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Connecting Bank/Credit Card Accounts to QuickBooks Online

One of the many benefits to QuickBooks Online is that you are able to connect your bank and credit card accounts to automatically import banking transactions. This can save a ton of time with data entry!

If you are new to QuickBooks Online you will first need to start by adding your bank to the Chart of Accounts.

1. In the left navigation panel, click Accounting.

2. Click Chart of Accounts at the top menu.

3. Click the New button.

4. Select the Bank in the Category Type.

5. Select Checking in the Detail Type.

6. Enter the Name, Number, Description, and Balance.

7. Click Save and Close.

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 QuickBooks Online.

1. In the left navigation panel, click Banking

2. Click Add Account on the upper right

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

4. Fill in the Username and Password you use to access your accounts. Click ​Sign In​ when you are finished.

5. Complete the extra security verification steps if your financial institution requires it, and select Securely connect.

6. Select the bank emblem to the left of the account that you want to connect and select the account type drop-down menu to choose a bank or credit card account. You must choose either a Bank or Credit Card account

7. Select Connect, QuickBooks Online will download the past 90 days* of transactions. This could take a few minutes.

8. After your download finishes, you'll be taken back to the Banking page to review and add your transactions to QuickBooks Online. 

*If you need more than 90 days; see Upload more than 90 days of bank transactions.

Please 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)

While some of the above mentioned items can be a bit disappointing at first, this process is truly time saving tool that will help automate your data entry process.

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