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Anonymous
Not applicable

Do you need to enable Online Banking in QuickBooks Online?

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The answer is a qualified yes and no.

 

Online Banking makes categorizing and matching transactions from your bank much easier. It's especially helpful during your monthly bank reconciliations. However, this is a time saver and not a requirement to do accurate bookkeeping. 

 

Even so, do you think these types of enhancements features are necessary for successful accounting? 

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Best answer 10-12-2018

Accepted Solutions
ProAdvisor

Re: Do you need to turn on Online Banking in QuickBooks Online?

One of the biggest issues that many people don't realize is that the bank controls what data is available for downloading & not QuickBooks.

 

Some banks have a rolling 90 day windows. If you miss. it, you will have to manually enter the data.

 

In my opinion, it is not necessary to turn on the feature. I have had a few potential customers ask me if they have to use that feature. They were happy when I told them that they didn't.

 

Yes, it is a big time savings but you must be careful when accepting transactions. By creating the rules & having exceptions to those rules, transactions can get posted to the incorrect account. If you are not paying close attention to it, you will not notice it.

 

It is good to have features as options where each individual business can decide if they want to activate that feature/option.

View solution in original post

8 Comments
ProAdvisor

Re: Do you need to turn on Online Banking in QuickBooks Online?

One of the biggest issues that many people don't realize is that the bank controls what data is available for downloading & not QuickBooks.

 

Some banks have a rolling 90 day windows. If you miss. it, you will have to manually enter the data.

 

In my opinion, it is not necessary to turn on the feature. I have had a few potential customers ask me if they have to use that feature. They were happy when I told them that they didn't.

 

Yes, it is a big time savings but you must be careful when accepting transactions. By creating the rules & having exceptions to those rules, transactions can get posted to the incorrect account. If you are not paying close attention to it, you will not notice it.

 

It is good to have features as options where each individual business can decide if they want to activate that feature/option.

View solution in original post

Established Community Backer ***

Re: Do you need to turn on Online Banking in QuickBooks Online?

Yes! Of course you should use the connected bank and credit card feed, it's awesome!!

Not applicable

Re: Do you need to turn on Online Banking in QuickBooks Online?

we need to turn on Online Banking in QuickBooks Online

Anonymous
Not applicable

Re: Do you need to turn on Online Banking in QuickBooks Online?

@Regina_Lend_A_Hand_Accounting,

 

Do you use the Online Banking feature exclusively? On average, what percentage of transactions do you enter manually? 

Anonymous
Not applicable

Re: Do you need to turn on Online Banking in QuickBooks Online?

@jmdarts_007,

 

Are you looking for instructions? Or a little push to work Online Banking into your routine :)? Either way, we got you!

I wrote a short piece on how to set up Online Banking and use the basic features. Let me know if there's anything else specific we can help you with. 

Established Community Backer ***

Re: Do you need to turn on Online Banking in QuickBooks Online?

QBO was not designed to enter transactions manually, and manually entering transactions into the bank registers is not advisable. I download and upload via csv file transactions into the bank feed when a bank or credit card account cannot be directly connected, or when a period of transactions are missing that need to be reconciled. It would never be a preference.

Not applicable

Re: Do you need to turn on Online Banking in QuickBooks Online?

turn on on line banking 

Established Community Backer ***

Re: Do you need to turn on Online Banking in QuickBooks Online?

In QuickBooks Online there is not a switch to "turn-on" online banking per se. There is a banking module within QBO where you can "add" bank or credit card accounts so that the transactions flow into the bank feed for you to categorize and add to their registers. You would need the login ID and password for the bank or credit card account that you want to connect, and a connection would need to be available for your bank or credit card account.

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