Quickbooks

Download Bank Transactions Into QuickBooks

Does it seem like it takes forever to enter all your transactions into QuickBooks?  If you write checks directly from QuickBooks, those transactions are already in your register.  Also, when you receive payments from your customers, and make a deposit, those transaction are also in the register.  But, what about all the other activity that occurs that will change your bank balance? Your ATM withdrawal, your debit card purchases, automatic withdrawals for bill payments all need to be entered in your register before you can perform a bank reconciliation.

You can enter these transactions manually if you only have a few, but save yourself some time and use the Online Banking feature in QuickBooks to quickly add these to your register.  If you haven’t already done so, you will need to set up an account for Online services.  Go to Banking > Online Banking > Set Up An Account for Online Services.  Follow the prompts to set up your checking or credit card accounts.

Once your account is set up, you are ready to import your transactions into your QuickBooks file.  You can go to the Online Banking Center (Banking > Online Banking> Online Banking Center) and click on Receive Transactions.  This will connect you to your bank, enter your login information, find the statement you want to import and find the prompt to import as a .qbo file.  A pop up window will ask if you want to save the file or import the file.  You can import it directly into your QuickBooks, but I prefer to save the file to my computer.  After saving the file, go to File > Utilities > Import > Web Connect Files.  Browse to where you saved the file, click save.  You will receive a message that your transactions have been entered into QuickBooks.

If you have trouble downloading your transactions from the Online Banking Center, you can do what I do, login to your bank directly from your browser.  Then follow the steps above to import the transactions into QuickBooks.  After your transactions are imported you are ready to review them and add them to QuickBooks.  Click on the bank name in the Items Received box of the Online Banking Center.  If you are using the side-by-side mode, the transactions are on the left.

QuickBooks will attempt to match the imported transactions to existing register transactions.  At the top of the Downloaded Transactions box is a line that says Matched to Existing QuickBooks/Register transactions.  Click on show to see what these transactions are.  These will be transactions such as checks and deposits that you have already entered during the month.  They do not need to be added to QuickBooks, they are already in the register.

The next line shows the number of New Transactions Created Using Renaming Rules.  You will want to review these transactions.  A renaming rule is when QuickBooks gives a vendor that has a several similar names one name.  For example, McDonalds1234 and McDonalds1243 would both be renamed to McDonalds.  It is a good idea to check how QuickBooks has renamed your vendors.  You can click on the Renaming Rules link at the top right of the window to edit the rules.  When reviewing these transactions, also check that they have been assigned the correct account number.

The last line shows Unmatched Transactions.  These transactions will need to be added to the register.  Highlight the transaction, click on the Payee Field in the Record an Expense box on the right.  Enter the vendor name and account number.  If you need more details, such as class, job or other details, click on the Show Splits, memo, date, number… link below the account field.

If there are transactions in the Downloaded Transactions window that have already been entered in the register, you can delete them before you add the other transactions to QuickBooks.  Click on the Select Items To Delete button at the bottom of the window, mark the transactions you are deleting and mark delete.  This is not reversible, if you delete anything that has not already been added to QuickBooks, you will have to manually enter it.

Once you have checked all transactions, mark the Add to QuickBooks button in the window on the right.  This may seem like it will take a while, but in reality it will speed up your data entry time.  Each month as more renaming rules are created, there will be fewer unmatched transactions to enter.  And you will wonder why it took you so long to get on the bandwagon!

One last thing, before importing your transactions, MAKE A BACKUP!

Posted in Quickbooks. Bookmark the permalink.

About Jo Ellen Peters

Jo Ellen Peters is the owner of Top Notch Bookkeeping and an Advanced Certified QuickBooks ProAdvisor. She has over 20 years experience in bookkeeping and payroll, with 14 years at a CPA firm working for clients in a variety of industries. She attended college at Marshall University in Huntington, WV, is a member of the American Institute of Professional Bookkeepers and is a Certified Quickbooks Consultant for The Sleeter Group.

44 Responses to Download Bank Transactions Into QuickBooks

  1. Brent says:

    Jo Ellen,

    I am trying out the matched transactions in my Quickbooks 2011 Pro version. I am using register view. I cannot find the Show Splits, memo, date, number link you refer to to be able to put in information on a second account for this item. Is there something tricky about 2011?

