QuickBooks is an accounting software package developed by Intuit. The main focus of QuickBooks is towards medium and small-sized businesses. The audit trail in QuickBooks is a feature that automatically tracks addition, deletion and modification made to the transaction in the user’s data files.
Many banks now offer to export statements and posted transactions into a .QBO file that the business accounting program QuickBooks can import into your company accounts, whether on a Mac or PC. The QuickBooks online bank statement file will show a list of downloaded payment and deposit transactions, including the dates and the payees of checks as well as debit card payments.
Updating your QuickBooks bank register is a simple task, which includes comparing the imported transactions with what you’ve recorded and then, transferring missing transaction, if any, to the QuickBooks bank register.
Given below are instructions with which you can import your Bank Statement in QuickBooks.
Procedure to Import Bank Statement in QuickBooks:
Step 1: Click on the “Banking” option while you are online.
Step 2: Select your Bank from the drop-down menu.
Step 3: Check your bank’s website as it has the option to save the files having .QBO extension.
Step 4: Download your transaction directly from the bank for a defined period.
Step 5: Open your company file in QuickBooks device.
Step 6: Select the “File” menu and then, click on the ‘Import’ option. Open a new window and select “Web Connect”.
Step 7: Now, open that file in another window. This new window will show your transactions over a period of time.
Step 8: Choose the account that matches your register.
Step 9: It will show the previous entries that are updated in the register and current entries that don’t match.
Step 10: First of all, confirm that the new transaction which doesn’t match is not a duplicate one.
Step 11: For downloaded entries that are duplicate, click on the “Match” button. If it doesn’t work, then click on the “Delete” option.
Step 12: Now, for the non-duplicate entries, select that particular entry and click on “Add One to Register.”
Note: The entry will be added to your resister and the downloaded entry will be considered as matched.
Step 13: Next, edit the transaction and link it with a particular income account or expense, and also to match the vendor’s or customer’s names with what has been listed in the QuickBooks file of the company.
Step 14: Repeat the process till the time only matched transactions remains in the window of downloaded transactions.
Step 15: Finally, assess whether the balance matches with the bank balance of yours, exclusive of any outstanding transaction. Once you find your registered being balanced, you can close the window.
If you face any type of issues while importing bank statement in QuickBooks or any other issue related to QuickBooks, instantly contact QuickBooks Support to find immediate solutions. You can easily resolve all sorts of problems with your QuickBooks without any hassle. Our tech experts are available round the clock to help you anytime.
Read More: How to Clear Audit Trail in QuickBooks?