# A Guide to Setup and Manage QuickBooks Online Bank Feed


QuickBooks Online Bank Feed is a helpful feature that simplifies and streamlines your banking activities within the application. It connects your business accounts to the accounting software and syncs your banking transactions with the QuickBooks records.

You can connect your Bank and credit card accounts to online banking using Bank Feeds, whether using QuickBooks Desktop or QuickBooks Online. This saves a lot of time from recording them manually. But to use this feature, you must set up your accounts in the software and check through them, which means you can connect depending on your Bank's availability.

***Are you confused about setting and managing [QuickBooks Online Bank Feeds](https://qbookassist.com/quickbooks-online-bank-feed/)? Here is a reference guide, or you may seek our QuickBooks Experts’ Support at 877-750-0672. They will help you overcome the hassle easily.***

## QuickBooks Online Banking Center

The QuickBooks Online Banking Center includes a menu at the top of the page for each bank and credit card account linked to QuickBooks. Each tab includes the FI's name, current bank balance, and current account balance in QuickBooks.

**1. Bank balance:** This reflects the actual balance in your FI account as of the last imported transactions to QuickBooks.

**2. QuickBooks Balance:** This balance differs from the one in your Bank because of the transactions pending to be imported to QuickBooks. The QuickBooks balance is according to the transaction update until a given date, and it needs to be imported until the current date to match it with the bank balance.

**3. Bank Feed Transactions:** The transactions you imported through the bank fees are arranged into three tabs:

• **For Review:** When you import transactions, they appear in this tab. Here, you need to either add, match, or exclude them.
• **Categorized:** Once you have reviewed them after matching or adding them, they appear in the Categorized tab, which clearly states that they have already been recorded in the check register.
•** **Excluded:** The imported transactions you chose not to transfer to the check register are stored in the Excluded tab. All transactions, even personal transactions, are strongly recommended to be entered into the QuickBooks Check register. Excluding them should only be exceptional cases of correcting old errors.

If your Bank does not appear as a tile at the top of the screen, it indicates that it has not yet been connected to your QuickBooks Online account. Refer to this guide for guidance on how to connect your bank account and import transactions seamlessly into QuickBooks.

## How do you set up QuickBooks Online Bank Feeds?

To your knowledge, there are two methods to set up an account in QuickBooks: connecting via Direct Connect or using Web Connect. You will also have to perform it according to what is available at your financial institution or Bank.

**Do you know?**

You have the advantage of connecting up to 40 accounts. If you require to add more, you will have to separate your accounts to connect between 2 or more company data files.

## What do you need to set up QuickBooks Online Bank Feeds?

• Approach your Bank to get a PIN or password to utilize this method.
• Also, ask whether there’s a service fee or if the service is free.
• Your financial institution will give you a Customer ID and PIN for the online banking setup.
• When your bank account is created, you are provided with an account number that appears on your statements. You might need it.
• Get the 9-digit routing number from your FI, or you can find it on your account check.
• Additionally, you need to know your account type according to the financial institution.

Account Type at FI
Account type in QB
Checking
Bank
Savings
Bank
Money Market
Bank
Line of Credit
Bank
Credit Card
Credit Card
Line of Credit
Other current liability

Let’s move to method number one.

**Using Direct Connect**

• Now, head to QB and click Bank Feeds from the Banking option.
• Pick the option to Set up Bank Feeds for an account.
• In the relevant field, enter your FI name and click on your Bank.
• Choose the Enrollment Site Link if you are enrolling for the first time.
• Next, you should apply for Direct Connect.
• Connect with your Bank to get the approval. If you require any special sign-in credentials, kindly ask your FI.

After you are enrolled, follow these steps:
• Click Continue.
• Now, type your Online Banking account ID and Password.
• Next, select Connect to link your QuickBooks and your Bank’s server.
• Select the bank account you need to connect and hit Finish when the connection is established.

Once you have completed the setup process, you can download QuickBooks Online Bank Feeds.

**Via Web Connect (.QBO) files**

When this service isn’t available at your Bank, you can download a .QBO file containing your company’s bank and credit card transactions and import it to QuickBooks.

If your Bank offers the service to connect with Web Connect, undertake these steps,
• In Banking, click Bank Feeds, followed by Import Web Connect Files.
• Now, select your saved .QBO file and click Open it.
• When you are asked to select an account,
◦ Use the existing QuickBooks account if you set it up earlier for your transactions.
◦ If you are importing transactions that have not been set up in QuickBooks before, you can create a new QuickBooks account.
• Later, tap on Continue.
• When you see the message that says the data has been successfully loaded into QuickBooks, click OK.
• You can move to the Bank Feeds Center to review the transactions.

After you create your account, download your electronic statements to your Bank Feeds.

## How do you download QuickBooks Online Bank Feed transactions?

Before downloading QuickBooks Bank Feed transactions, keep the following things in mind:
• Ensure that you have created a backup of your QuickBooks company file.
• You are allowed to download transactions into the same company file only once.
• Also, remember that Web Connect only works with .qbo files. You will require third-party applications to handle other types of files, like QFX and QIF.

The Bank also offers two options: downloading transactions using Web Connect or Direct Connect.

**Steps to download with Direct Connect**

Generally, when you connect for the first time, QB automatically downloads a maximum number of your transactions from the Bank. Depending on the Bank, you might get a year of historical transactions or only be allowed to download 90 days of older transactions.
• You can manually download them by going to the Bank Feeds and downloading your past transactions from your Bank.
• To download transactions for a specific account, choose Sync this Account.
• You can select "Sync All" for this Bank to download transactions for all your accounts at that Bank.

Note: You can remove any transactions you added before. However, once you remove your downloaded transactions, you can’t get them back, so you won't have the same entry twice.

**Method to download via Web Connect**

If you’re working on QuickBooks
• Steer to Banking and hit Bank Feeds, followed by Banking Center.
• Locate your Bank and tap on Download Transactions.
• You’ll be directed to your Bank’s website window.
• You must sign in to your Bank and then download the Web Connect file.

If you’re working remotely, outside of QuickBooks
• Launch your web browser and visit your FI’s site.
• Now, sign into your bank account.
• Next, you must download your transactions in a QuickBooks Web Connect (.qbo) file format.
• After getting the Web Connect files, you can import them into your QB by following the prompts.

Important: The modes of downloading QuickBooks Web Connect files differ from Bank to Bank. You can find the step-by-step procedure on your Bank’s site or contact them for help.

After you import your transactions, you can either add them as new ones or connect them to ones you already have. Moreover, you can set up bank rules to customize and automate your tasks. Classifying them in the Banking Center will take less time.

## Summing Up

QuickBooks is the first choice for small businesses, offering a streamlined financial management process. Its key integration functionality with bank feeds allows you to import transactions directly from bank accounts automatically.

With QuickBooks Online Bank Feeds, you can effortlessly record and categorize your transactions, cutting down the time spent on manual data entry tasks. Moreover, it makes the reconciliation process simpler and speed up.

Furthermore, managing your feeds empowers you to spot any discrepancies or mistakes in your data easily. Therefore, if you need further assistance setting up your bank fees and rules to make your tasks efficient, call our Quickbooks Support Number **[877-750-0672](tel:[phone])** and get instant help.

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