Quickbooks Bank Feeds: How to Set up, Edit, And Download?

Are you new to QuickBooks? Setting up QuickBooks Bank Feeds is very important for your business.

Here, we will learn how you can set up your bank account and connect it to Bank Feeds in QB Desktop. With QB Desktop, anyone can use feeds for connecting their bank and accounts to net banking.

With QuickBooks, you can skip the part of recording the bank transaction manually as you can easily download them through it.

Ways Of Setting Up An Account For Bank Feeds

You can use two different ways to set up an account. You can either use Direct Connect or Web Connect. So, what will be the right way for you? You can decide based on which way is working for your bank.

Connecting Using Direct Connect

To use this method, a person requires a password or PIN from their respective bank. After setting up your account, you are free to download the electronic statement to Bank Feeds.

Suppose a person is downloading their transaction for the first time. In that case, QuickBooks will automatically set up the account for Bank Feeds.

Before starting this connecting process, make sure to find out if your bank charges for this service or not.

Sign-in credentials:

Firstly, login into your QuickBooks account.
From there, navigate to the “Banking” Section.
Now, choose “Bank Feeds.”
Next, click the “Set up Bank Feeds” option.
When you are on the “Enter your Bank’s name” field, choose your bank from the options.

If it is your first time enrolling on this, make sure you click on the link “Enrolment Site.”

For Direct Connect, sometimes you need to apply for it. Get in touch with your bank to let them know about your application. Also, ask them if you will need other credentials as well to complete this process.

Go through these steps after you have completed the enrolment process:

First of all, tap on the Continue option.
Next, enter the Password and ID you use for Online Banking.
Now, click on “Connect” to connect the QuickBooks to the bank’s server.
After that, choose the bank account you wish to connect to your QB account.
Finally, click the “Finish” button after the connection process gets over.

Connecting With Web Connect

So, what if your bank doesn’t support the direct connect method? In that case, simply download a “.QBO” file with your company’s transactions through the credit card or bank. After that, you will import that file to your QB account to add the transactions to your account.

Follow these steps if your bank supports the Web Connect Method:

Firstly, login into the QuickBooks account.
After that, navigate to the “Banking” section.
Then, tap the “Bank Feeds” option.
After that, choose the “Import Web Connect Files” option.
Next, click the .QBO file, which you saved at the start.
Now, choose the “Open” option.
If asked to choose the bank account, use or create a new QB account.
After that, click the “Continue” option.
If you see a dialogue box with a success message, tap on the “OK” button.
Finally, head to the ” Feeds Centre” to review the transactions.

Editing QuickBooks Bank Feeds UK Settings

A user has the freedom to change their login and other information for their bank account currently using the QB Desktop. Simply turn off Bank Feeds to make these changes. And with that, you can continue setting up again.

Goi through these steps to edit the Bank Feed setting:

Firstly, you have to disconnect the Feeds for the account.
After that, make the changes.
Finally, set up the feeds for the account.

Downloading Bank Feed Transaction

There are two methods through which you download transactions. You can either use the Direct Connect method or use Web Connect method.

Direct Connect Downloading Method

When you connect for the first time, QuickBooks will automatically download the maximum amount of transactions done through your bank. You can even get one year of transaction data in some cases. However, average banks will download 90 days of transaction data only.

Follow these steps to start this process:

Firstly, head to “Banking” from the QuickBooks Dashboard.
After that, click the “Bank Feeds” option.
Next, choose “Bank Feeds Center” from the options.
From the list of Bank Accounts, select the account you wish to connect.
Now, tap on the “Download Transactions” button.
Next, click “Synchronize.”
- Select “Sync this account” for downloading specific account transactions.
- Choose “Sync all for this Bank” for downloading transactions for every account.
You can connect to the bank from the access window by entering your credentials.
Finally, tap the “OK” button.

Web Connect Downloading Method

You can find two ways to import transactions using the Web Connect method.

For QuickBooks Desktop Users:

Head to “Banking” from Dashboard.
From there, click on “Banking Feeds.”
Next, choose the “Banking Center” option,
Now, locate your bank from the list and continue by clicking on “Download Transactions.”
After that, you will be redirected to the bank site you chose.
You must sign in to the bank website to download your Web Connect file.

For those outsides of their QuickBooks Desktop:

Open any web browser from your device.
After that, enter your bank website on the browser.
Now, sign into the bank account.
Next, download the transaction as a QB Web Connect (.QBO) file.
After getting access to the Web Connect file, follow the setup steps mentioned above to import it to your Desktop account.

Conclusion

Setting up QuickBooks Bank Feeds is an easy process. With this guide, you can easily set up, edit or Download it to your QB account.

Why do you need to do the manual work when you have QuickBooks?

Suppose you face any error while completing this setup, edit, or downloading process. In that case, you can connect to an expert such as MWJ Consultancy. We offer excellent expert services related to accounting software errors.

Our experts are well-versed in accounting software such as QuickBooks, Sage, Xero, etc. Visit our website to connect with an expert technician. You can call us at +44-800-520-0027 for quick expert services.