 QuickBooks Online 2023, download bank feed transactions from the bank. Get ready to start moving on up with QuickBooks Online 2023. Here we are in our bank feeds practice file we set up in a prior presentation using the 30-day free trial. We support accounting instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category further broken out by course. Each course then organized in a logical reasonable fashion making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems, PDF files, and more like QuickBooks backup files when applicable. So once again click the link below for a free month membership to our website and all the content on it. Also have open the free QuickBooks Online sample company if you want the to open at the same time we suggest using the incognito window or another browser to open the sample company. You can open the incognito window if using Google Chrome by selecting the three dots in the browser incognito window type into the search engine QuickBooks Online test drive look for the url in the results that has into it in it into it being the owner of QuickBooks. We're going to use the sample company to compare the accounting view the one the bank feeds practice file is in and the business view the one the sample company is currently in you can toggle between the two views by going to the cog up top and switch the views on down below. So we're now thinking about how we're going to get the information from the bank into our system so we talked about the different options last time remembering the components necessary you need an account that it's going to be tied to typically a cash account although it could be a credit card account which we'll talk about later so if we look at the general ledger accounts down here we've got our accounts our accounts have to be a cash type of account if you were in the business view by the way the chart of accounts are located in the bookkeeping area and then the chart of accounts if you already set up an account then you can connect directly you can connect to the bank by going connect to the bank here or we can go to the banking tab up top and within the banking tab we've got the first tab up top which is banking if you're in the business view by the way there it's under bookkeeping and then transactions up top and then you have the banking tab and then here you've got a couple different options connecting to the bank or upload transactions now most people would connect directly to the bank but there are some reasons where you might want to upload transactions such as for example if you have a whole lot of transactions that you need to upload you might be able to go further back in history by downloading the transactions from the bank and it's also might be a good tool to use in a practice problem scenario if you don't want to connect your banks here but you still want to be practicing with the bank feeds you also could come up with your own bank feed data files for example just to practice importing different kind of scenarios into the system here so if I hit the upload transactions button we have a couple different options we've got the manually up your load your transactions number one open a new tab and sign into your online bank account number two export your bank statement in a dot csv file that's basically so these are the different formats that you can use to upload and there's quite a few of them more than many other kinds of accounting software which is quite nice the csv is kind of like the default that you can use if you don't have what would be the most common text type or the most common type which would be the qbo now we're uploading into quickbooks online so most banks these days have a qbo type of file that you can download from the institution it looks something like this it looks like the actual kind of desktop software image but this is actually a data file so we'll show you how to download that and that would be you would think the easiest thing to download and then upload however you can download a csv now if your bank doesn't have the option of a qbo or possibly if you want to manipulate the data before you upload it into your system for whatever reason possibly you want to add like vendors or something like that into it you could download it as a csv which oftentimes we open in excel even though it's like a comma delineated structure and you can actually use excel to adjust that or you can make your own data file using excel and then save it as a csv and practice different scenarios with simply that method as well which is nice you got the qfx file a dot o fx file and a dot text file so a lot of options for the uploading once we upload it into the system we'll be in the same spot as if we connected to the bank in that we'll have our information in what I would call this is the sample company the bank feed limbo down here where we'll have to populate the added information to pull it on over into actually constructing our financial statements or verifying the data that we have data input we have done now if you go into your bank most banks have online banking these days and if you go into the account information that you can usually find something that's going to say something like download account activity and then you can download the account activity and you want to set the date range now the date range is quite important because you want to say how far back do you want to go are you starting a new company from scratch and you're just going to start from whatever the date of the of the bank that was started out or was there prior data in the system you were accounting for in some other method and you want to make sure that you're not doubling up on the transactions that you're going to be adding to the system and you want to make sure that you're not missing any of the transactions you're entering into the system so we're going to pick it I'm just going to pick a date range for a few months of downloaded transactions so that we can have information to practice putting into the system if you're if you're following along I suggest doing a similar process with the practice file here so you can practice the bank feeds or even create your own data file we'll take a look at what it looks like in terms of a comma sliced data file that we can open in excel so that you can just practice the different techniques that we'll be working with so although our data will be a little bit different you can you can practice the same kind of concepts as we do the data input so then down here below we've got the quickbooks file and remember that if you're if you're starting your own company file you might want to have a you might want to see if you can use a 30 day free trial and then start another company file possibly for your actual bookkeeping file that you're going to use to enter the your financial data outside of a practice kind of of setup so that's that's the idea that we're going through here but if you're doing your own company file you can use these same concepts as we go through the practice problem now this would be the the quickbooks so this particular institution has it downloadable in quickbooks which is the one we would want for sure quick in is not owned by into it anymore so you don't want that