Adding bank to QBO

How to add bank and credit card accounts to QuickBooks Online?

By
Easeify
on
Nov
5
,
2023

At Easeify, we specialize in bookkeeping within QuickBooks Online. Trying to figure out how to add a bank or credit card to your account? This blog should provide some assistance. As always, you can contact us for additional help.

What’s Easeify?
A virtual bookkeeping firm that makes bookkeeping easy. We specializes in working with service businesses and non-profits on the cash basis of accounting. Get your books completed with your own dedicated CPA, keeping tax deductions in mind.
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Key Takeaways

  • The QuickBooks Online banking feature allows you to connect your bank and credit card accounts so transactions download automatically. 
  • By following this step-by-step guide, you should be able to successfully connect your business accounts to QuickBooks. 
  • Make sure to review your transactions so they get categorized correctly. At Easeify, we categorize your transactions daily.
  • If you have any questions about the process, reach out to your bookkeeper! They will be able to help you get all of your accounts connected.

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Summary

Connecting your business bank and credit card accounts to QuickBooks Online is easy and efficient. Your transactions will automatically download so that all you need do is review and add them without the need for manual data entry. It also helps with keeping your books up-to-date. This post goes over all the steps to get your accounts connected. 

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How to Connect Your Bank and Credit Card Accounts

  1. Go to Banking on the left side of your screen and select Banking. With the new interface, you may see Transactions on the left side of your screen and then select Bank Transactions.
  2. This will bring you to the banking feed. Choose Link Account.
  3. Enter the website URL or the name of the bank or credit card you want to add.
  4. Input your sign in credentials into the User ID and Password fields, then select Connect.
  5. Additional steps may be required depending on your bank or credit card’s security features. You may also receive a phone call, text, or email to verify your identity. 
  6. Choose the account(s) you want to connect. Only connect accounts that are relevant to your business (not personal accounts). You can then indicate the type of account such as Checking, Savings, or Credit Card. 
  7. Enter the date you would like to start bringing your transactions into QuickBooks. The date defaults to the beginning of last year, but you can select another option from the dropdown or enter a custom date. Once that is done, select Connect.
  8. You should not enter any transactions that occurred before the date you choose on this screen without talking to your bookkeeper or accountant. You do not want to duplicate transactions. You may also need to enter in the beginning balance. This might also need to be changed/adjusted if you are re-connecting an account that was already connected before. Your bookkeeper or accountant should be able to easily help you make these adjustments.
  9. When the connection is complete, you will be able to see all of the transactions that cleared your bank or credit card account during the time frame you selected. 
  10. New transactions will appear on this screen moving forward as well.
  11. You can now start reviewing and adding your transactions. 
  12. QuickBooks recommends categories for each transaction (Meals, Office Supplies, etc.). Make sure the recommended category is correct before adding. You may need to set up your Chart of Accounts if you have not already prior to categorizing your transactions.
  13. You can always access your transactions for review by going back to Banking or Transactions (whichever you see on the left side panel).