    Thanks.

    • Hi Brent,

      You can still do what you want in the register mode, it’s just slightly different. After you have added the transaction to the register, then you can click on Edit Transaction in the bar above the register. This will take you to the form that you chose to enter it as and you can edit it there, then save and close to proceed to the next transaction. You can change the banking mode by going to Banking > Online Banking > Change Online Banking Mode. You may want to try it both ways to see which one is best for you. I find the side-by-side mode to be quicker. Hope this helps.

  2. Tod says:

    Hi Jo Ellen, I have resisted upgrading my Qbooks since I found later versions are problematic with Matching Transactions from the downloaded bank file. And actually I am not really matching transactions, I am trying to ad them into the empty register.

    example —during a Matching session, you try and Add to Register a written check to John Doe #052. Qbooks flags this as not in the Name List. So the only way I can get this check into the Register is to create a QuickAdd name called #052. But I write checks every month to John Doe and I don’t want to create all these extra accounts called #052, #053… etc.

    Do you know a way around this, or do later versions of Qbooks allow you to change the vendor name to ‘John Doe’ before the entry is Recorded?

    Thanks for your website. I tried explaining the scenario to Intuit and it was too complex for them to comprehend.

    • Hi Tod,

      What you could do for the checks is to record them in the register before you download your transactions. Of course this defeats the purpose of downloading transactions directly into the register, but it may be quicker than having to look the checks up to see who they were written to.

      In the new 2013 there is a box you can check or leave blank that says “Never create renaming rules for checks”. This is not available in previous versions. I’m not sure how well this works.

      Hope this has answered your question.

  3. Amy Barber says:

    Hi Jo Ellen,
    Thank you for the article. I have updated my Quickbooks to 2013 and have downloaded my credit card statements. I’m in the process of adding the transactions to the register and have everything added except for the online payments I made. Can you tell me how to add these to my register?
    Thanks, Amy

    • Hi Amy,

      Click on Write Checks on your Home Page. Pick the bank account you paid the credit card bill from. For the check number enter Debit or something that distinguishes it from a regular check, enter date, Credit Card vendor name, amount, and for the expense account choose the Credit Card liability account.
      After you reconcile the credit card, when it asks if you want to make a payment or enter a bill, click cancel. Hope this helps.

  4. William Blum says:

    I have imported my transactions from my bank and added them to the register. Now I need to receive payment for some invoices I sent. When I do that, QB wants to add them to the register again. How can I make QB understand the deposit is already there?

    Thanks,

    • When you are in the banking center and highlight a deposit to add, you will see a list of open invoices. Check the invoice(s) that this deposit applies to. Personally, I don’t like to do it this way. I receive payment and make deposit directly from QuickBooks. In the banking center I delete the deposit rather than marking it to add or to match.

  5. Debora says:

    Hi, I hope you can help. I’m downloading my bank transactions to quickbooks, my number of transactions to download and the amount is correct. However, I have transactions that aren’t being downloaded. Each month I have to go through my statement transactions one by one to find the missing transactions. So far I have to manually enter certain transactions because they aren’t being downloaded. I’ve noticed one transfer from my account to another isn’t being downloaded, and a Hulu transaction, this is happening pretty consistently. Have you ever run into a problem like this??? Not sure what to do, but going through my statement every month to find the transactions is very time consuming.

    • Hi Debora,

      I have had that happen to me too, but it is usually because of my error and not QuickBooks or the bank. I’m not sure why this is happening to you but I’ll explain what I have found the reasons for it happening to me. Sometimes the date range may be causing the problem. Just make sure you are entering the correct date range, and don’t use the ending date range on the same day you are downloading, always date it at least the day before. For example, if you were downloading today, don’t use today’s date as the end date range.

      The other problem may be that not all transactions are being added to QuickBooks. In the download center there are transactions that have been matched to existing transactions. It’s always a good idea to go through and agree to the match. Then there are the transactions that have been renamed using QuickBooks renaming rules. These have to be added, they are not automatically added. I usually go through all the unmatched transactions first and add them. Sometimes QuickBooks will rename any other transaction in the list and move them to the renamed list. Then I don’t have to go back and forth to get all the transactions entered.

