Do you know what the most requested tutorials and our most popular blog post is? Reconciling Banking Transactions in QuickBooks Online? This is probably because most QuickBooks online users understand the concept of adding QBO to their bank and credit card account. Do you know that most of the mistakes made in QBO have been made because the QuickBooks users do not know how to work with banking transactions? Are you making the biggest mistake and do not even know it? No worries. I have fully updated this blog post so that you can provide all the essentials (and many expert tips) you need so that you can adjust and feel in control while matching the account in QuickBooks Online. I also show you my way to help you organize and learn how to add, match and use batch actions.

I'll warn you now - this is a long blog post. But among those of you who want to remain till the end, they will get the wealth of knowledge to help in their QBO backing transactions by accidentally picking it up. So, get up and get ready for the latest QuickBooks online banking tutorials.

 

 

 

OUR MOST POPULAR BLOG POST – QUICKBOOKS ONLINE BANKING TUTORIAL

 

The #1 question I am asked all the time by new (and some not so new) QuickBooks Online users is: how to work with and reconcile banking transactions in QuickBooks Online. Working with banking transactions in QBO seems simple, but there are a few important things you need to know in order to avoid the most common mistakes that all new users make.

 

 

LEARN HOW TO GET AROUND THE QUICKBOOKS ONLINE BANKING CENTER

 

Here is a video tour of the banking center in QuickBooks Online. Check it out so you can learn all the features available in the QuickBooks Online Banking Center.

 

 

ADD BANK AND CREDIT CARD ACCOUNTS TO THE CHART OF ACCOUNTS

 

 

 

If you’re a QBO newbie, you first need to add your bank and credit card accounts to the chart of accounts. 

 

 

CONNECT BANK AND CREDIT CARD ACCOUNTS TO QUICKBOOKS ONLINE

 

 

Now that you have added your business bank and credit card accounts to the chart of accounts, you are ready to connect your bank and credit card accounts to QBO.

 

 

 

From the Left Navigation Bar

 

Click Banking

 

Click Add Account on the upper right

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enter the name of your Financial Institution or click the Logo of your Financial Institution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enter your Online ID or User Name.

 

 

Enter your Passcode or Password. Then, click Log in.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The connection process may take a few minutes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A window will appear asking you to map the bank accounts from your financial institution to the bank accounts in your chart of accounts list.

Select the bank or credit card account by clicking on the box next to it (on the left). Then, select the corresponding account you set up in the QuickBooks chart of accounts (on the right side).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Typically, only 90 days of transactions will be downloaded.

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A window opens indicating that banking transactions were successfully downloaded.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THINGS TO KNOW BEFORE YOU GET STARTED WORKING WITH BANKING TRANSACTIONS IN QUICKBOOKS ONLINE

 

Keep a few things in mind when working with banking transactions in QuickBooks Online:

 

• It’s a tool to save data entry time

• It does not replace bookkeeping

• It’s not an automated process

• You still have to spend time on bookkeeping (but hopefully a lot less time)

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Many new QuickBooks Online users are disappointed when they realize that banking transactions don’t automatically get recorded in QBO.