How to Set Up Bank Feeds in QuickBooks Desktop

‘How to Set Up bank Feeds in QuickBooks Desktop?’ – In today’s topic, here we are going to know the procedure for this query. And if you are thinking that, this blog will be beneficial for you, then stay with us, & read the blog carefully.

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Generally, the bank feeds are automatically generated from the transactions that are obtained in an account. Several banks permit MFA (Multi-factor authentication). These feeds are automatically created daily and have a major role in business development. The bank feeds feature acts as an efficient online banking element in QuickBooks Desktop. It allows users to easily connect their bank feeds with financial institutions. Consequently, they can download transactions, invoices, and also implement several other online financial services. Without wasting any time, let’s proceed for the setup procedure of bank feeds in QuickBooks Desktop.

Procedure to Set Up Bank Feeds in QuickBooks Desktop:

Set up bank feeds in QuickBooks Desktop is a part of starting a bank feed in QuickBooks Desktop

Here is the procedure, to set up the QuickBooks Desktop for bank feeds, just follow them carefully:

Requirements Needed for QuickBooks Desktop Bank Feeds:

There are two primary requirements needed for thr QuickBooks Desktop Bank Feeds, and they are:

  • High-speed internet connection access
  • You also need a bank account at a financial institution, which offers services for QuickBooks.

You can find out the financial institutions (FI) services for QuickBooks, by following the below steps:

  • First of all, visit for the ‘Banking’ menu and click on the ‘Bank Feeds’ option.
  • Select the ‘Practicing Financial Institutions’ option from the ‘Bank Feeds’ option.

QuickBooks offers more than 1400 (FI) financial institutions for online banking services if your bank credit card. If in case, your bank doesn’t offer any online banking import service or download services of QuickBooks, then don’t worry you can ask your FI through this site https://fi.intuit.com/. But before that, you have to sign up through this site.

FI controls the information like what and how the information is received by QuickBooks. Co-ordinate with your bank before setting up the bank online to know the connection method they support. And also know ‘which fees and information are necessary to use and set up the feature.

Connection Method to Set Up QuickBooks Desktop Bank Feeds

QuickBooks allows two connection method for the bank feeds, one is ‘Direct Connect’ and another is ‘Web Connect’.

Direct connection

It permits QuickBooks to transfer the information to financial institutions so that they can easily download from it. You need to fill credentials including PIN and password. After setting up a web connection, you can easily download electronic invoices and statements more securely. You can even implement other online services of FI like online fund transfer between two accounts and online vendor payment.

Web connection

It helps to receive data via downloaded documents through a web browser. When you are in the process of setting up through Web connect, you won‘t allow transfer payments to vendors or in other accounts across the program.

Applicable Fees for Bank Feed:

Whenever there are no need for fees associated with using QuickBooks bank feeds, they may be charges related to the below terms:

  • Use Bank’s Service: Most of the bank charges direct connection fees, and Intuit don’t have any control on the banks, so it will be good to get in touch with the FI for more details.
  • Official Technical Support of QuickBooks: If in case you need help from the official site of QuickBooks.

Credentials For Bank Feeds in QuickBooks Desktop

The financial institution provides a unique customer ID along with a password for an online banking setup.

  • Customer ID/password: This unique code is used to access the financial account. The ID may be an email address, name, or any other identifier chosen by the company. This ID is named as an Online ID, login name, etc. Please ensure the below-mentioned limitations.
  • QuickBooks is not compatible with multiple customer IDs with the identical institution
  • QuickBooks permits a single login per bank i.e. FI and per company file. For multiple logins & Online ID, you can only allow setup a single Customer per company file to download.

For Direct Connect users and based upon different FI, you may require the below-written elements:-

Account Number

It is a numerical number provided by FI to your account during account creation. It generally displays on the banking statements. To verify the account, you can use one account to search out your account number. If you fail to find the relevant one, connect your FI.