      Sometimes there are transactions I delete from the download window, but I always do the bank reconciliation first. If there is a missing transaction in the reconciliation I go back to the banking center to see if I missed adding that transaction. After I have finished with the reconciliation I delete any transactions in the banking download window so that I start with a clean slate with the next download.

      I’m not sure if any of these solutions will help you but please let me know if they do or if you have any additional questions.

  6. Tami says:

    I have inherited QuickBooks through a new job and I’m a novice. We are using QB2013 and I have caught up and reconciled the bank statements, but I noticed that I had to manually enter a number of online payments and transactions for the past month as opposed to the prior month. 1 – we updated in between and 2 – the month prior was before my time. I am concerned if I process the download bank statement I will in fact duplicate entries. I don’t mind entering payments I make online manually, but there are some transactions that must have come from the bank statement rather than manual entry in the past. If I download the bank info – will it duplicate if I have manually entered? And how frequently should I download transactions from online banking? Is it something that should be done daily/weekly? or only once per month when the actual statement is available (my fear is waiting a full month doesn’t give me an accurate picture of the daily balances.)
    Any suggestions of the best place to learn about this feature? I found your blog and have learned a few things – unfortunately I am sort of on my own as far as the learning curve is concerned and the last thing I want to do is make a mess of it! I managed to reconcile two months of statements just using QB help – but it seems when I look into the banking transaction info – the help just wants to give me “how to fix” issues and not the basics. (I tried the For Dummies series and quick steps – they have basic info but not enough detail)
    THANKS!!

    • Hi Tami,

      I had a similar experience as you when I upgraded from 2012 to 2013. None of the transactions were added to QuickBooks when I downloaded the bank file.

      When you download the bank statements all the transactions are listed in the banking center as three different types of transactions: 1) Matched to existing QuickBooks / register transactions, 2) New transactions created using renaming rules, and 3) Unmatched transactions.

      At this point in the bank reconciliation window there should only be transactions that have been manually added by you. These should be the same transactions that are listed in 1) Matched to existing QuickBooks / register transactions in the banking center. In my file it’s usually only deposits that are listed. I always manually add payments and then record the deposits throughout the month. In the banking center I delete these transactions after I reconciled the statement. There is an option to confirm the match, but I don’t see the point in doing that, they are already in the register.

      The next thing I do is to look at 3) Unmatched transactions. This is where I usually have to add the vendor and account. Then I add that transaction to QuickBooks. QuickBooks will look for other transactions with the name of the vendor you just entered and move that transactions up to 2) New transactions created using renaming rules. This is why I do the Unmatched transactions first. If I was to do #2 first then I would have to review them again after I did #3 because of QuickBooks moving the transactions.

      Then I look at the transactions in 2) New transactions created using renaming rule. Most of the time I just click on add to QuickBooks. Sometimes I may need to change the account it is posting to.

      The problem with duplicating transactions can occur if you have manually entered a transaction and QuickBooks doesn’t find an existing match for it. It will then be listed in the third option and it can be easy to just add it there. I usually find this can happen with checks that have been manually entered but they show on the bank statement without the vendor name. I keep the check register open and double check that the check has not been entered, if it has I delete it from the banking center.

      But, before I delete anything from the banking center I reconcile the account first. While reconciling, if I find an amount on the bank statement that isn’t listed in the reconciliation window then I go back to the banking center to see if it is still listed (it usually is) and I add it there. After I have completed the reconciliation I delete all transaction that are left in the banking center dated prior to the ending date of the reconciliation.

      There is nothing wrong with downloading every day if it helps you keep track of your cash flow. Just remember though, there still maybe outstanding deposits or transactions that have not cleared the bank yet so it may not be an accurate balance. Also, when you enter the dates for the download use the date before the current date as the ending date. If you use the current date as the ending date and then on the next month you use that same date as the beginning date you may have duplicate transaction downloaded. On the other hand if you use the current date as the ending date for the download and then the next month you use the following date, there may be transactions that don’t get downloaded.

      Hope this helps.

