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Connecting to your bank account in QuickBooks

Connecting to your bank account and downloading your transactions into QuickBooks makes it easy for you to track your income and expenses. You can connect using any one of these methods:

  • Direct feeds
  • Standard feeds
  • Upload CSV file

 

Below we recommend which method to use.

 

Scenario 1: HSBC, Natwest, Royal Bank of Scotland and Lloyds business bank accounts

If you’re using one of the bank accounts above, we recommend connecting via direct feeds. Approval process takes about 10 business days. Transactions that you’ll receive starts from the day your connection is approved by your bank so you’ll need to upload a CSV file containing transactions taken between the start of your financial year to the day your connection is approved.

 

To connect to your direct feed account, watch the video or follow the steps below:

 

 

  1. Select Banking from the left menu. This will open the Bank and Cards page.
  2. If you already have an account connected click Add account in the upper right.
  3. Enter the name of you bank in the Search bar or select it from the tiles below.
  4. Click on Get direct bank feeds and then select Get direct feeds.
  5. Enter your bank and company details. Make sure they are exactly as they appear on your banking paperwork or your application may be rejected. If there are two account holders, make sure you fill in both names in the form. QuickBooks uses this information to auto-fill your Client Authority Form (CAF).
  6. Click Next and then Agree.
  7. Select the QuickBooks account you want to connect to and click Connect.
  8. Preview, print and hand-sign the form. If there are two signatories then all signatories need to sign the form. Please note that copies of the form are not accepted by banks.
  9. Post the form:
  • If your account is with NatWest or Royal Bank of Scotland, post your form to Freeport Intuit, 1 Cathedral Piazza, 1st and 2nd floors, London SW1E 5BP.
  • If your account is with Lloyds, post your form to Lloyds Banking Group, PO BOX 1000, BX2 1LB.
  • If your account is with HSBC, you are not required to post your form. Follow and complete the onscreen instructions.

Once we receive the form, it usually takes up to 10 days to process. You can check the status of your application from the Banking page.

 

Scenario 2: All other banks

If your bank is none of the above, we recommend connecting via standard feeds which is quick and immediate.

 

 

  1. Select Banking from the left menu. This will open the Bank and Cards page.
  2. If you already have an account connected click Add account in the upper right.
  3. Enter the name of you bank in the Search bar or select it from the tiles below.
  4. Enter your login details that you use for online banking and select Continue.
  5. Click Agree. You may be asked to enter additional sign-in information by your bank at this stage. Simply follow the onscreen instructions as required.
  6. QuickBooks allows you to connect multiple accounts linked to the same account or credit card. Select the bank accounts you want to connect.
  7. Select Connect.

The number of transactions that can be downloaded depends on the bank. If you need more transactions, refer to scenario 3.

 

Scenario 3: Importing CSV file

If you are setting up your QuickBooks account half way through your financial year, you’ll need to download all your transactions from the start of the financial year and import them into QuickBooks.

 

 

It’s really important to prepare your spreadsheet before you begin your import. Here are some tips:

  1. QuickBooks requires 3 fields: Date, Description and Amount in order to successfully import bank transactions. Some banks in UK provides CSV transactions in 3 columns, and others in 4 columns (separating Amount into Debit and Credit fields). Both formats work for QuickBooks, as long as the fields are mapped correctly.
  2. All mandatory fields should be filled in. For Amount fields that doesn't have a value (normally happens to 4-column .CSV files), enter a 0.
  3. Remove all symbols in the Amount field. For example, currency sign £ or comma ,.
  4. If your Amount field is in one column, use minus sign - to depict money out rather than brackets ().
  5. Remove any non-transactional information in the file, such as account numbers, opening and closing balance.
  6. Save your changes.

Here's how your file looks like when it's ready.

 

3 columns

48500_03.png

 

 

 

 

 

 

 

 

4 columns

48500_04.png

 

 

 

 

 

 

Now that you've prepared your .CSV file, you are ready to import bank transactions from CSV file to QuickBooks

  1. In the left nav, select Banking, then File Upload. If you have connected to a bank account in the past, click on the drop-down arrow to find your File Upload option.
  2. On the File Upload page, click Browse and choose the appropriate .CSV file then click Next.
  3. From the QuickBooks Account drop-down, select the appropriate bank account you want to import your transactions to then click Next.
  4. Map the statement fields according to your .CSV file's format. Check to make sure that the date format is same as the one in your .CSV file. Most of the time it is dd/MM/yyyy for UK banks. If your CSV file separates out Amount into 2 columns, choose the 2 column option. Then, map the Debit and Credit fields. Debit field in QuickBooks mean money out and Credit for money in. When you are ready, click Next.
  5. On the next page, all transactions in your .CSV file will be displayed. If you'd like to exclude any transactions, untick the checkbox next to those transactions then click Next.
  6. Then, select Yes on the notification asking if you want to import now.

 

Click on this link to find out which bank accounts are supported: https://community.intuit.com/articles/1389828
Standard feed allows you to connect to your bank account to QuickBooks and download transactions immediately.
Watch this video to learn how to import your bank transactions from CSV file to QuickBooks. Check Out More from Quickbooks UK : https://www.youtube.com/user/IntuitUK