Online Banking is a feature in QuickBooks Deskop for Mac that allows you to connect to your financial institution (FI) to download transactions and use other online services, such as vendor payment and online transfers. QuickBooks lets you record and do bank and credit card transactions more efficiently so you’ll have more time for your other business needs.
Once you've fulfilled these two basic requirements, you're ready to go through the different online banking processes and perform other online banking tasks.
Your FI takes the lead in controlling what and how information is received by QuickBooks. Before you set up online banking, it is highly recommended that you coordinate with your bank so you’ll know what connection method they support, what the fees are (if any), and what information you need to set up and use the feature.
Connection methods: QuickBooks provides two connection methods – Direct Connect and Web Connect. Some banks offer both while some offer just one of them.
Applicable fees: There may be charges associated with the use of the bank’s service. Contact your bank for more information.
Bank-provided account credentials. These are some of the information usually provided by the bank for online banking setup.
If you are using Direct Connect, and depending on your FI, you may also need some or all of these:
|Account Type at FI||Account type in QB|
|Line of Credit||Bank|
|Credit card||Credit card|
|Line of Credit||Other current liability|
Note: You cannot add online services to a QuickBooks account until you have received all of the information your FI requires.
You must download a statement from the FI's Web Connect website and import to QuickBooks to finish the setup process:
After selecting Direct Connect:
What you do next depends on how your FI works with Direct Connect.
If you selected Yes from the previous window and you get a login screen:
If you selected Yes from the previous window and you are asked to select an account
Important: Intuit does not control what transactions are downloaded. The transactions the FI provides is what will be displayed in the Downloaded Transactions window.
When you download transactions, they are usually categorized as:
QuickBooks tries to match downloaded transactions to entries already in your register. If a match can’t be found, you can manually match (if you are sure the transaction already exists) or fill in the required information to add it to the register.
To make a match, QuickBooks looks at the following:
You need to match downloaded transactions to ones in QuickBooks so you can tell what transactions your FI has processed and which ones have not cleared the bank yet. Matching the transactions will also help you tell you if the FI has processed any transactions that are not yet in QuickBooks which will be your guide in adding them to your records.
If you agree with the match QuickBooks made, you don’t need to do anything else with this transaction. The matches will be added to your register when you close the window. If you don’t agree with the match, unmatch the transaction. The status of the downloaded transaction changes to unmatched.
There are times when transactions simply won’t match. These are the possible scenario:
If you need to make any changes to the downloaded/imported transaction, like splitting between multiple expense accounts, it will have to be done directly in the register after it has been added to the register.
See Deactivate Bank Feeds for an account for detailed instructions.
Note that before you can disable an account, you must accept or delete any transactions still displayed in the Downloaded Transactions window. If you are unable to deactivate online services or if you continue to see the lightning bolt for the account when you view it in the Chart of Accounts, see Cannot deactivate Bank Feeds for an account.
You may need to change your password for reasons such as:
To change your password, you need to delete it in the Mac OSX keychain.