  7. Daron says:

    Hi Jo Ellen,

    I am a complete novice when it comes to Quickbooks (even though I’ve been in business for a couple years.) I’ve really neglected my bookkeeping and now it’s time to get organized! I downloaded my transactions, which is so quick and easy, but it only goes back a few months. I’m embarrassed to say I have a LOT more catching up to do than that…like a year and a half (!) Do you know if there is any way to download transactions from that far back? If not, how do I go about manually entering this last year of transactions into QB? Do I use the bank I’m referring to’s register?

    Any help is greatly appreciated. Thanks!
    Daron

    • Hi Daron,

      There are add on programs available that will allow you to import transactions for as far back as you want. I listed a couple in my blog. I’m sure one of these will be suitable for you.

      Good Luck!

  8. Annette says:

    I have recently been hired at a firm for what I thought was for quickbooks. I have been struggling ever since with things like…do not adjust the quickbooks file. . . do not set up end of year password….and do not reconcile the bank….that last one is my final “What are you talking about?” . Please help me to intelligently explain (or find in writing) why you should still reconcile your accounts even if you download your transactions?

    • Reconciling bank statements of part of bookkeeping. It’s a verification process. You are checking that all transactions have been recorded properly. Downloading transactions does not mean there are no errors. There may be a bank error, unauthorized transactions, deposits or checks still showing as uncleared. Downloading can also result in duplicate transactions if manual entries have been made. I have no intelligent explanation on why you should not reconcile. Hope this helps.

  9. Lindsey Hall says:

    I am just setting up my business in QB. I imported all of my banking records and assigned them categories. Now when I enter invoices and payments from my clients will it show double deposits? I don’t want it to look like I got paid twice. Please help. Thanks so much your info is great!

    • Hi Lindsey,

      If you have manually entered transacations into QuickBooks, you don’t need to import them from the bank. However, your bank download will include all transactions, so just ignore the ones you have manually entered. Only add transactions that have not already been entered. After you have reconciled the account, go back to the banking center and delete the transactions that you didn’t add so that you start with a clean slate on the next download. I rarely add deposits to QuickBooks from the downloads because I invoice and receive payments manually.

  10. karolina says:

    I hope you can help me with setting up QuickBooks 2013! I just purchased the 2013 version and I am already stuck. I am trying to download the bank statements from the beginning of the year but my bank goes only 60 days back to download using Quick Book version. Now from Jan to July I have 7 months of statements to download and I can do it either as CSV file or XCEL. Please advise what is the best way and where to start?
    Your advise and help is greatly appreciated! Thank you!

  11. Erica Vance says:

    Thank you for your article. I am reading and re-reading because this week is my first time touching the program.

    I am attempting to upload bank transactions and running into issues. I am sure must be because of my ignorance. I had used Quicken in the past and once I assigned a bank transaction with an account it adjusted all other similar transactions with the same account. I tried this before “adding” the downloaded transactions to QB and I tried adding the transactions without the account info being required and QB deleted all payee and vendor info from all of the transactions.

    I have also confirmed in preferences that “automatically recall account info” is selected. Then I tried “prefill for vendor” accounts to see if the account would apply to all transactions with that vendor and it did not.

    I am trying to add an entire year of transactions so manually assigning one at a time is not an appealing solution.

    I am using QB 2010 but I cannot believe that is the issue since I was using Quicken at least 15 years ago and it has this feature…

    :(

    Thank you for any help you may be able to offer.

    • Hi Erica,

      I’m sorry you are having problems with downloading. Once you have the naming rules set up the import should be smoother. QuickBooks is looking for previous transactions to match the current transaction to. For example, a transaction in the import file is a payment to Verizon for telephone expense. If this transaction is not already in your QB file, there is nothing to match it to. This transaction will be listed under Unmatched Transactions. Highlight the transaction, give it a name and account number and add it to QB. By doing this QB has created a naming rule. QB will check all other transactions, any with that vendor name will be moved to the list called New Transactions Created Using Renaming Rules. You will have to do this with all the transactions in the Unmatched Transactions list, but once a rule has been created and moved to the other list then it will just be a matter of looking at the transaction to verify account number and clicking on the Add to QuickBooks button.

  12. Adam Burgess says:

    I have recently began bookkeeping for a small business that hasn’t done any bookkeeping since January 1st. I’m thinking that downloading the bank statements directly to quickbooks would be the most logical route to update all accounts and transactions but do you have another alternative? Thanks!

