| Online banking with QuickBooks is a great way to | | | | accidentally overlap dates, you will download |
| enter transactions and keep tabs on all activity in | | | | transactions twice, creating unmatchable |
| bank and credit card accounts. It is especially useful if | | | | transactions.6. Match and/or enter transactions |
| you use an ATM card or credit card often and | | | | correctly. For example, if you previously invoiced a |
| don’t want to take the time to manually | | | | customer, and are now trying to enter their payment |
| enter each individual purchase. Frequent, even daily, | | | | as an individual deposit via your online banking |
| downloads will help keep your account balances | | | | session, make sure you use the “Receive |
| current and accurate in QuickBooks.In order for this | | | | Payments” option when entering the payment |
| feature to work efficiently for you, it is important to | | | | into QuickBooks. This will record that your customer |
| learn how online banking with QuickBooks works. If | | | | no longer owes that money. Similarly, if you |
| you understand how it works, you can avoid | | | | previously entered a bill to be paid, and are now |
| problems later. Follow these tips to make certain that | | | | recording the check written for it via your online |
| each QuickBooks online banking session goes | | | | banking session, make sure you use the “Pay |
| smoothly:1. Correct set-up. When entering account | | | | Bills” option. This will record that you no longer |
| information for the first time, do not include dashes | | | | owe the vendor the money. In both of these |
| or spaces in any box that asks for the account or | | | | examples the transaction should have been assigned |
| routing number. They will “confuse” | | | | the “Unmatched” status initially. If the |
| the program, and you will have to remove them | | | | transaction was assigned the |
| before continuing.2. Make a backup. Don’t | | | | “Matched” status, do nothing. It |
| neglect this step, particularly if you are new to the | | | | means you already recorded it correctly in |
| online banking process. Backup the file immediately | | | | QuickBooks.7. Add all information. When adding any |
| before downloading. This ensures that if you wind up | | | | type of transaction to the register, make certain you |
| with a lot of work to clean up, you can instead | | | | enter all information: the correct payee, date, and |
| restore the backup.3. Download before reconciling. | | | | check number. This is true no matter which option |
| One problem QuickBooks users encounter is to find | | | | you select for adding it: the Add to Register, the Pay |
| that there are unmatched transactions in the Online | | | | Bills, or any other option. Neglecting to add any of |
| Banking Center that were previously entered into | | | | this information may result in a transaction remaining |
| QuickBooks and then reconciled. QuickBooks will not | | | | unmatched.8. Be careful about deleting the |
| match a downloaded transaction to a reconciled one, | | | | QuickStatement. If the QuickStatement gets filled |
| even if it is the same transaction. Reduce the | | | | with unmatchable transactions, you can simply delete |
| likelihood of this happening by downloading | | | | it, and this is very handy. However, before you ever |
| immediately before you reconcile.4. Understand your | | | | delete one, make absolutely certain that every |
| connection. There are two ways QuickBooks | | | | transaction that can be matched, is matched. If |
| downloads transactions: either through a direct | | | | matchable transactions remain on a deleted |
| connection, or a “web-connect.” A | | | | QuickStatement, you will probably have to enter |
| direct connection asks for your password, then | | | | them manually.9. Upgrade before sunset. Intuit cannot |
| downloads transactions directly, without using the | | | | support its products forever. Once your version of |
| QuickBooks internal web browser. A | | | | QuickBooks is sunsetted, online features are no |
| “web-connect” opens the QuickBooks | | | | longer available. To keep online banking flowing |
| web browser, then takes you to the financial | | | | smoothly, make sure you upgrade your software |
| institution’s website. Sign in to your account, | | | | before it’s sunsetted.10. It can’t do |
| navigate to the account you wish to download, then | | | | everything. Intuit has done an excellent job creating a |
| find a link that says something like, | | | | great program, but like anything else in life, online |
| “Download transactions.” Follow the | | | | banking with QuickBooks simply cannot do every |
| instructions to complete the download.5. Correct | | | | single thing that every single business owner needs. |
| dates for download. If your financial institution uses | | | | You may have a unique need, requiring a unique |
| the “web-connect” described above, | | | | work-around. Contact an experienced QuickBooks |
| it may or may not keep track of the last date you | | | | professional who can develop an acceptable |
| downloaded. If yours does not, keep a log | | | | alternative for you.Follow these ten steps to make |
| somewhere of each and every date you download; | | | | each online banking session with QuickBooks the time |
| refer to it each time before a new download. If you | | | | saver it was designed to be. |