 QuickBooks Desktop 2023, import bank transactions into QuickBooks. Let's do it with Intuitz QuickBooks Desktop 2023. 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. Here we are in QuickBooks Desktop Bank Feed Practice File. We started up in a prior presentation. We've been thinking about how to get the data from the bank into the system. There generally being two ways to do that connecting directly from QuickBooks to the bank and downloading the information from the bank directly to QuickBooks or going to the bank itself downloading the information in a QuickBooks file or a file that has the capacity to then be uploaded into QuickBooks and then upload that file into QuickBooks. Either method will get us to the same point after we have the data in the system which then leads to the more complex part which is to take that information and then try to set it up in such a way that we can construct our financial statements from it. So if I go to the banking dropdown here we've got the bank feeds. We talked about this is the direct connection method that we could be using. We also have this item here which is the import web connect file and this is one way that we can basically upload the file. Also note that we might then also want to look at the list dropdown, the chart of accounts and we talked about the fact that we could set up our checking account first whether we check the checking account up first, take me there maybe later or not it's going to set up an account of course that will be a general ledger account that's going to have to be a bank type of account because that's the account that's going to tie to the bank feeds. So if you don't have that account set up then if you just go through the setup process whether you're going to upload it or whether you're going to connect to the bank you're going to have to set up kind of an account as you go. You might want to name it like a generic name like I have here or if you have multiple checking accounts you might want to have like a parent account and then the sub accounts and possibly the last four digits of the number so that you know which account that you're dealing with. Although note that the bank feeds when you actually go into the bank feeds they have some identifications by the institution in there that can kind of help you out but when you're looking at your financial statements still it's kind of useful to have different accounts related to each bank and have some identifiable marks on them such as the last four digits of the number. Okay so what we have done is last time we downloaded the information from our bank onto our desktop so we talked about how to do that last time most banks have the capacity to download a QBO type file which basically takes the raw data that you find on your bank statements in essence but then puts it into a format that can easily be uploaded meaning it's just increases decreases to the checking account and the date basically in memos right and we talked about we can also get that in a comma deliminated file which looks kind of like an Excel file. Now this one up here however is the one that's most easily uploaded into the QuickBooks system so that's the one that we're going to be using we could upload it either by going to the banking dropdown and we could go to the bank feeds and import the WebConnect file because we're importing the file as opposed to connecting directly to the bank which is good for a practice if you want to practice doing that and it's also good in the event that maybe you want more data for example those are two main reasons why you might download the data file and then upload it but after we upload it will be in the same place but QuickBooks I believe actually recommends that we actually close QuickBooks and double click on the data file which will then open up the program so I'm going to do it that way and so what I'd like to make sure is that I have the file that I want to be importing the data file into this is the correct company file that I want the data to go into I'm then going to close this back out the whole thing closing the program and into it recommends backing up would you like to back up I'm not going to back up right now thanks for reminding me QuickBooks and then I'm going to go back into my desktop and so note this is the actual QuickBooks program icon this is the data file that I downloaded this is the actual this is the data file that's actually my QuickBooks data this is the data file which is the bank data which just has the banking information I'm going to double click on this one which should then open up the program and then start an installation wizard asking if I want to proceed taking the data from this item into our system now note if you're following along with your own data you're going to have to sort your own data because it's going to be your banking data and you can practice with the same kind of types so once we get the data into the system well then I'll then look at it and imagine different scenarios with the data that won't necessarily be applied to this particular data in real life it's just we're going to use the data in order to think about different scenarios once we have it in place which hopefully you can apply to your own data for practice purposes or for your own data file so I'm going to double click on this and it opens QuickBooks backup that looks good looks promising it asks for my password again we then get a pop up screen that says QuickBooks has received new transaction data please indicate whether you want to import this data now or save the file for import later import new transactions that's what I want I don't want to save the file here always give me the option of saving to a file when I download the web connect probably don't need that but I'm going to keep it because I won't change anything right now I'm going to say ok and there we go so then it's going to give me the information so you are downloading transactions for the following account it gives us our account information financial institution the type of account checking account account number and then that's from your institution so we got QuickBooks does not have an online account to handle these transactions please make a selection below so we can then choose to use an existing QuickBooks account or if we don't have one set up create a new QuickBooks account so if I hadn't already set up that checking account then I would use this one and I'd set up a new account since I do have it set up I can pick this one and say I just want it going to the checking account now note when I have the drop down here it doesn't show me the all the chart of accounts it only shows me the account types that I have available which are bank account types also note that I gave it a generic name so that could be fine however if you have multiple accounts you might want to have an account with like put the last four digits of the account number or something to identify one account versus another account if you're dealing with multiple accounts so I'm going to say continue let's do it and it says your web connect data has been successfully read into QuickBooks you can view the downloaded data in bank feed center by selecting your financial institution so I'm going to say ok and then it usually takes you there directly so it gives me this little thing advanced bank feeds a faster and improved way to categorize your bank data create enhanced rules and transactions to look books quickly so I'm going to say don't show me this again and skip it and then I think it's going to take me right into the bank feeds directly now if it didn't take me directly into the bank feeds I can close this back up and I could then say ok I'm going into the bank feeds by going to the banking drop down I can go to the bank feeds and now I've got a bank feed center I didn't have a bank feed center before all I had in here the first one was set up bank feeds for an account because I didn't have any bank feed set up before now I do so now I have a bank feed center so if we go into that we get into this screen for the for the bank feed center so it gives you like kind of your recap item up top and we will have multiple cards later because I believe we'll just check out a credit card as well so you might if you have multiple accounts you'd have multiple kind of cards up top so the look and feel that they they've changed it recently to this look and feel we'll talk more about it in the future but it's it's nicer it's cleaner looking although there's this huge gap up top which is kind of annoying and so now that I'm zoomed in on my screen I'm actually zoomed in using my settings here on my window settings and I'm zoomed in to like 150 so I might bring it back down to like 125 and that wouldn't be so much of a problem if you were working yourself and you didn't need to because I'm trying to zoom in for presentation purposes but still it seems like there's a lot of empty space with these cards it would be kind of nice if they allowed us to collapse the cards or whatever but it is what it is we'll talk more about that later so now we've got our data down below the thing we want to note right now is this data is now in what I call bank feed limbo it's not being used to create financial statements yet in other words if I go to the reports up top company and financial look at my balance sheet for example there's nothing there right nothing has happened thus far because because I need to take this data into the system now when you first set up your bank feeds that will typically be the case because all QuickBooks has then from the bank are increases and decreases to the checking account and if you have electronic transfers it gives you this memo information which is useful to finish the information necessary to add the data into the system but usually you're going to need a couple other things what are you going to need you're going to need to identify an account for it to be hitting the QuickBooks knows it's going to be adjusting cash cash is either going up or down but what's the other account in the double entry accounting system if it's a deposit you would think mainly the other side would be income and so you have to assign it to an income account if that's the case QuickBooks can't make that assumption because it might not be income it could be from you or a loan or something like that so we've got to set that up and if it's a decrease you would think the other side of the account would be an expense so we've got to tell QuickBooks what the expenses are now we can then start to memorize those things as we go the other information that the system needs is if we want to know who the money came from we've got to give a customer which gives us more detail and if we want to know who we are paying and track by who we paid in the system we've got to give the system a vendor usually that information can be found in the demo which is nice so we'll get into that in more detail we'll talk about this whole kind of layout in more detail in future presentations