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Intuit

Set up and use Online Banking (Mac)

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.

Requirements

  1. Access to the internet.
  2. A banking account at a financial institution (FI) that offers services for QuickBooks.Currently, there are over 1400 FIs across the US and Canada that offer online banking services in QuickBooks. If your FI bank or credit card company doesn’t offer online banking import or download services for QuickBooks, you can ask your FI to sign up through https://fi.intuit.com.

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.

Activate Online Services

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.

  • Direct Connect allows QuickBooks to send information to your FI and download data directly from it. This method requires the use of a bank-provided PIN or password. After you set up the account, you can securely download electronic statements into your QuickBooks. You can also use other types of online services (online vendor payment, online transfer between accounts, and others) supported by your FI.
  • Web Connect, on the other hand, uses your web browser. This method only allows receiving of data. If you set up using Web Connect, you will not be able to send payments to your vendors or transfer funds to another account from within the program.

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.

  • Customer ID: A unique-to-you credential that you use, along with a password or PIN, to log in to your FI. They may ask you to use your account number, bank card number, Social Security number, Federal Tax ID, other piece of identification, or a special code as your Customer ID. They may call it a Customer ID, Online ID, Internet ID, User name, Login Name, or something similar.
  • Password or PIN: If you have multiple Customer IDs/Logins at your FI, QuickBooks will not be able to download your online account information into one company file. In order to activate multiple accounts in the same company file for the same FI, the Customer IDs/Login must be identical.

If you are using Direct Connect, and depending on your FI, you may also need some or all of these:

  • Account Number: This is the number that your FI gives to your account when they create it. It appears on your banking statements. If you have checks for the account, you can usually use one to find your account number. If you cannot find it, contact your FI for this information.
  • Routing Number: FIs are identified by a unique nine-digit number called the routing number. It is used to send checks and electronic transactions to the right place for processing. You can usually find the routing number from a check, if you have them for the account. If you cannot find it, contact your FI for this information.
  • Account type: To set up a direct connection between your FI and QuickBooks, you need to know how the FI classifies your account, not how QuickBooks does.
    Account Type at FI Account type in QB
    Checking Bank
    Savings Bank
    Money Market Bank
    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.

Set up the account

  1. To set up accounts for online banking, choose Banking and select Online Banking Setup.
  2. Find your bank. In the search field, start typing its name. As you type, QuickBooks displays names that match what you entered.
  3. Depending on your bank, you may be presented with options for Direct Connect/Web Connect or Web Connect only.
  4. On the Link your Accounts screen, you can choose which bank accounts you can add to QuickBooks. For example, if your bank account has a checking and savings account, you can add just the checking account.

    Web Connect

    You must download a statement from the FI's Web Connect website and import to QuickBooks to finish the setup process:

    1. Select Website.
    2. Find the download area for your account.
    3. Download a statement to your computer.
    4. In QuickBooks, open the Downloaded Transactions window and select the Import File icon to import your statement.
    5. For each downloaded account, select a matching QuickBooks account from the Store in the QuickBooks Account menu. Choose Continue.User-added imageNote: The account pop-up menu shows available QuickBooks banking accounts if the account you are importing transactions from is:
      • A checking, savings, or money market account
      • An available QuickBooks credit card accounts (if importing transactions from credit card accounts)
      • An available QuickBooks Other Current Liability accounts (if importing transactions from a line of credit account)
    6. After QuickBooks finished importing transactions, choose OK. QuickBooks displays the transactions in the Downloaded Transactions window.

    Direct Connect

    After selecting Direct Connect:

    • Yes - If you have activated your account for QuickBooks Online Services and choose Next.
    • No - If you have not activated your account. You will be directed to the contact information of your FI.

    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:

    1. In the Online Banking Assistant window, enter your customer ID and password. Select Sign In.
    2. For each account at your FI, choose “Select an Account” to display a list of available QuickBooks Accounts. Choose which QuickBooks account you want to associate with the online account.
    3. Only the QuickBooks accounts applicable to the online banking account type are displayed in the “Select an Account” list. You can only associate a QuickBooks account with one online banking account. To open a new QuickBooks account, select New from the “Select an Account” list, or create a bank, credit card, or Other Current Liability account first.
    4. Choose Next to download your transactions.
    5. After QuickBooks successfully downloaded your transactions, select Finish. The Downloaded Transactions window displays the transactions downloaded from your online banking accounts.
    6. You have completed setting up Direct Connect and can now update your register. Skip any remaining steps.

