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BellFinance
Level 2

Bank Feed Security

Hi,

This may sound like an uninformed question, but I'm relatively new to bookkeeping for our small organization. We use QBO Advanced. I've never connected bank feeds and am looking forward to doing so. However, I am wondering if there are any special security measures that I need to be concerned about before making the connection between our bank account and QBO?  For example, do I need to have ACH Positive Pay set up or anything like that? Is my bank account as secured connected to QBO as it is standalone? 

 

Thanks! 

Solved
Best answer September 09, 2024

Best Answers
Archie_B
QuickBooks Team

Bank Feed Security

HI, BellFinance. It's great to hear that you're exploring the option of connecting bank feeds in QuickBooks Online Advanced. Your concern about security measures is quite valid, especially when it comes to linking your bank account with QuickBooks.

 

Here at QuickBooks Online we take security seriously and we also provide security protocols to establish a secure connection between your bank and QBO. When you connect your bank account, QuickBooks will automatically and securely download your transactions. Using existing data from your bank saves time because you don't have to manually record transactions. QuickBooks will continue to automatically download your transactions, keeping your accounts up to date.

 

Additionally, we ask for your online banking credentials (user ID and password) so that we can establish a one-way communication with your bank. The connection and information from your bank are "read-only". This means QuickBooks can "read" the data but cannot process payments or extract personal information from your transactions. Information only goes one way: from your bank to your QuickBooks account. You can check Intuit's Privacy and security for more information.

 

Furthermore, regarding ACH Positive Pay, while it is not mandatory, setting it up can provide an additional layer of protection against unauthorized ACH debits. It's worth exploring this option with your bank to enhance security further.

 

Paying attention to banking details is important, so if you have further questions or concerns about banking let me know in the comment section. I'll be more than happy to assist you.

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1 Comment 1
Archie_B
QuickBooks Team

Bank Feed Security

HI, BellFinance. It's great to hear that you're exploring the option of connecting bank feeds in QuickBooks Online Advanced. Your concern about security measures is quite valid, especially when it comes to linking your bank account with QuickBooks.

 

Here at QuickBooks Online we take security seriously and we also provide security protocols to establish a secure connection between your bank and QBO. When you connect your bank account, QuickBooks will automatically and securely download your transactions. Using existing data from your bank saves time because you don't have to manually record transactions. QuickBooks will continue to automatically download your transactions, keeping your accounts up to date.

 

Additionally, we ask for your online banking credentials (user ID and password) so that we can establish a one-way communication with your bank. The connection and information from your bank are "read-only". This means QuickBooks can "read" the data but cannot process payments or extract personal information from your transactions. Information only goes one way: from your bank to your QuickBooks account. You can check Intuit's Privacy and security for more information.

 

Furthermore, regarding ACH Positive Pay, while it is not mandatory, setting it up can provide an additional layer of protection against unauthorized ACH debits. It's worth exploring this option with your bank to enhance security further.

 

Paying attention to banking details is important, so if you have further questions or concerns about banking let me know in the comment section. I'll be more than happy to assist you.

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