Transferring your bank statement from Excel can be a hassle if you’re new to managing your finances with QuickBooks. So, you’ll need to know how to post bank statement in excel to Quickbooks.
Importing bank transactions into QuickBooks online seems easy. For many customers, it is as simple as signing into their bank or credit cards through QuickBooks Online. However, sometimes limitations and challenges can occur during an import process.
To ensure the most effective utilization of your business accounting software, we will provide detailed information about the QuickBooks Online Banking function, including how to import your bank statement from Excel to the program.
Now, without further ado, let’s begin!
QuickBooks online banking feature
In QuickBooks, bank transactions are imported using the Bank Feed feature. This feature facilitates importing your banking information so you can reconcile your transactions against the actual figures stored in the system.
The app also allows automated data entry; however, this guide will focus more on the manual method of entering Excel data into your QuickBooks account.
The banking feature provides a way to quickly reconcile your business’ bookkeeping to your bank’s records, almost in real-time. There may be a 24-hour lag in updates, depending upon how your bank communicates with QBW.
Even with this lag, quick reconciliations can occur daily or weekly. Reconciling daily or weekly is faster than waiting for your bank or credit card statements to arrive in the mail. It allows you to identify suspicious activity earlier than you would if you waited until the end of the year to reconcile.
Many QuickBooks Online customers rely solely on the banking option to perform their bookkeeping. This may lead to errors within your books.
To complete your bookkeeping tasks in QuickBooks Online, using Bank Reconciliation allows you to eliminate some manual data entry and speed up reconciling your books with your financial institutions’ records. This can also help you do tax deductions to save money.
However, remember this is a reconciliation feature designed to compare your books with those of your banks. Use the Banking feature to create invoices as needed, but remember to add your data to avoid errors manually.
Now, let’s see how you can import your excel bank statement to QuickBooks.
Import transaction statements from Excel to QuickBooks
Sometimes, you may need to import bank transactions from QuickBooks manually. This occurs when the start date for the import is before the date from which Quickbooks can pull transactions, or more rarely if your bank doesn’t interface with Quickbooks online.
1. Download the transaction statement from your bank
Log in to your bank or credit card and click the button to download your transaction history. You can also choose to save them.QFX, .Quickbooks Online or.OFX format.
If your browser doesn’t support downloading .zip files, try saving them in .xls instead. After exporting your data, you can open Excel and convert your file into CSV format. Then head back to your banking site to import it.
2. Convert the file to CSV
If you had to transport the statement in Excel instead of any other format, you would need to save that file as CSV; for that, you need to open the file you downloaded from your bank, then:
- Click on File.
- Click on Save As.
- Choose the location or folder where you want to save the file.
- Change the file name (optional), then change the file type from ‘Save as Type.’
- Select CSV (Comma delimited)
- Click Save
3. Upload your file
Now your file is ready to be imported into QuickBooks Online. Go to the Banking screen as you did in Step 1 to connect to your financial institution. However, this time you’ll click the down arrow next to the Update button and choose “File upload.”
From here, click on the browse button and attach your file. Then click Upload.
4. Choose your account
Choose the account where the transaction should be uploaded, then click Next.
In the Accounts section, if the bank or credit card where the transaction was processed doesn’t already appear in your Chart of Accounts, you can add it. To do so, click the Add New button at the top of the Accounts drop-down list.
5. Map your CSV columns
Now you’ll need to map the columns into Quickbooks. Make sure you specify that the first row is a Header Row. Then make sure you indicate that Debits and Credits should be mapped together. Finally, if they’re in separate columns, map them separately. Click next.
The following screen shows a preview of transactions that will be imported. We recommend selecting all transactions if you’re unsure whether there are duplicates in your CSV document. Double check the data against the CSV you uploaded. Click Next to continue.
6. Finalize your imports
You’ll notice a popup telling you how many records will be imported. If you’re ready to go ahead, click “Yes.” Otherwise, click “No,” and you’ll have to start importing from step 3 again when you’re ready to resume your process.
Once the import is completed, you will receive an alert informing you to proceed to the banking screen to begin matching or adding your transactions. Click “Let’s Go!” to continue.
Downloading your banking transaction into QuickBooks Online automatically is an enormous time-saving feature. Most banks allow you to connect to QuickBooks Online easily and quickly. You can still transfer your financial information with Excel and a CSV/QBO file if your bank does not connect with QuickBooks.
You’ve now learned to connect your bank to Intuit Quickbooks Online and import bank transactions manually if an automatic bank connection is unavailable. Don’t forget to update your transaction statements manually every once in a while to ensure error-free bookkeeping.