one if you're trying to upload to quickbooks so just note just be aware of that it looks similar it's not the same and then the comma delineated that's going to be the one that you can kind of open in excel it's not exactly an excel sheet but i'll show you that format in a second so if we close that out if i was to do that and download the information it would look something like this now this looks like a quickbooks desktop kind of icon here but if i right click and look at the properties of it and we're going to see the properties of it it's going to be a quickbooks o fx data file and you can see here it says it's it's it's a dot q bo so that is going to be that now if i open this up i can't really just open it and look at the data or change the data before i upload it into quickbooks so the the other format that you can open something in is a csv file which if you have excel will typically default to opening with excel but it's not exactly an excel file so if i right click on this one for example same data but i downloaded it as a comma slice csv file so if i look at the properties of that one you can see it's a csv type of file so if i close that up let's just look at the data in here just to think about what kind of stuff is being uploaded into the system and what needs to be done to it in order to populate it and and pull it in to be useful to our accounting system so this is this is all the data that you have it's quite similar to what we looked at when we thought when we visualized it as what's on the bank statement but of course it's now populated in such a way that it's easily uploadable uh into the system so clearly you've got a date rain a date that's what they have the date of the transaction this isn't the date the transaction took place necessarily it's the date that it clears the bank so if it was a check there could be a big difference between the date you wrote the check and the date it cleared if their electronic transfers it should be quite close and then you've got increases and decreases which might be populated in one or two columns but if it's in one column obviously positive numbers increase negative and then the decrease and then in essence you have the memo or the bank text here and the bank text oftentimes we have stuff that can indicate to us whether or not or give us the information necessary to populate a customer or vendor but that customer or vendor is not being populated by the system it's just this bank jargon stuff that you can pull from to then add the customer or vendor so to pull this from bank feed limbo once this gets pulled into the system it's going to be pulled into bank feed limbo because it doesn't have the information that's that's going to be the holding ground that i call it because it doesn't have the information to pull it in to actually be useful to the end result creation of the financial statement or double check the data input of the financial statement helping us with the reconciliation because we're at least going to have to add whether or not it matches to a transaction we already input or the account that it needs to be applied to and then we don't necessarily have to but we really generally want to add the customer and the vendor information which we can typically get from the memo now remember all this stuff that's in in the memo or the bank kind of jargon area is only there if you have an electronic transfer so if you're doing electronic transfers that's the ideal kind of situation for the bank feeds because then you've got this added information to help you determine the account the customer and the vendor if you just have cash that you're depositing or taking out then all you're going to have is the date and the dollar amount that's not going to give you the information you really need even through the bank feeds to to really finalize the transaction oftentimes unless all your transactions are uniform and if you do if you write checks then the checks are can be great because you might have the canceled checks but that information is not going to show up in the memo in the same way you're going to have to go and check the canceled check to get that added type of information as well so those are just a couple things to keep in mind now note that if I did anything to this file like if I format this file differently or like I make it I put some yellow around this or I do something to it and then I tried to save it if I save this and then close it then when I open it back up it's likely that that's not that's not actually going to be there anymore because it's going to it's not going to save the formatting I won't actually do it but it's not going to save the formatting of it because this is an excel formatting thing and this file is not actually an excel file it's a csv file so just be aware of that also you could say hey look I want to just practice with QuickBooks why don't I make my own transactions I don't need it I don't even need to download it from the bank I'm just going to add the date field the the amounts and then I'm going to add a field for the memo which will mirror like your vendors and your customers which is typically it's somewhere in the bank jargon and you could totally you can totally do that but then when you save the excel file you're going to have to go to file up top save as and browse and then you want to save it as not an excel file but a dot csv file so save it as a dot csv file you might be able to upload an excel file but I don't think that was one of the recommended types but you could just you could just do it as a csv file from excel and you can make your own data set then and you can make your own practice problem to play with and upload the information into the system I'm trying to use actual kind of kind of mock data from a bank because then you get to see all the kind of weird stuff that happens in the memo if it's an electronic kind of transfer situation so that's going to be the general idea so now we're going to imagine that we have our data file on our our desktop at this point in time and so next time we'll go in and we'll actually upload the data file into the system which is one of two methods of getting the information into the system connecting directly which automated automatically updates going forward or uploading it either way will get you to this point where we have where we have this data in bank feed limbo which we will then use to add more information to so we can pull that information into the financial statements as we do that we can do things like add account create our general ledger account add customers add vendors as we enter the financial transactions and create rules so that future transactions will be more and more automated going forward because the system can then learn how to add and the information from the memo will create rules in order to do that but to make those rules to make the system automated and the way that you've probably heard that it would be if you just connect directly to the bank it's just going to magically happen know that happens after we teach the system to learn how to record certain transactions after having given them the information and created rules going forward to do so we'll start diving into that in future presentations