  13. Tom P says:

    I am new and of course think that I made a boo-boo. I was importing transactions from my AMEX account. I had a card number change mid-year, but could still download automatically on the current number. so I did and entered everything in. no problem. Because the card had a different number earlier, I had to manually download the first 9 months – and it was asking me to create a new account on the chart. So I did. Then I realized that these earlier transactions would not mesh with the last 4 months, so I deleted all the downloaded transactions and then the account it asked me to delete. I then went back and tried to download the transactions again, and QB says ” no new transactions”, yet it still shows my outstanding balance on the account. How can I start over and get QB to accept a manual download to get them in?

    • Hi Tom,

      As far as I know there is not a way to re-import those transactions. Do you have a backup you can restore from? If so, restore the backup so you can at least have some of the transactions back in your file.

      When I have had a change in credit card numbers I will setup a new credit card account in the chart of accounts. I also set it up for online banking and import the transactions to the new account. But, since I only want one credit card, since they really are the same account, after all downloaded transactions have been added to the file I edit the old account by turning off the online banking, and save. Then I go back and edit that same account and change the name to the name of the new account. A message will pop up asking if I want to merge the two accounts. I say yes. Now I have all the transactions in one account.

  14. Vickie Brewer says:

    I am a novice at QB. I have bought a huge book, “Quickbooks 13 In Depth”, but it is difficult to find answers to specific problems. I was trying to make sure I entered every transaction for my company (restaurant) for last year. The only things I had not done were to set up the bank loan for construction, sales tax liabilities and payroll liabilities. All my loan payments and tax payments are current I just hadn’t entered them because I didn’t know the right way to do it and the book was too confusing. After much research on the internet yesterday I thought I had finally figured out how to enter them correctly but evidently not because my P & L showed way more profit than actual. I went in and deleted the payroll tax transactions I had entered thinking it would only delete them from that location. I was horrified to realize that it had deleted them from my bank register as well! I have gone back and retrieved back-ups from the day before but it still does not show the payroll tax ACH on my bank register. I downloaded all transactions from my bank again hoping that it would replace those debits but it only says all transactions are up to date but still no entries for the tax ACH. Is there any way I can retrieve those deleted transactions? And how do I enter the tax ACH against the liabilities? Thank you so much for your help!

    • Once you have imported a file you cannot import it again. This prevents duplication of transactions. To manually enter the payroll tax payments click on Pay Liabilities on your Home Page. A window will pop up showing the liabilities that are due. Put a check mark beside the taxes you want to show payments for. Click next and follow the instructions. This will reduce the liability on the balance sheet for the payroll taxes and enter the payments in your check register.

      Hope this helps.

  15. Hello JoEllen,

    I’ve used Quickbooks for years (although still not proficient) and am now trying to move into the “download” functionality. Whether I download direct, or save a file first, Quickbooks (pro 2012) asks me what account to put the data in. It offers to create a new account, and it lists”credit card,” an account we set up for an adjusting entry a few years ago. There are no other options for storing the downloaded data.

    The credit card account I want to use is BoA CC. But this doesn’t show up in the list??? When I list all my Quickbooks accounts, BoA CC shows a little lightning bolt next to it. I thought that would mean it’s accessible, but maybe it means its prohibited somehow?

    Any suggestions?

    Thank you!

  16. Eric Cabeza says:

    Hi Jo Ellen,

    Theres any way to import a “Make Deposits” file into Quickbooks? We are doing this manually and we have to many deposits to enter. Any help is welcome.

    Thanks!

    • When you use the Online Banking or Banking Feed as it is now called, the downloaded file will have transactions that need to be matched or added to the register. Once you create a rule for a transactions QuickBooks will apply that rule to the remaining transactions. There is no Make Deposits file to import.

      Hope this helps.

  17. Tim says:

    When import my transactions from the Bank. It tries to match the transactions. The matches are completely wrong an takes a few minutes to click through all the suggested matches. So a $500 transaction will want to got through every $500 transaction in QB ever. It is a waste of time and those years are closed too. Anyway to filter it to so a match must be within day or two of the downloaded transaction. It going back to 2011 for a possible match on a 2014 transaction. Bizarre.

