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Level 1

How safe it is to connect bank account on Quickbooks for Banking functionality?

For connecting bank account with Quickbooks, I need to feed in User id and password, which I am not comfortable with. How safe it is to link bank account with Quickbooks?

9 Comments
Intuit

How safe it is to connect bank account on Quickbooks for Banking functionality?

Hello,

The bank connection is 1 way only.  All QuickBooks does is pull a record of your transactions and download them into your QuickBooks.

Just connecting your bank account in the bank feed section does not give QuickBooks anyway to SEND information or transactions to your bank.

If you prefer, you can download the QBO, CSV, or QFX files from your bank at whatever time you want and import the transactions into QuickBooks that way.

Level 1

How safe it is to connect bank account on Quickbooks for Banking functionality?

Sounds good but what happens if, not saying it will but what if, you have a leak/disgruntled employee who sells that number and passw... anyone who has that can then access my account and clean out. Not sure if the bank insurance will cover in that case as i gave out my passw to 3rd party??? Possible?

Intuit

How safe it is to connect bank account on Quickbooks for Banking functionality?

Hello,

 

A couple things here.

 

1. As the owner, YOU should setup the bank feeds and enter the username and password and NEVER give it to an employee.  Even if an employee will be doing the bookkeeping, you set up the bank feed and then walk away.  QuickBooks doesn't need the username and password entered again unless the account is disconnected for some reason.  This way your employee never needs to know or enter the login information.

 

2.  The username and password is encrypted and cannot be pulled from QuickBooks in any way.  It is not in the user log, company info, or anywhere else available in the QuickBooks company file that it can be accessed.

 

Most people don't realize it's actually usually safer on computer systems because of all the security and encryption vs paper checks which have your account and routing number printed right on them.  Think about how many hands that little piece of paper passes through that has your full account and routing number on it.

 

As stated above, if you're still concerned you can skip connecting the account in QBO and just download a file directly from your bank website daily, weekly, monthly (etc.) and import the transactions into QBO for data entry.

Level 2

How safe it is to connect bank account on Quickbooks for Banking functionality?

Hi there,  but does QBs Self Employed/Freelancer plan allow you to manually add a Bank account?  I was able to download a cvs file, but there is not an option to add the bank account to the imported .cvs file?

QuickBooks Team

How safe it is to connect bank account on Quickbooks for Banking functionality?

Thanks for joining in this conversation, @susan76. In QuickBooks Self-Employed (QBSE), you can add more transactions by importing a CSV file to a specific bank account if it's already connected with QBSE. 

 

However, if you don't have an existing connected bank account, those imported transactions will be posted under the Cash account. You may want to rename the Cash account to your desired bank name. 

 

Here's how: 

 

  1. In your QuickBooks Self-Employed account, click the Settings (gear icon) menu. 
  2. Click Bank accounts under the Transactions column. 
  3. Click the Pencil icon next to Cash, then enter your desired bank account name in the box. 

 

For future reference, read through this article: Categories in QuickBooks Self-Employed. It has a list of categories we renamed to guide you properly so it will feed into the Schedule C. 

 

If you have additional questions, don't hesitate to visit again. We're always delighted to help. Take care. 

 

 

Level 2

How safe it is to connect bank account on Quickbooks for Banking functionality?

hi there and thank you for replying! Yet, when I follow your steps w/ SE (Self Employed) plan, it brings me to connecting w/ a bank.

 

per your previous reply:

However, if you don't have an existing connected bank account, those imported transactions will be posted under the Cash account. You may want to rename the Cash account to your desired bank name. 

 

Here's how: 

 

  1. In your QuickBooks Self-Employed account, click the Settings (gear icon) menu. 
  2. Click Bank accounts under the Transactions column.  <--- there is no 'transaction' column.
  3. Click the Pencil icon next to Cash, then enter your desired bank account name in the box. 

 

Plus - can I create multiple Bank accounts manually? thank you - s

QuickBooks Team

How safe it is to connect bank account on Quickbooks for Banking functionality?

Hi there, susan76.

 

I'll provide a piece of information about why it brings you to connect with a bank after following the steps above.

 

When importing transactions in QuickBooks Self-Employed, you'll need to connect your bank first. That's the reason you prompted with connecting a bank. 

 

I suggest following the prompt that you received so that you're able to start using QBSE. You can check this article to see steps on how to connect your ban or credit card accounts: Connect bank and credit card accounts to QuickBooks Self-Employed.

 

Once done, you can now start importing your bank transactions.

 

Here's how:

 

  1. Click the Gear icon at the left panel.
  2. Choose Imports.
  3. Select Import older transactions on the right for the account you want the transactions to belong to.
  4. Follow the instructions onscreen to finish importing your data.
  5. Select Import.

 

After that, please refer to this article to see more information about how QBSE track your business income and tax obligations: QuickBooks Self-Employed Overview.

 

I provide additional information and attach a screenshot about where the Transactions column located.

 

  1. Select the Gear icon at the upper right corner.
  2. From the Transactions column, choose Bank accounts.

 

 

From your other concern, there's no option to create multiple bank accounts manually. However, you can connect accounts to QuickBooks Self-Employed so your recent transactions download automatically. Please refer to the article provided above on how to connect your bank accounts.

 

Please check this article to see steps on how you can manually enter your income and expense transaction in your QBSE account: Manually add transactions in QuickBooks Self-Employed.

 

Don't hesitate to leave a comment below if there's anything else I can help you today. I'm always right here to help you out.

Level 1

How safe it is to connect bank account on Quickbooks for Banking functionality?

Hello,

 

thank you for that information.

i juts started using QuickBooks 

Level 1

How safe it is to connect bank account on Quickbooks for Banking functionality?

Quickbooks gives efficient solution for all the accounting details sometime you need to share your financial data/file details sometime you need to share your financial data/file to 3rd party vendor but it takes time  quickbooks-accountant-copy resolve this problem.