Online Banking with QuickBooks - Ten Tips for Success

Online banking with QuickBooks is a great way toaccidentally overlap dates, you will download
enter transactions and keep tabs on all activity intransactions twice, creating unmatchable
bank and credit card accounts. It is especially useful iftransactions.6. Match and/or enter transactions
you use an ATM card or credit card often andcorrectly. For example, if you previously invoiced a
don’t want to take the time to manuallycustomer, 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 balancessession, make sure you use the “Receive
current and accurate in QuickBooks.In order for thisPayments” option when entering the payment
feature to work efficiently for you, it is important tointo QuickBooks. This will record that your customer
learn how online banking with QuickBooks works. Ifno longer owes that money. Similarly, if you
you understand how it works, you can avoidpreviously entered a bill to be paid, and are now
problems later. Follow these tips to make certain thatrecording the check written for it via your online
each QuickBooks online banking session goesbanking session, make sure you use the “Pay
smoothly:1. Correct set-up. When entering accountBills” option. This will record that you no longer
information for the first time, do not include dashesowe the vendor the money. In both of these
or spaces in any box that asks for the account orexamples 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 themtransaction 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 themeans you already recorded it correctly in
online banking process. Backup the file immediatelyQuickBooks.7. Add all information. When adding any
before downloading. This ensures that if you wind uptype of transaction to the register, make certain you
with a lot of work to clean up, you can insteadenter 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 findyou select for adding it: the Add to Register, the Pay
that there are unmatched transactions in the OnlineBills, or any other option. Neglecting to add any of
Banking Center that were previously entered intothis information may result in a transaction remaining
QuickBooks and then reconciled. QuickBooks will notunmatched.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 thewith unmatchable transactions, you can simply delete
likelihood of this happening by downloadingit, and this is very handy. However, before you ever
immediately before you reconcile.4. Understand yourdelete one, make absolutely certain that every
connection. There are two ways QuickBookstransaction that can be matched, is matched. If
downloads transactions: either through a directmatchable transactions remain on a deleted
connection, or a “web-connect.” AQuickStatement, you will probably have to enter
direct connection asks for your password, thenthem manually.9. Upgrade before sunset. Intuit cannot
downloads transactions directly, without using thesupport its products forever. Once your version of
QuickBooks internal web browser. AQuickBooks is sunsetted, online features are no
“web-connect” opens the QuickBookslonger available. To keep online banking flowing
web browser, then takes you to the financialsmoothly, 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, theneverything. 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 thebanking with QuickBooks simply cannot do every
instructions to complete the download.5. Correctsingle thing that every single business owner needs.
dates for download. If your financial institution usesYou 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 youprofessional who can develop an acceptable
downloaded. If yours does not, keep a logalternative 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 yousaver it was designed to be.