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Level 4

Faster QuickBooks Setup: Bank Import for QuickBooks Online

BankImport2.jpg

 

You’ve started a new business and have been making it work for a few months now – congratulations! You’re just now starting to realize that you could do better for your business if you stayed on top of what money is coming in and what money’s going out. You’ve heard great things about QuickBooks, so you sign up – but you really don’t have time to manually enter the last couple month’s transactions. What do you do?

 

Good news! Most banks allow you to download a .csv file of your last months’ transactions. It’s a snap to upload that file to QuickBooks. Just click Banking > ▼ to the right of Update > File upload. Once the file’s uploaded, it’s just a couple clicks to categorize and add those transactions to QuickBooks.

 

BankImport3.jpg

A .csv import also a great way to get historical transactions into your QuickBooks. Many banks only allow the last 90 days of transactions to download through a direct connection to QB. You can use the .csv import to bring in transactions that extend beyond that cutoff.

 

What are your tips for getting a new business set up and running fast with QuickBooks? Have you used bank imports to cut down on start-up time? 

11 Comments
Level 3

Re: Faster QuickBooks Setup: Bank Import

Note that this is for QB Online only. Even the premeir accountants ed of Desktop QB 2017 will not import .CSVs. However, with the Accountant's Ed you can import a tailored spreadsheet of transactions all at once.

Anonymous
Not applicable

Re: Faster QuickBooks Setup: Bank Import

Mike (@cadillacmike),

 

True, this particular walkthrough is for QuickBooks Online. I believe there are some tools that can do bank imports for Desktop, but I myself have not used any personally. @hectorgarciacpa did a good video on a few different pdf/csv conversion tools for QBDT Banking. Have you used any?

Level 3

Re: Faster QuickBooks Setup: Bank Import

Thanks James. I do have a QB online acct, but at present none of my clients are QBO customers. The desktop accountant's edition,  however pretty much solves the problem with its bulk import directly form a spreadsheet.  That saved me earlier this month, and I'll be using it next month if the QBO upload file has any issues. I might actually prefer it because you can sort the spreadsheet before importing it so that like transactions are stacked making account or vendor name corrections much wasier, and you can do literally hundreds at a time as opposed to the bank feed which is One item at a time...

Anonymous
Not applicable

Re: Faster QuickBooks Setup: Bank Import

Mike (@cadillacmike),

 

That's awesome that you've found a workflow that works well for you and your clients. Please keep us in the loop with what happens with the QBO upload. 

 

What do you think is the number 1 tool/feature accountants like you need when working with so many different folks on so many different versions/editions of the platform?

Level 3

Re: Faster QuickBooks Setup: Bank Import

I haven't been doing this for very long (a little over 3 years), but I've worked with online QB and desktop versions going back to QB pro 2000 on an old w98 system. Go ahead and laugh, but that version is QUICK. No internet access on that system and no CPU wasting "services", etc running in the background to slow it down. I always have one of my ThinkPads with me for Internet access and file transfers, so that works out quite nicely.

 

I would have to say there are two "most" important items. One is bulk file import from a spreadsheet or .CSV file. If one has the Accountant's Ed, this can be done via an easily tailored spreadsheet, but if you just have the Desktop pro you can't currently import transactions via a .CSV, while the QB online version can. I'm guessing that not too many Certified Public Accountants don't have the Accountant's Ed, but in some smaller businesses with multiple internally managed companies this might be an issue.

 

The next is portability between the desktop and online QB. The company files should be completely portable between the two, and between years for at least 3-4 years backward from the current year. The year version is immaterial for online QB, but in online QB you should have the ability to export to desktop QB 15, 16, 17 or 18 for the time we are in right now, and then have one year fall off each year. That way an accountant can take an online file and bring it into desktop QB and do what needs to be done ( a LOT more efficiently), even if his desktop version is not the latest year of QB, and when they ae done, the client can bring the file back into his online QB environment. I can't check this with online QB presently because none of my current customers are using online QB, but I'm sure to pck one up again eventually and it should be part of the feature set.

 

As far as my preference goes, it's desktop QB by far. I have a file synch set up beteen my two primary systems via two portable HDDs, and basically can always have the latest client files with me all the time, since most of my clients do not ever touch QB on their computers.  Even those that do, I just get their latest changes copied over to my portable drive whenever I'm at their site.

