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stealth_hippy
Level 2

what heading do i save my bank account files under?

HI all.
I am starting to feel like a dog chasing it's tail. Started using quick books yesterday, i know nothing at all about book keeping, in fact i hate it. So i am lookin for the quickest and most painless way to get it sorted.

Ok, i need to upload my bank account. I have tried connecting my account to QB, but the site it takes me to wants a business bank account and not a personal one, so it wont allow me to create the link.

That leaves me needing to upload a CSV file. So i have 12 months worth in a CSV file from the bank.
I click on Transactions>Banking and browse for a file...i direct it to the csv on my PC, but then it asks me which QB account i want to file it under.....like eh?
The obvious answer is my account, but there is a drop down menu with loads of options, but none of them are obviously "my bank account"
there are options such as "other debtors" "bank loan account" etc etc...but none of them are simply "my actual bank account, where i put mu money and spend my money....
There is an option to add another option, but even then the choices are limited to headings that dont fit...the closest one seems to be "money in the bank and in hand" otherwose known as petty cash.

So either i am missing something, or i am doing it wrong.

the question is, what heading do i save my bank account under?

and the same question for my pay pal account, my CSV files from ETSY and everything else...none of this makes any sense to me. i can find loads of advice about how to obtain the CSV file, and the button to press to upload it to QB....but i cannot find a single answer or explination as to why there are so many headings, what the headings actually mean and which of the headings i put the files under.

Anyone out there able to coach a QB noob though this?

Solved
Best answer December 05, 2020

Accepted Solutions
Maybelle_S
QuickBooks Team

what heading do i save my bank account files under?

Yes, you're right, @stealth_hippy.

 

You need to list everything that leaves your PayPal account as a transfer from your main bank account. Then, detail it in your expenses over in your bank account.

 

You can also read these articles for additional reference about transferring funds and categorizing transactions in QuickBooks Online (QBO):

Also, I've added this link about excluding bank transactions in QBO: Exclude a bank transaction from your expenses.

 

Don't hesitate to drop a comment below if you have other questions. I'm more than happy to help. Take care!

View solution in original post

8 REPLIES 8
MaryLandT
QuickBooks Team

what heading do i save my bank account files under?

Welcome to QuickBooks, and I'm here to guide you on how to connect your bank account with QuickBooks Online, stealth_hippy.

 

You need to manually add your account first before you can use the Online Banking feature. Let me show you how:

 

  1. Go to Accounting from the left menu, then Chart of Accounts.
  2. Click New to create a new account.
  3. In the Account Type ▼ drop-down, choose an account type.
  4. In the Detail Type ▼ drop-down, select the detail type that best fits the transactions you want to track. 
  5. Enter the account name.
  6. Now let's make sure the account in QuickBooks matches your real-life bank or credit card account.
  7. Choose when you want to start tracking your finances. In the Unpaid Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
  8. When you're done, click Save and Close.

Once done, you can connect it to start automatically downloading transactions. Here's how:

 

  1. Go to the Accounting menu and select Chart of Accounts.
  2. Find the account you want to connect to.
  3. Select the View register ▼ drop-down in the Action column.
  4. Choose Connect bank.
  5. Follow the onscreen instructions.

I've added this link for additional information: Find your bank or credit card account when you connect to online banking.

 

If you're unable to connect your accounts for Online Banking, you can manually upload transactions.

 

Stay in touch with me if you have other concerns about connecting bank accounts. Just tag my name, and I'll get back to you.

stealth_hippy
Level 2

what heading do i save my bank account files under?

ok, i have got to the part where it's asking me to chose an account type
there are options such as debtors, current assets, cash at bank and in hand, tangible assets, no current assets etc etc etc etc.

none of them stand out to me as the obvious choice....it's a bank account, just a normal bank account where i put money and where i do all of my spending from....so...which of the many headings do i puit my bank account under?

stealth_hippy
Level 2

what heading do i save my bank account files under?

oh also, i have tried many times to connect my bank account. But the box that pops up is asking me to log into a lloyds business banking bank account....but my bank account is not a business account...so is that why i cannot connect it?

Angelyn_T
QuickBooks Team

what heading do i save my bank account files under?

Thank you for the follow-up questions, @stealth_hippy.

 

Allow me to step in for a moment and share with you additional insights about your banking concerns.

 

With regards to selecting an account and detail types for your accounts, you may need to consult with a professional accountant so they can advise you on the classification that best suits with your business.

 

To successfully connect your account to QuickBooks, you can try the other versions of your bank's name. But, choose to release only one website for the connection to QuickBooks Online.

