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Banking Feeds

Hi G/day

 

I have been using QBO for over 12 months now but never used my banking feeds. 

When entering purchases I used the drop down (Expenses) and added my expenses that way. My issue now is my banking feeds does not match my entered expenses and I am finding it difficult and time consuming to match them individually? what would be the easiest way to match my expenses with my bank feeds? I have also tried doing a Reconcile but have not been successfull either?

Solved
Best answer 08-30-2018

Accepted Solutions
Content Leader

Re: Banking Feeds

Hello @Alan3,

 

Welcome to the QB Community. Glad you are looking into using the Online Banking feature, it can save a lot of time. Essentially, you can connect your bank accounts and QuickBooks will import the last 90 days of transactions. Once the transactions are in the Bank Feed, it's your job to select the correct expense/income account per transaction.

 

In practice, this should make your reconciliations fairly easy since you're using the bank's data to do your accounting. However, the first time can be tricky since you likely have transactions that don't come through your bank's data (i.e. expenses you paid via an unconnected account or credit card) but also need to be reconciled.

 

The more and more you use the Bank Feed feature, the better the system gets at recognizing which accounts a transaction should go into - if you process a lot of fuel expenses, for instance, QuickBooks will pick up on wording patterns, vendor names, and costs (among other criteria) and start to make better matches for you. The first few times you pull bank data, you may have to do more manual matching than usual, but eventually, as you and QuickBooks learn your Bank Feed process, you will be able to batch process several incoming transactions at once.  

 

There's a bit more on Bank Feeds in "How to Connect an Online Bank Account in QuickBooks Online." Let me know if this is a useful resource and I can send you more guides. 

 

How many accounts do you plan to connect? Are you tracking both expenses and income? 

9 Comments
Content Leader

Re: Banking Feeds

Hello @Alan3,

 

Welcome to the QB Community. Glad you are looking into using the Online Banking feature, it can save a lot of time. Essentially, you can connect your bank accounts and QuickBooks will import the last 90 days of transactions. Once the transactions are in the Bank Feed, it's your job to select the correct expense/income account per transaction.

 

In practice, this should make your reconciliations fairly easy since you're using the bank's data to do your accounting. However, the first time can be tricky since you likely have transactions that don't come through your bank's data (i.e. expenses you paid via an unconnected account or credit card) but also need to be reconciled.

 

The more and more you use the Bank Feed feature, the better the system gets at recognizing which accounts a transaction should go into - if you process a lot of fuel expenses, for instance, QuickBooks will pick up on wording patterns, vendor names, and costs (among other criteria) and start to make better matches for you. The first few times you pull bank data, you may have to do more manual matching than usual, but eventually, as you and QuickBooks learn your Bank Feed process, you will be able to batch process several incoming transactions at once.  

 

There's a bit more on Bank Feeds in "How to Connect an Online Bank Account in QuickBooks Online." Let me know if this is a useful resource and I can send you more guides. 

 

How many accounts do you plan to connect? Are you tracking both expenses and income? 

Not applicable

Re: Banking Feeds

I have been using self employed quickbooks for a few years, I noticed that bankfeed are not up to date and I have some informaion missing on my milleage traker, I called costumer service and they said there is a glich on the " syncing manager" and that they could fix it but I had to pay $299 for this service. 

Has this happend to anyone else?

Not applicable

Re: Banking Feeds

there is a known issue with bank feeds.   Changes are happening between QBO and the Banks.  Bank of America is the one I have experienced as being particularly difficult.  Keep checking and I wouldn't pay for anything until you understand the problem and what you are paying for.

 

Currently what I have found to work, support tells you to do, only after a gazillion other wasted attempts.  That is to disconnect the bank feed and then reconnect it.  Where it doesn't hold for very long, it does reconnect and download transactions correctly.

 

After much frustration I did get a QBO support person that seemed to know what they were doing.  She told me that there are known issues with these bank feeds and Bank of America particularly.  I received email saying it was fixed, but all it did was change the error message.  lol.

QuickBooks Team

Re: Banking Feeds

I appreciate you for voicing out  your concern regarding your experience, @Linette What.

 

I understand the impact of any delay in resolving this matter. Banking related concerns usually require troubleshooting steps that need to be performed more than one attempt.

 

Currently, our product engineers work closely together with your bank for us to release a permanent resolution for this ongoing issue. Rest assured, we will send you  notifications once an update is released.

 

In the meantime, I’d recommend reaching out to our Customer Care team. A bank specialist will be able to add you on the list of affected users.

 

Here’s how to contact us:

  1. Go to this website https://help.quickbooks.intuit.com/en_US/contact.
  2. Select QuickBooks Online.
  3. Click the Solving issues & error messages topic.
  4. Choose Banking as sub-topic.
  5. Click the Get Phone Number button.

Thank your for your extended patience regarding this matter.  Have a great day!

Not applicable

Re: Banking Feeds. I can't find pop up message box to Update now

 
Moderator

Re: Banking Feeds. I can't find pop up message box to Update now

Good to see you joining in on the conversation, Ronny. Let me join in as well.

 

You can find the Update button in the Banking page. This lets you update the list of transactions in the For Review section manually. Though, Online Banking has a built-in feature that updates the list automatically.

 

Here's how to update the Banking page manually:

  1. Select Banking on the left menu and go to the Banking tab.
  2. Click the Update button and enter the Multi-Factor Authentication (MFA) credentials.
  3. Select Continue update.

If you're referring to something else, any additional details and screenshots would be much appreciated. Thanks in advance!

Not applicable

Re: Banking Feeds

does this work for QB desk top also?

QuickBooks Team

Re: Banking Feeds

Yes, jkonecki, the manual update works with QuickBooks Desktop.

 

Here are the easy steps: 

  1. Go to your Bank Feeds Center
  2. From the left menu. click on the bank account you'll want to manually update. 
  3. At the upper-right corner, click on the Refresh icon to get latest updates from your bank. 
  4. Click on the Transaction List button to view the updated downloaded transactions. bank feeds 1.PNG

     

    bank feeds 2.PNG

I got an article for you that you'll want to check out for more details about banking

 

Let me know if you have need more help with your bank feeds. Have a good one!

Not applicable

Re: Banking Feeds

Seriously dump the bank feeds, they are more hassle than they are worth.

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