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