 QuickBooks Online 2022 import bank transactions into QuickBooks. Get ready because it's go time with QuickBooks Online 2022. Here we are in our bank feed practice file we set up with a 30-day free trial holding down control scrolling up a bit to get to that one to five percent currently in the home page otherwise known as the get things done page and the business view as compared to the accounting view changing to the accounting view is something you can do by going to the cog up top switch to the accounting view down below we will be toggling back and forth between the two views either here or by jumping over to the sample company file currently in the accounting view back to the bank feeds practice file last time we've been talking about setting up the bank feeds noting that we can do so by going to the bookkeeping area down below then going to the transactions tab up top and then going into the banking area we have the two options that we can then upload by and note that you can also basically set up a new account by the way which would be a cash type of account or credit card type of account those which can be connected to financial institutions if you would like to take that route we're setting up your bank feeds but you have then two methods that you can set up the bank feeds either connecting directly to the bank or by uploading the transactions in prior presentations we downloaded the transactions directly from the bank and now we're going to put them and upload them into the system we're going to do so with a QBO file which is a data file you can typically get from most financial institutions but if not we also downloaded the CSV file which is in essence an electronic spreadsheet without any of the other kind of formatting things in it that would be there for like a normal Excel type of document that we can then upload once uploaded you will be in the same spot whether you have the bank feed connection or whether you just uploaded in other words you'll have the financial transactions which are basically this kind of stuff the increases and decreases and the dates which you can also think at about and visualize in the format of a bank statement which would look something like this although not the same data into our bank feed limbo that will then have to add into the system in such a way as we can then add it for the financial statement creation balance sheet and income statement so I'm going to go then to the upload transactions close the hamburger upload transactions left-hand side we have the capacity to manually upload the right-hand side bring in transactions automatically so we're going to be doing the left-hand side here which says number one open a new tab and sign into your online bank account so that's going to be the verification process that they would still like to have even though you're basically just uploading the transactions into the system number two export your bank statement in and dot CSV dot QFX dot QBO dot OFX or dot TXT now you would think the QBO would be the one that would be the easiest one to upload into the system and when you think about the bank statement notice you you might not format it just like a bank statement which you typically think of as a paper statement or a PDF type of format generally you're going to want it in one of these formats which is basically a list of the data that you that you have here that's just direct data in a data format then we're going to upload your bank statement here so we can drag and drop it or select the file which we will do now so I'm going to go ahead and select the file so I'm going to go and select the file here and see if we can locate it we put ours on the desktop it's on the desktop up top here and I'm looking for the QBO file I could put either of these two in place but I'm going to do the QBO file I would think that would be the easiest way to go and then I'm going to scroll down and continue that it says which accounts are these transactions from you got the checking account and the account information on the left hand side where do we want to put it in our books in other words what what account are we going to put this information into we don't have an account that it's going to be going into at this point we need to add the account which could be kind of a problem if you're looking at the business view because I think it's a little bit easier to add the accounts in the accounting view so you might want to do this with the accounting view but I'm going to try to do this it does give me I'm in the business view and it gives me the ability to give me the look and feel of the accounting view which is nice the main thing here is they defaulted to a bank account that's what you need to select because the bank account has the capacity that's the account type that has the capacity within QuickBooks to allow the bank feeds for it so that's what we want cash on hand I'm not going to say it's cash on hand I'm going to call it the checking account call it the checking account and then you might want to put like the last four digits of the account number sometimes and this is just a mock account number right there of course sometimes you might want to put the actual name of the checking account could be useful of the financial institution that is but if you have multiple accounts at the same financial institution the thing that is easiest to differentiate one account from the other is the last four digits of some account number because the first four digits could be the same too that's why you're picking the last four digits you might also want to have if you have a multiple bank accounts basically a sub or a parent account called the cash or the checking account possibly just a generic cash and then sub accounts of your multiple checking accounts underneath it if you have multiple checking accounts you can do that by selecting the sub account down below down here but we're just going to have one account checking account up top okay when do you want to start tracking your finances from this account in QuickBooks I'm just going to say save it and close it here there's our checking information let's continue it says then the import is completed so it looks good next step accept your transactions you're in control of how your bank info goes into QuickBooks transactions only show up in your books after you review and accept them so in other words we're in the process right now but it's not finalized or in the books at this point in time so I'm going to say done here and then power up QuickBooks to get organized and it says review a few expenses now to help QuickBooks learn how to categorize you when you're done see the snapshot I'm going to go ahead and skip this one skip it please and this is what we have here so you get the little tag up top we'll go through this in a little bit more detail later but you got the tag up top which is going to be the account that you're currently in so that'll show you where you are at as you scroll down then you've got your information down below and then the actual transactions down here which you could see basically this is the raw data that they're pulling into this section which I would call Bank Feed Limbo that means it has not been confirmed or added in other words you have to add these with either the confirmation here it's trying to guess over on some of these transactions to help us out but it's not all automated it's not automatically going into the system yet and typically we're going to want to add a couple kind of things one is going to be the account that it needs to go to it's guessing here that it's going to the service account and two we need to add the customers and the vendors which you can add you can put this into the system without customers and vendors but if you do then you're losing a level of detail that you could have by adding the customers and vendors you won't be able to search in other words the transactions by customers and vendors if you don't add the customers and vendors so it's a very good practice to do and that's what we will be doing just to see this however let's go to the tab up top right click on the tab up top duplicate that tab I want to go into the reports just to note that the data that's now in the system is not being included into into our reports yet so we can go here and check this out by going to the in the business view it's under the business overview the reports in the accounting view would be if I jump over to the accounting view the reports are down below and to get into the banking area in the accounting view it would simply be banking on the left hand side and then you have your banking items up top that's where the bank feed limbo what I would call bank feed limbo the holding area of managing the data from the bank feeds will be located I'm going to go then to the reports I'm back to our sample file we'll go into the reports and if we were to open up the standard two reports the balance sheet in the income statement let's open up the big balance sheet and just do a range change this is for latin this is for 0101 2 1 to 12 31 2 1 and run it and there's nothing there right no transactions yet if I did the same thing for the income statement is there anything in the income statement yet because I just imported all this data from 010122 to to 1231 222 run it and there's no data there yet so so that means there's work to be done and the work that needs to be done no matter what kind of accounting system we have even if it's the easiest system to be able to implement the bank feeds into and create and automate directly from them the financial statements for the first few months we'll have to do a lot of work assigning out the proper customers the proper vendors the proper accounts and then memorizing those transactions where necessary so that it can be more automated in future periods that's what we'll work on in future presentations