 QuickBooks Online 2022 Download Bank Feed Transactions from the Bank Get ready because it's go time with QuickBooks Online 2022 Here we are in the Bank Feed practice file we set up with a 30-day free trial holding down control, scrolling up a bit to get to the 1-2-5% currently in the home page, otherwise no one is to get things done page to the business view as compared to the accounting view if you want to change to the accounting view it's 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 to the sample company file currently in the accounting view. Back to the bank feed practice file last time we looked at setting up the bank feeds couple ways we can get the data from the bank into the system if we go into the bookkeeping area over here we can go to the transactions up top and we can go into the banking item for example and enter the information either through a connection directly to the bank or you can see the two options here if we go to the upload transactions which you have the manual upload on the left hand side and on the right hand side you've got the direct connection either method once done will get you to the same point after the process has taken place with the transactions from the financial institution in what I would call Bank Feed Limbo in your QuickBooks system but not being used to create the financial statements if you were to do that in the accounting view you would be over here on the accounting side of things on the left hand side and then I'm sorry you would be in the banking side of things up top on the accounting view and the bank feeds have already been basically set up in this presentation in the sample company so we've already got the data in what I would call the Bank Feed Limbo component. Now we're going to take a look at the idea of going directly to the financial institution itself downloading the transactions or the feeds from the financial institution which we can then take and upload into the QuickBooks system. This could be a good tool for example if you're just starting out the bank feeds and you want to go further back then maybe possible by the direct connection to the bank feed so in other words if you wanted a whole year or multiple years of data coming from the bank you might want to double check check with your financial institution see how far back a direct connection with the bank feeds can go and if they don't go far enough back that you want then possibly you go into your financial institution itself look to be able to download that information in a format that is applicable that can be uploaded into QuickBooks and then you could pull in the data in that way again either method once the data is in the QuickBooks system will be in that bank feed limbo and will be at the same point at that time so this is just one financial institution wells far go you can go to any of the financial institutions you might be working with and they will generally have a similar kind of process somewhere that includes financial institutions for your banking for your checking accounts so for example and those for your credit card type of accounts so here it's under the accounts and then you can find something that will will say like download account activity and then you'll typically have a few options to download it in we're working with QuickBooks QuickBooks is owned by into it into it is a very big company and because they've been working so long and they're such a big company in this kind of direct transfer situation many other softwares actually use the default kind of QuickBooks file to download so many banks therefore because it's becoming more and more standardized to have have this QuickBooks icon or this QuickBooks download capability so that you can download your transactions in the format that is most likely most easy to then upload into QuickBooks and not have any kind of glitches or problems with it however if you are in a financial institution that doesn't have the QuickBooks component you often will have the financial institution will be able to download in kind of a stripped down type of Excel or electronic spreadsheet format which they might call spreadsheet here or they might call an a CSV file a dot CSV file that in essence is a Excel spreadsheet type of file a spreadsheet type of file electronic spreadsheet that is stripped of all the kind of things that something like Excel would have for formatting and whatnot so that it's just raw data which is a little bit easier to then upload directly into something like a database program like a QuickBooks software and not encounter any problems due to the formatting and then you might have they also have the IFF file quick end do not get in confused or mistake quick end with QuickBooks quick end is geared towards individual investors and possibly more towards like investment related activities on the individual side of things and it used to be owned by QuickBooks as well but I don't believe it's owned or not by QuickBooks it used to be owned by into it into it owning QuickBooks but I don't believe into it owns quick end quick end at this time anymore either so if you're using QuickBooks as we are don't get confused with quick end because it's a different kind of software you would download this data file once done I've now downloaded both of those data files this is the QBO file and QBO and when you hear that term QBO you might say okay that stands for QuickBooks online this of course is a QBO file so it's not the QuickBooks online like data itself it's the banking data which is QuickBooks online related file in a QuickBooks online format that can then be imported into the banking system and then if you if you download the CSV file and you have an Excel program then typically if you open it it'll open in Excel but it's not exactly an Excel worksheet you can see it looks a little bit different even though it opens up with Excel it's got that a and a comma in it because it's a CSV file and the thing you got to be careful with those is that if you were to open it up just to get an idea or the feel of the kind of data that's going to be imported into the accounting system if you did any changes to this file then it might not save the changes if they're formatting changes like I widen the cells here so I can see things and what not that then might not be something if I was to close it and open back up would be saved because that's me manipulating using Excel's formatting and the point of the CSV file is that it's going to be stripped of all that kind of stuff so in other words if I right click on this and I was to say I want to save this file let's do that again right click and save as and browse to where we want to put it notice it's a CSV file right here as opposed to if I was to make it an Excel workbook file which you could change it to an Excel file but the CSV file is a little different and you want to be aware of that we're going to go back on over this is the kind of data then that we're going to be uploading note what is included this is the same if you're using a QBO file or a or an Excel type CSV file in that you only have limited data that the bank has what does the bank have they've got the date they've got the amount and they've got whether or not it increases or decreases to your account and depending on the type of transaction you had electronic transactions being a little bit easier for the bank to get more detail they might have some kind of memo or description or whatever you want to call it on the right hand side now note that the memo or the description or whatever you want to call it could include things like Amazon here the SoCal gas company and so on which could be indicating the customer and the vendor but when I put this into QuickBooks QuickBooks cannot automatically determine that that's the customer or the vendor because it's included with all this other garbage that's included in there as well so typically if they are electronic transfers you will be able to extract the fact that you have the customer or vendor and create the customer or vendor from the detailed description or memo but it won't be done automatically you can then create rules to take that description or whatnot and try to memorize the transaction and that will make things more automatic in the future months as well notice also that even if we were able to assign out the customer and the vendor which are usually the things that help us to determine which income or expense account we're going to go to in other words the SoCal gas company might go to the utilities expense but the system of QuickBooks cannot determine that in and of itself even if they knew it was the gas company maybe it could get sophisticated enough to determine that that should go into utilities expense but not we're not there yet and there could be many different vendors where they're not going to recognize that it knows the expense account so the two things we have to add at minimum customer vendor and the account whether it be expense or type of income account that we're going to be applying to so and that's where people usually get mixed up they import all this stuff into the bank feed limbo and think it's just going to make their financial statements automatically but you got to go through there and determine where these things should be assigned to taking them out of bank feed limbo adding the customer the vendor and the account also note it's possible to add this stuff without the customer and the vendor and just the account but you lose a substantial level of data by doing that you don't have as much sub reports or information so it's nice you want to if you can add the customer and the vendor typically now if you had checks that went through for example then you wouldn't have the electronic transfers over here and that would be that would be a little less information on that side but you would have then the check number which could help you to look at the canceled check and you can get more detail there but it's going to give less detail just in the transfer and if you actually physically deposit money into the bank so you get cash for example and then go to the bank and deposit it where you have some intermediary that is taking the money and then deposit it like a credit card company or some kind of intermediate software that's collecting the money and depositing it in a lump sum then all you're going to know is that lump sum deposit that got put into the system as well so those are some some more kind of limitations so that means that once we get this into the system we're going to get we're going to put it into the system next time and then we're going to have we're going to still have to do some work to allow QuickBooks the information to take this information and build what we want to be built the end result the financial statements the balance sheet and the income statement and the subsidiary reports