    Tim

    • Hi Tim,

      You can manage the renaming rules to be more specific. I can be more specific if I knew which QB you were using. The Help file in your edition may instructions on how to use the renaming rules.

      Hope this helps.

  18. Paula says:

    I use QB’s for all my accounting including bill paying, writing checks through QB’s as they come in. When I go to online banking to upload and download transactions. It does not nor will it let me remove those transactions from the online banking, so often bills are being paid two and tree times.How do I solve this issue?

    Thank you
    Paula

    • Hi Paula,

      If the transactions have already been entered into QuickBooks then you can match the downloaded transactions to the existing transaction. If QB does not find an exact match and the transaction is already in your register you can delete the transaction from the online banking. Depending on which version of QB you are using you can either mark the transaction for deletion or exclude it.

      Please let me know if this helps.

  19. Heather says:

    We tried this, but somehow ended up linking the wrong accounts. How can we undo the link?

  20. F. Baughman says:

    I have a question similar to that of Eric Cabeza. I have many deposits coming through my bank download and I can’t seem to get a rule in place that will force QuickBooks to create the deposits for me. These deposits are for credit card transactions that we have processed in batches. It just seems like deposits don’t remember and match like expenses do. Is there another way to set up matching rules related to deposit transactions? Any help you can provide will be greatly appreciated!

    • Hi Fred,

      QuickBooks only matches a deposit if the deposit transactions has already been entered. If your credit card batch total for the day was $500 dollars and the amount that was actually deposited to your bank from the credit card merchant was $500 then QB should find the match. But if the credit card merchant reduced the deposit amount by their fees then QB won’t find a match. There really isn’t a good way to set up rules for deposits. I have found it to be easier to manually enter deposits whether from a sale receipt or payment for an invoice.

  21. Wendy Brann says:

    Hi Jo Ellen,

    I have just set up several sub bank accounts to my existing Operating account in an effort to “budget” funds for specific, future purchases (in my case as a percentage of each deposit). I have also just learned that I have to make the Original Operating account a sub account by creating a new Master Banking Account in QB. I understand this is necessary so that I don’t use the main account for transactions, which I am in the process of doing now. My question is, how do I use the web connect feature that I have always used to download transactions into QB but assign the payments or transactions to come from the correct bank sub account?

    Any insight you can provide would be greatly appreciated.

    Thank you,

    Wendy Brann

    • Hi Wendy,

      Unfortunately creating sub accounts for your bank account will not help with importing your transactions. The bank download is tied to the bank account number. The download file will only import to the file in QB that has the same account number as on the download file. This is different that how credit card downloads work. It is possible with credit cards to have more than one credit card per account with each credit card have a different number but tied to the main credit card. QuickBooks will does download to each of the different credit cards but you can still do a reconciliation for the main card. As far as I know regular bank account don’t have more that one account associated with them.

      I would suggest a different approach to keeping track of different funds. I think you would really benefit from using classes. Each future purchase would be class. When receiving a deposit you would record the % of the deposit to each class. You would also do this for expenses. Add the class for the expense you are recording. You can then run a Profit & Loss report by class. This report will show you have much income you have received per class and the expenses per class. At the end of the year when Net Income is closed to Retained Earnings you can do a journal entry to record the Net Income for each class to a sub-account of Retained Earnings.

      If you need help in setting up classes please don’t hesitate to contact me.

  22. NANCY OTCHERE says:

    Hello Jo Ellen,

    Thanks for this brilliant blog! I imported my bank account via export command and matched my expenses.

    I am struggling with the bunch of transactions that are simply transfers from savings to checking account or vice versa. I would really appreciate your help in how to handle these.

    Thank you!

    Nancy

    • Hi Nancy,

      With a transfer instead of entering an expense account you will choose the bank account the transfer either went to or came from. For example, if you transfer $1000 from your checking to the savings and you are in the checking download transaction list you would choose the savings bank account. Then add the transaction. Then when you go to the savings download transactions you will match the transaction instead of adding it.

      Hopes this helps!

  23. Linda says:

    Nancy, Do you know if Quickbooks Pro 2011 is no longer allowing importing of .QBO files from the bank? I know they are no longer supporting add-on funcstions but I do not believe that importing a .QBO file is an “add-on service”

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