How to Set up Bank Feeds in QuickBooks Desktop?

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How to set up bank feeds in QuickBooks desktop

What is a Bank Feed?

A bank feed refers to automatically generated transaction records on the bank account. It acts as a link between QuickBooks software bank account which import entire bank transactions record into software occurring every day.

What is the need for a Bank feed-in QuickBooks?

It permits automatically the import of employees’ financial information. The small organization makes use of a bank feed feature to get updated on their organization’s financial performance.
Moreover, it assists them to avoid silly mistakes that usually occur while inputting transaction data manually.

Following are the major benefit of Bank feeds:

  1. Bank feed feature allows establishing a financial connection to access online services including transaction downloads
  2. It permits the processing of credit card & other bank transactions in a well-organized method.

What are the pre-requirements to set-up a bank feed?

  1. Fast internet-connections
  2. A banking Account associated with a financial institution.

In case you feel any doubt related to the financial institution you can easily discover services online. 

To perform this follow the below points:

  1. Navigate Banking present on the menu section 
  2. Choose Bank Feed & then click participating financial institutions.

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How many connection methods applicable to set up bank feeds in QuickBooks?

QuickBooks facilities two connection techniques i.e. a Direct connect & Web connect.

Direct connect:

This method directly sends details to the FI and permit data downloading directly. The Bank-granted PIN along with the password is mandatory. You can even download the electronic invoices & statements and added to the bank feed after an account set up.

Web connects:

This technique permits receiving information via a downloaded file through a web browser. 

How to set up bank feeds in QuickBooks desktop?

A bank feed is pre-owned for organizing taskslike bank transactions & bills. You can set up an account in both single-user & multi-user manner. One can create up to 40 accounts.

Following is the list of simple steps to connect an account with Bank feeds

  1. Locate the Banking menu
  2. Search for Bank Feeds & choose Set-up bank feeds
  3. Now a blank field will display on the screen you need to input Bank name & choose the bank name listed in the drop box
  4. Make a bank connection.

For Direct connect:

Below are the steps:

  1. Discover from bank to know about you online services are free or paid. You might require applying for the services
  2. To Apply, choose the enrollment site URL and reach your bank for the approval & credentials.

 If you have already registered then you need to choose to continue after that follow the given below instructions:

  1. Input bank provided ID along with passwords
  2. Hit connect to let QuickBooks connect server
  3. Select the preferred bank account and after that click on finish.

For Web Connect: 

For web connects below-mentioned are the instructions:

  1. Open the link and navigate Account page & hit a drop-down button named Select existing /create new and discover the QuickBooks account associated with the bank account
  2. If there is no account found in QuickBooks then locate chart of accounts and choose to Create New Account
  3. Hit connect & click on Close.

After successful set up a bank feed now you are eligible to download the transactions.

How to download bank transactions through Direct connect in QuickBooks?

The downloading of transactions varies with banks. Some banks allowed downloading transactions for the past 90 days. 

Below are the steps to download the transaction:

  1. Open Banking Menu 
  2. Choose Bank feeds center located in Bank feeds option
  3. Select the preferable account from bank account lists
  4. Select Send item to your bank tab where you can modify & delete contents 
  5. Choose Download transactions and after that click on Synchronize 
  6. Pick the preferences & click on Sync all
  7. Now a dialog box will appear you are required to ender credentials used to establish a bank connection.

How to reach us:

That’s all about how to set up bank feeds in QuickBooks. The above post covers major insights about Bank feeds, Apart from this, if you need any assistance regarding QuickBooks error or any other functional issue, you can reach the professional team at toll-free QuickBooks technical number 18008166849 and get your query resolved in a single call. However, there is another method of sending an email with your issue and get an instant reply. Don’t forget to comment on the blog if you need any other guidance.

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