Routing Number

It is a unique 9-digit numerical number named routing number used to send electronic transactions & checks to the accurate place for processing. If you sudden stuck in finding you routing number call the FI to know the accurate information

Account Type

When you are setting up a direct connection between QuickBooks and Banks, you require knowing the classification about the account.

Account Type at FIAccount type in QuickBooks
CheckingBank
SavingsBank
Money MarketBank
Line of CreditBank
Credit cardCredit card
Line of CreditOther current liability

Connect your Bank Account to Bank Feeds:

Follow the steps to connect the bank account to bank feeds:

  • Go for the ‘Banking’ menu, and click on the ‘Bank Feeds’ option.
  • Then select the ‘Set Up Bank Feeds to an account’.
  • Now enter and select your bank name in the ‘Enter your Bank’s field.
  • In the Next step, if you are using Direct Connect, search for the bank where you get service for free.
  • Click on the ‘Enrollment site’, if your bank needs to approve the app, and contact for login credential.
  • If the enrolled process is completed already, click on the ‘Continue’ option.
  • Now enter the ID and password of online banking
  • Click the ‘Connect’ option. And choose your bank account.
  • And complete the process by clicking on the ‘Finish’ option.
  • If your connection is web connect, follow the onscreen instructions to connect the account.
  • After that, click on the ‘Select existing or createnew option from the link your accounts page.
  • Find the QuickBooks account that you want to link the bank account.
  • If in case, thje bank account yet in your chart of accounts, and click on the ‘Create New Account’ option.
  • Click the ‘Connect’ option then on the ‘Close’ option.

In the next step, download the bank feed transactions, and add and match the transactions into the QuickBooks.

Download Bank Feed Transactions:

Before download, the bank feeds transactions, read the below points carefully, which will help you to set up bank feeds in QuickBooks Desktop.

  • You can only download the transactions only for one time in the same QuickBooks Desktop company file.
  • Web connect only support with the .qbo files.
  • Get advantages of third-party applications from the Intuit Marketplace to handle QIF.

Steps to Download Bank Feed Transactions:

Follow one of the below procedures , which is suitable to you and your situation.

Download Bank Feed Transactions by Using Direct Connect:

QuickBooks will automatically download the maximum number of transactions, for the first time you connect from your bank. You can also get up to a year of historical transactions, but it totally depends on your bank. Now let’s proceed for the Steps.

  • At first, you have to go to the ‘Banking’ menu to choose the ‘Bank Feeds’ option.
  • Then click on the ‘Bank Feeds Center’ option.
  • After that select the account that you want to connect from the ‘Bank Accounts’ List.
  • If you want to edit or delete items, then you can do it in the ‘Send items to your bank’ section.
  • Click on the ‘Download Transactions’ option, if you are ready to get your transactions.
  • Then go for the ‘Synchronize’ option.
  • Click the ‘Sync this account’ if you want to download transactions for a particular account, and if you want to download transactions for all accounts, then click on the ‘Sync all for this Bank’.
  • Now enter the password in the access window to connect your bank.
  • And click the ‘OK’ button.
Download Bank Feed Transactions By Using Web Connect:

Most of the bank set a range of time for downloads, and most of bank haven’t the option for that, to download the transactions automatically for the maximum number. The number of transaction is totally depends on your bank, it may be for 30, 60, and 90 days.

You can use the web connect for the download of bank feed transaction in two ways:

In case of using QuickBooks Desktop

  • Go for the ‘Banking’ menu, and select the ‘Bank Feeds’ option.
  • Then select the ‘Banking Center’, and choose the bank.
  • After that, click on the ‘Download Transactions.
  • It will taken to your bank’s website to sign in and to download the web connect file.

If in case of QuickBooks Desktop outside

  • Open your bank website, and sign in to your account to download the transactions as .qbo file.
  • At the last, import the file into QuickBooks Desktop.

Conclusion

I hope you have solved the problem or the Query, that ‘How to set up bank feeds in QuickBooks Desktop?’ by following this given method. Still, if you are facing any kind of issues related to this blog, then you can get ProAdvisor support from the Accountwizy platform through the toll-free number +1-877-715-0222.

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