Cash inflow and outflow is the blood for business and record maintenance as these transactions are crucial. You may think banks are there to do so. But when you are operating on a large scale, you may want to reconsider.
On an individual level, operating more than one bank account and multiple credit cards can make sense. But, when you are thinking bigger than this, then QuickBooks is the best answer you can find. It enables you to manage your income, investment as well as expenses with great ease. These are some transaction types you can import or export into QuickBooks:
Account beginning balances , Purchase orders, Cash sales, Deposits, Cheques,
Credit card transactions, Credit card refunds to customers, Credit memos to customers, General journal entries, Invoice transactions, Billing of vendors, Refunds gone to customers, Funds transfers in the account, Payments received from customers, Vendor refunds, Process of exporting Transactions to QuickBooks.
Exporting transaction data is an essential step to take. As strong recommendation, it is always sagacious to have a backup copy for these detailed data reports. This data can only be retrieved if you are logged in with admin access. Indeed, this smart approach not only saves time but also gives you the edge of knowing your records in and out.
This article will guide you to proceed with bank transactions export to QuickBooks with ultimate ease.
Table of Contents
Steps for Export Transactions to QuickBooks
–> Phase 1
-In QuickBooks, you need to go to the Accounting menu and choose COA(Chart of Accounts).
-Look for the bank or credit card account you wish to upload more transactions into
-Then select Account history and scroll to the bottom of the list
-Look for the opening balance or the oldest transaction
–> Phase 2
-In this phase, you need to login to your bank or credit card’s website
-Download transactions with selected date range
-Save the generated file on desktop or folder you choose
–> Phase 3
-In QuickBooks Online, click the Banking or transaction menu. Then, select Upload transactions
-Now, hover your mouse over browse and select the downloaded file from your bank, then click Next
-A drop-down menu will appear, select the account you wish to upload transactions into, then select Next
-Follow the onscreen prompts. Match the columns you need and select Next
-Lastly, click Let’s go. QuickBooks will allow you to add the transactions to your account
You can also connect your bank account to QuickBooks that will automatically update your new transactions as well. In this way, you can easily manage all your transactions with zero error.
All your bank transactions will be updated directly in the QuickBooks efficiently and you need not to worry of losing any transaction. However, it is advised to perform the required job with full concentration.