 

Oh, and take out the ridiculous requirement for a password, especially for a channging PW. My systems have power on PWs, HDD PWs and windows login PWs, And file encryption if I want it. There NO NEED for that foolishness from intuit.

 

Level 3

Re: Faster QuickBooks Setup: Bank Import

OK, if you're going to take my posts down without even telling me, I might as well just not bother.

 

I didn't serve 5 tours in the middle east deserts just to encounter censorship in an accounting system forum.

 

Edit:

I see my earlier post (just above this one) was put back up.  I guess that's good.

Anonymous
Not applicable

Re: Faster QuickBooks Setup: Bank Import

Hey Mike (@cadillacmike)

 

I will take time to give your thoughtful first comment the proper response it deserves. In the meantime, I wanted to let you know that your post was temporarily removed by our spam filter after hours, unfortunately, during a time when no moderators were on duty to unblock it. Thank you for your contributions thus far, looking forward to more! 

Anonymous
Not applicable

Re: Faster QuickBooks Setup: Bank Import

Mike (@cadillacmike),

 

I love this insight, thank you. If you find a tool that works, with the functionality and speed you need, then you have gold. One of my colleagues here loves the 2000 -2003 editions! I too actually still use plenty of legacy software day to day, I only upgraded to Adobe CC when I started working with them. Is QB Pro the only thing on your w98 system? 

 

Your points about edition iteration are also insightful. I am going to forward this to some of my Product Manager partners. Is there a trend with the editions and years your clients currently use? What's the most common edition and what is it they like about said program (cost, features, user interface, etc)?

 

I too am a huge fan of Desktop. There are certain things I like about QBO, remote access work being the biggest personal benefit, but I really like Desktop for one simple reason - Iocal data storage. I am very particular about backing up my records and being able to maintain my database.

Highlighted
Level 7

Re: Faster QuickBooks Setup: Bank Import for QuickBooks Online

Hi Meg,

 

I continually use 'File Upload' in the banking section of QuickBooks Online for most of my clients. It is a really handy tool and I have a saved template in excel of how QuickBooks like the transactions uploaded so it works perfectly everytime. Its so simple and easy and takes such a small amount of time to input data minimising the time spent setting up a new clients profile!

 

If anyone has any problems using the feature I would be more than happy to offer my assistance or share my spreadsheet.

 

Kind Regards,

 

Emily

Level 3

Re: Faster QuickBooks Setup: Bank Import

@Anonymous

 

Hi Jim,

 

That old W98 system belongs to a customer. It only has QB and MS office from that time period. There is no Internet acces any noth high cpu overhead to slow it down. The onyl worry is eventual physical failure of the HDD, which I can back up. I already synch up the data files every visit. As for mysels, I'm a ThinkPad only person and I have several ThinkPad T20 series with W98 & W2000 that I keep in case I run into an old game that won't  run in W7. And those systems have bult in 3.5" diskette drives so I can boot or make certain utilities disks if needed. I also have several T30 series ThinkPads with XP on them, again I might need to boot and run an older utility.  I also have HDDs for my T61s with XP loaded, but don't think I'll ever need those. But I don't do any serious work on them. I have W7pro on all my T61s and T500s and thart's fine with me. I have HDDs with W10pro on them but I'll only boot those once a year to get updates because I DO NOT want to migrate to W10 anytime soon.

 

As far as remote access goes, I'm almost always with my travel T61, and its always synched,  so if I have an internet connection I'm as good to as any other computer where I am located, and the machine is set up the way I want it to be, with applications and utilities that I need. The only issue is printing, but so far I've been able to print to local LAN connected prnters at various sites with no issues.

 

i also keep my systems backed up, bot copy of user files and full system backups on multiple HDDs USBs, etc. so I'm not worried about a severe HW failure or a trashed OS. That ccomes from my IT background and military logistics & operations experience. Redundancies and alternate paths to a destination, whatever it may be.

Level 3

Re: Faster QuickBooks Setup: Bank Import for QuickBooks Online

@EmilyMockett

 

Emily, the online QB, especially if you are set up as the accountant has lots of good functionality that really helps. I got acquantied with the desktop accountants ed only this year, and it also has similar if not identical features, thart are great time savers. I'll be giving it a severe workout  this week and next.

 

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