 

Here's how:

 

  1. Go to the Banking menu or Transactions menu, then select Add account.
  2. Enter the name of your financial institution. When it appears, select it from the list.
  3. Select the link to go to your bank's website. This opens a new window.
  4. Make sure you can access your account through this site. See if you can view your account summary, account history, and account details without any errors.
  5. If you can access everything, sign out of the financial institution's website.
  6. Go back and continue to add the account in QuickBooks Online.

You can also check out this article for additional instructions when you cannot find your bank account when trying to connect to online banking.

 

Just in case you want to download transactions from your bank's website and manually upload them to QuickBooks Online. Here's how to upload more than 90 days of bank transactions through Web Connect or import bank transactions from Excel CSV file to QuickBooks Online.

 

If you have any other QuickBooks or banking questions, please let me know by adding a comment below. I've got your back and am always happy to help. Thanks for reaching out, wishing you and your business all the best.

stealth_hippy
Level 2

what heading do i save my bank account files under?

Hi i actually found the solution myself.

what was happening when i tried to link my bank account was i would get to the page where the icons for the banks are, then click on lloyds bank...But it would take me to lloyds business banking, so when i tried to log in it just kicked me out.

So i then spent a few days asking the help files and trawling the forum to ask why? and if i needed a business bank account in order to connect...
As it turns out, it's the link on the icon i clicked thats at fault.
Eventually i went to the lloyds bank and just copied the URL for the entire internet banking page....once i had done that, it then gave me three options, personal banking, commercial banking, and business banking....So i clicked on the personal banking section and hey presto, it worked perfectly first time.

So, the solution to this problem is for QBO to go and fix the link on that page so it takes you to the whole of lloyds internet banking, rather than just specifically the log in for business accounts....

Now i have another problem. I have tried starting a new topic, but the first problem is that the forum will not allow me to post anything?
Every time i post i get a red box at the top of the screen, with writting telling me to fix the highlighted feild before i can post...but there are no highlighted feilds...so i try again...and i get the red box again, only this time it has black writting in the box, which is near impossible to read. I am colourblind, and i cannot tell what the black writting says unless i lean the laptop backwards, and put my nose level with the keyboard...even then i have to move the thing around for every word just so i can read it....and it tells me i am spamming.
Well of course, the #### thing just told me to try again, and now i am trying again, i am being told off for it and not allowed to post....So i gave up, and decided to post my next question in here...i have litterally been trying for an hour to get something to post...very annoying....

PAYPAL!!!!

I have linked my paypal account as a bank account...but, it has only dragged 6 months worth over, and i need the whole year...My actual bank account has done the whole year, but paypal isnt playing ball.

So, is there a way to tell paypal to try again and get the whole year?
or do i have to delete the paypal account and try again????
and if i do, how do i make it do the whole year and not just 6 months?

Ryan_M
QuickBooks Team

what heading do i save my bank account files under?

Hi @stealth_hippy,

 

Thank you for the number of details you've included in this post, and a job well done in adding your correct online bank account to your QuickBooks Online (QBO) company. Now, I'll share insight on the date range that an online bank downloads the first time you sync it.

 

In Open Banking, an online bank account can download up to 24 months of historical transactions. This date range differs between banks. 

 

Since your PayPal bank account pulls up 6 months worth of data, you can utilize a CSV file to upload what you need. You can refer to this article for the steps: Import bank transactions from .CSV to QuickBooks

 

In case you encounter any issues with the import process, open this article: Common errors for importing bank transactions using CSV. It's a list of the usual cause of CSV import problems, along with the things to check for a resolution. 

 

I'll be around in case you have other questions about online banking in QBO, Tap the Reply button and place a comment below, and I'll get back to you. 

stealth_hippy
Level 2

what heading do i save my bank account files under?

ok, i actually ended up deleting my existing paypal account and uploading it again. There were only 18 transactions in the original 6 month one, so it was no biggie to start again.

so my next question is probably silly one but i would rather confirm it first.
I never leave money in my paypal account, as soon as it's there i move it into my bank.
Sooo, when i spend money on paypal, the money comes from my main bank account and gets passed onto the vendor from paypal.

So basically, with the exception of payments which i transfer into my bank, do i list everything else that leaves my paypal account as a transfer from my main bank account?
and once i have done it, i then detail it properly in my expenses/running costs over in my bank account?

as i say, probably a silly question, but i would rather ask and get it right that have to start again...again :-)

Maybelle_S
QuickBooks Team

what heading do i save my bank account files under?

Yes, you're right, @stealth_hippy.

 

You need to list everything that leaves your PayPal account as a transfer from your main bank account. Then, detail it in your expenses over in your bank account.

 

You can also read these articles for additional reference about transferring funds and categorizing transactions in QuickBooks Online (QBO):

Also, I've added this link about excluding bank transactions in QBO: Exclude a bank transaction from your expenses.

 

Don't hesitate to drop a comment below if you have other questions. I'm more than happy to help. Take care!

View solution in original post

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