In the video, I walk you through exactly how to manually import bank transactions into QuickBooks Online. You will find this super easy…as long as your bank lets you download transactions as a Quicken or QuickBooks file. If your bank just lets you download in Excel (usually a CSV or TXT file), it’ll be a little more work to make sure everything is in the correct format.
So…why would you need to manually import bank transactions?
New Setup but Bank limits initial import
The one I just ran into was a church that just switched over to QuickBooks Online. They linked their bank account to automatically import bank transactions, but only the three most recent months were imported. They would really like transactions going back to January 1st.
Importing the bank transactions is the best way to make sure you get all this old data entered in correctly. They you can go to the Bank Transactions screen, select the vendor and account, and Add the transaction.
Troubles with or Aversion to Automatic Import
With banks always upping their security, it is not uncommon to experience issues trying to connect QuickBooks Online to your bank account. I also know a lot of people that don’t want to risk giving their bank login info to anyone…not even QuickBooks.
While you technically don’t need to import your bank transactions, I like it because it helps me with the bank reconciliation. I usually enter in all the deposits, expenses, and checks, but then go to Bank Transactions to make sure everything matches. If I enter something in incorrectly or if I miss entering one of those electronic transactions, this helps me catch and correct the error.