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Level 3

Reconciling few banks account under the same company

My company holds more than one business checking account
When using QBO, can I add more than one bank account to the same company file?
Also, at the beginning, the business didn't have a business account and some sales-income was deposited into a personal checking - How do I categorize those when adding them to the QB?

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Best answer 12-19-2018

Accepted Solutions
Level 3

Re: Reconciling few banks account under the same company

Hi there!

Yes, you can add more than one bank account or credit card to QBO.  While signed in, navigate to the Banking tab and select the green 'Add Account' button in the top right.  Select your bank and then enter your online login credentials for that banking institution.  Depending on your subscription level (and if you have an accounting firm helping you) QBO will pull over at least 90 days of previous transactions from that account.  If you need to pull more in you will have to do that manually by going to the 'Update' dropdown on the top right of the banking center and selecting 'File Upload'.  These files should come from your banking institution's website through the download option.  Then you can start matching and adding transactions as necessary.

Thanks, hope that helps!!

-Stacy

https://www.manage-accounting.com

View solution in original post

5 Comments
Level 3

Re: Reconciling few banks account under the same company

Hi there!

Yes, you can add more than one bank account or credit card to QBO.  While signed in, navigate to the Banking tab and select the green 'Add Account' button in the top right.  Select your bank and then enter your online login credentials for that banking institution.  Depending on your subscription level (and if you have an accounting firm helping you) QBO will pull over at least 90 days of previous transactions from that account.  If you need to pull more in you will have to do that manually by going to the 'Update' dropdown on the top right of the banking center and selecting 'File Upload'.  These files should come from your banking institution's website through the download option.  Then you can start matching and adding transactions as necessary.

Thanks, hope that helps!!

-Stacy

https://www.manage-accounting.com

View solution in original post

Level 3

Re: Reconciling few banks account under the same company

You could use a bank transfer to deal with the amounts that were deposited into a personal account (transfer the amount from your bank account into your business bank account, then classify accordingly).  You could also use the Sales Receipt function to get the transaction(s) for the income collected into QBO.  

https://quickbooks.intuit.com/community/Income-and-expenses/Should-I-use-an-Invoice-or-a-Sales-Recei...

Happy Holidays!

-Stacy

https://www.manage-accounting.com

Level 3

Re: Reconciling few banks account under the same company

Hi Stacy,

What if I have old transaction that can no longer be downloaded as a QBO-compliant file from my bank account. I do have those transactions in the monthly PDF statement.
Do I need to enter them to the QBO one by one manually?

Level 3

Re: Reconciling few banks account under the same company

Question 1:
If I use the Sales Receipt function, shall I import the data (transactions) from the personal bank account into QBO?
If not, shall I list the receiving bank account in the Sales Receipt description?

Question 2:
What if I have old transaction that can no longer be downloaded as a QBO-compliant file from my bank account. I do have those transactions in the monthly PDF statement.
Do I need to enter them to the QBO one by one manually?

QuickBooks Team

Re: Reconciling few banks account under the same company

Welcome back to the Online Community, EBFinancials.


I can help and ensure your transactions are properly tracked in QuickBooks.


When using the Sales Receipt feature, the Deposit to field allows you to select which account to record the payment. If your personal bank account offers other Web connect files, such as Comma-Separated Values (CSV), Quicken (QFX)and Microsoft Money (OFX). Then you can import the transactions into QBO.


I also added a link to give more insights about downloading bank data.


However, if they don’t support these file formats, you would need to manually enter the data. I'll guide you through the steps.

 

Here's how:

 

  1. Go to Accounting on the left panel, and select Chart of Accounts.
  2. Choose the correct account, choose View register.
  3. In the top left, select Add check/check or select the drop-down to choose another transaction type.
  4. Enter the transaction date, fill in the remaining fields.
  5. Select Save.

For more information about the process, you can refer to the Add transactions to bank register article. 

 

Following these steps should help you record the bank data into QBO.

 

You can leave me a comment if you have additional questions working in QuickBooks. Please know that I'm happy to assist you further.

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