Ditching manual transaction entry should be your number one priority now that QuickBooks Online streamlines the process of importing transactions from your bank. When you manually input transactions, you open the door to data transposition errors, potentially leading to inaccuracies in customer billing, reports, and taxes. Plus, it’s a time-consuming task that eats into hours you could spend running other aspects of your business.
If you’re still manually entering transactions into your accounting software, consider connecting your online bank accounts to QuickBooks Online. Once your transactions automatically transfer to your QuickBooks Online system, you can easily review their completeness before storing them. Finding and accessing your transactions whenever you need them becomes a breeze.
Here’s a breakdown of how it all works:
Connecting Accounts
To get started, make sure you’ve set up usernames and passwords for any online bank accounts you want to link. In QuickBooks Online, navigate to Bookkeeping > Transactions > Bank transactions. Click “Link account” on the right-hand side.
If your financial institution isn’t listed, enter its name in the search field. Choose the correct option and click “Continue.” Follow any security steps required by your financial institution. Next, select the account type (checking, credit card, etc.) from the drop-down list and follow the on-screen instructions to complete the connection.
Viewing Transactions
Once your bank accounts are connected, you’ll see them listed on the “Bank Transactions” page along with their balances and the number of transactions. Clicking on an account will show its register, along with three labeled bars: “For Review,” “Categorized,” and “Excluded”.
From here, you can view all transactions and filter by date, type, or description.
Individual Transactions
It is easy to review each downloaded transaction. Simply click on a transaction to open its detail box, where you can add or edit details like Vendor/Customer, Category, and Customer (if billable). Ensure accuracy before confirming the transaction.
Connecting your banks in QuickBooks Online is straightforward, but you are not alone if you have any problems. Reach out to us for assistance—we’re here to help ensure your transactions are processed accurately from the start, saving you time and headaches down the road.
If you have any questions, please contact our office at (503) 224-5321. Isler Northwest LLC is a firm of business advisors and CPAs in Portland, Oregon. Our service goal at Isler Northwest is to earn our clients’ trust as their primary business and financial advisor.
Isler Northwest
(503) 224-5321
1300 SW 5th Avenue
Suite 2900
Portland, Oregon 97201
