising’ your bank transactions. A ‘Recognised Item’ is one that has a match, has a rule applied or uses categories from related transactions you’ve already accepted into your QuickBooks account. It’s marked as a match and can be accepted into QuickBooks at the click of a button. Many times, while doing so, may end up with issues like QuickBooks error 179. Well, you dont need to worry as you can resolve it at the earlies. Items that QuickBooks recognises are marked in green. You won’t see any the first time you work with transactions, but look for it afterwards. As you create more Rules, and QuickBooks learns about your preferences, more and more transactions will be automatically matched, so you save even more time.

     3. Excluding transactions

    Many times, you might find certain transactions in your bank statement that don't need to be entered in QuickBooks. In this case, you can exclude them from the process. For doing so, select the transactions concerned, then choose ‘Exclude Selected’ from the ‘batch actions’ menu. You can review your exclusions and undo them if you’ve made a mistake, or delete them permanently if you’re sure. This way you can keep your data clean and easy to manage.

     4. Bank Rules

    If due to any reason, you’re looking for a finer level of control, then there are certain rules you can apply that go beyond automatic categorization. Further, you may customise and automate the bank transactions you accept into QuickBooks. To create a Rule, select the drop-down arrow next to File Upload in the Banks and Cards screen. You can then select the ‘Manage Rules’ option. Here you can create new rules, edit existing ones, and delete those you no longer need. Bank Rules can be exported from one QBO company and imported for use in another, so that you don’t have to keep performing the same set-up tasks when the books for different companies need to follow common rules. If not followed, you might get stuck with issues like QuickBooks error 179.

    Also read- QuickBooks Has Stopped Working

    Streamline Your Processes!

    By now you would have understood that online banking is a powerful tool within QuickBooks that enhances work productivity and business profitability. Moreover, it helps save you time and manage your finances much more quickly and efficiently. However, many times, due to several reasons you might end up with issues like QuickBooks error 179, in such cases we would suggest you to give us a call on our Toll-Free Number +1-(855)-955-1942 and get in touch with our experts.