If you use online banking for your business, you can use QuickBooks to access your banking transactions. You can import bank and credit card transactions from your financial institution’s website and then add or match the imported transactions to transactions in your QuickBooks bank or credit card account register.
Overview of what online banking with QuickBooks can do for you
| Find out more… |
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| WebConnect vs. DirectConnect |
| Setting up Direct Connect |
| Using Web Connect |
| Updating your register |
Depending on your financial institution, you can access your online banking account either of the following services:
- DirectConnect (automatic)—QuickBooks connects directly with your online account using your financial institution’s server. Your transactions are downloaded directly into QuickBooks. Your financial institution may apply a fee for this service.
- WebConnect (manual)—You log into your financial institution’s website and manually download a QuickBooks–compatible file to your computer. Then you import the downloaded file into QuickBooks.Which service you use depends on what your bank offers. QuickBooks guides your through the connection to your online bank account and lets you know what service is available for your account.
Why use online banking with Quickbooks?
- Save time. You no longer need to manually enter transactions recorded by your bank.
- Reduce errors.By importing the transactions instead of entering them manually, you reduce the chance of errors. Also, QuickBooks compares the bank transactions to the ones in your company file and alerts you to discrepancies.
Types of Accounts
You can import transactions from the following types of accounts:
- Checking
- Savings
- Money market
- Credit card
- Line of credit