    If you selected Yes from the previous window and you are asked to select an account

    1. Select the account type for the account you want to download.
    2. Enter the account number.
    3. If this is a banking account, enter the routing number.
    4. Choose “Select an Account” to display a list of available QuickBooks Accounts. Choose which QuickBooks account you want to associate with the online account.
    5. Only the QuickBooks accounts applicable to the online banking account type are displayed in the “Select an Account” list. You can only associate a QuickBooks account with one online banking account. To open a new QuickBooks account, select New from the “Select an Account” list, or create a bank, credit card, or Other Current Liability account first.
    6. Enter the customer ID and password you use to access your online account and then choose Sign In.
    7. After QuickBooks successfully downloaded your transactions, select Done. The Downloaded transactions window displays the transactions downloaded from your online banking accounts.

Download transactions

Important: Intuit does not control what transactions are downloaded. The transactions the FI provides is what will be displayed in the Downloaded Transactions window.

Web Connect

  1. Open a web browser, and log into your FI's website
  2. Once you have located where to download the web connect file, enter the desired date range and download the .QBO file to your desktop. If you are not prompted for a date range, you will receive the maximum number of transactions allowed by your FI.
    Important: Please contact your FI if you're not sure how to download the QuickBooks Web Connect file (.qbo) from the website.
  3. To import the transactions, go to Banking > Downloaded Transactions and then choose Import File.

Direct Connect

  1. Go to Banking > Downloaded Transactions
  2. If you have more than one account enabled, select the account you want to connect to in the QuickBooks Account drop-down on the left.
  3. Select the Download button

Add and match transactions

Add transactions for the first time and create renaming rules

  1. Go to Banking > Downloaded Transactions.
  2. If you have more than one account enabled, select the account you want to connect to in the QuickBooks Account drop-down on the left.
  3. Download or import transactions for the selected account.
    If you have manually entered any transactions, you might see a solid circle indicating QuickBooks has matched the downloaded/imported transaction to something in the register.
  4. To start adding transactions, choose a payee and account for those unmatched then select Add One.
  5. At this time, you may see an option to set up a renaming rule. Follow the on-screen prompts.
  6. To edit the renaming rule at a later time, choose the Renaming Rules button on the Downloaded Transactions window.

Match transactions

When you download transactions, they are usually categorized as:

  • Unmatched: The downloaded transaction doesn’t match any transaction in this account in QuickBooks.
  • Matched: The downloaded transaction corresponds to one you’ve entered into this account register in QuickBooks.

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:

  • Check numbers: If these match, the transactions may match.
  • Amounts: If the amounts are the same, the transactions may match.
  • Dates: If the transaction was recorded in QuickBooks within a few days of it clearing the bank, the transactions may match.
  • Payees: If the payees are the same or if the payee in the downloaded transaction has a renaming rule to a name in QuickBooks, the transactions may match.

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:

  • It’s brand new. The transaction does not exist in QuickBooks. If this is the case, you can add it to the register by clicking Add One.
  • It’s different. The transaction that exists in QuickBooks could have a different transaction number, amount, date, or payee from the downloaded transaction. If this is the case, find the specific QuickBooks transaction and edit it according to what cleared the bank. Doing this will change the status of the downloaded transaction to Matched.
  • It’s Reconciled. A downloaded transaction that matches a reconciled transaction will not be tagged as matched. Reconciled transactions will be have a bold check mark in the register.

Add more details

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.

Other Online Banking tasks

Deactivate online banking

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.

Change Online Banking password

You may need to change your password for reasons such as:

  • You've changed your online banking password on your bank's website and need to update QuickBooks with the new password.
  • You're unable to log in to your online banking account with QuickBooks and suspect QuickBooks is using the wrong password.

To change your password, you need to delete it in the Mac OSX keychain.

  1. In Finder, go to Applications > Utilities folder to open the Keychain Access.
  2. Select the entry for your bank account.
  3. Choose Edit > Delete.
  4. Close Keychain Access.
  5. In QuickBooks, connect to your online banking account as you would normally.
  6. When prompted, enter your new password.