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April 18, 2020
Question

Can you please tell me how to add a bank account so I can direct feed to my register from the actual bank account?

  • April 18, 2020
  • 1 reply
  • 6 views
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1 reply

Level 5
April 18, 2020

Within QBs you're referring to Bank Feed.  You'll need to have an online account with your bank and you need to make sure they can interact with QBs (most banks can) and confirm if they will charge any fees for doing it.  Most banks do not charge for just updating, but they may charge you to pay through QBs.  You need to check with the bank for any fees.

 

Also, ask the bank how they will appear in QBs when you set up Bank Feed.  There are a lot of banks with similar names, and the one in the list you think is your bank may not be.

 

Do a Backup before continuing....  Also, I'm going through this for one account.  If you have multiple accounts (Checking, Savings, Credit Card, etc.), I'd set it up for one account first (e.g. Checking) so you can see how it works.  Then add the others.

 

Once you're set on the bank side, open QBs.  From here you can set up Bank Feed a few ways:

  • From the menu bar click on Bank Feed and then on the + in the upper left
  • From the top Banking Drop-Down menu choose Bank Feed then Setup Bank Feed for an Account
  • Go to the Chart of Acct, right-click on your Checking Acct and Edit then click on the Bank Feed Tab

Once there, choose your bank (per what the bank told you) and fill in all of the other information.  At one point you'll get to a list of the bank accounts and it will ask you to set it up or link to an existing account.  I'm going to assume you already have your Checking (or whichever account) you're trying to connect to already set up in QBs.  So you want to link your bank account to the QB's Acct. by finding and clicking on the correct account in QBs.

 

If you are going to pay bills through QBs, you'll also want to check Set Up Bill Pay.

 

Once you've finished, from within the Bank Feed Center, Click on Download Transactions.  A small box will appear to enter your Banking Password and then QBs will go get the information. 

 

Especially this first time and occasionally in the future, Bank Feed may download duplicate entries and/or will match a downloaded transaction to the wrong entry in the register.  Odds are it will do this the first time, just because it is the first time and it not really in sync with what you've done manually in your register.  (Or it may match perfectly, just something to watch out for.)

 

Once the info is downloaded, the Download Transactions will change to View Transactions.  Click on the button and a box will show up with all the transactions downloaded.  The ones QBs can match will show as matched.  The others either are not entered in the register, there is an error, or for some reason they just didn't match.  If it's a simple error, as soon as you fix it in the register, the item will match.  If it's a missing item I recommend you go enter the right info into the register so that you have the correct expense account, etc.  The item will show matched once you've entered it.  And if for some reason there really are items you don't want (this may be very true the first time if they're duplicates or QBs is trying to find an item that is already reconciled, so you can use the drop menu at the end of the line to Ignore the entry.

 

Remember that Bank Feed is primarily to confirm the entries you made in your register (paid bills, deposits, etc.) match with what the bank shows.  It's not really intended to just accept what the bank shows.  You won't ever see the errors they make.  The other great thing about it is when an item shows up that does not match anything.  It makes you take note and see if it's simply an error, an incorrect fee from the bank or if there was actually a charge to your account you do not recognize.

 

There is another feature in Bank Feed where you can set up Rules.  So if you enter a payment to Store A, but store A is nationwide and the banks shows "Store A #10101" you can teach QBs to match anything that contains "Store A" to your "Store A" entries.  But I'll let you do a search on that once you're a little more familiar with Bank Feed.  (This comes up a lot with Credit Card Entries.)