Quickbooks has become the world’s leading accounting software for small businesses. But if you plan on using it, you’ll probably want to connect your bank accounts and credit cards to the software. Once your bank accounts are connected, Quickbooks will automatically download transaction from it, eliminating the need for manual entering these transactions. So, how exactly do you connect your bank accounts and credit cards to Quickbooks?
To connect a bank account, access the homepage of Quickbooks and choose “Connect an Account” under “Bank accounts.” From here, you can choose your bank and the username and password used to access your account online. Quickbooks will then display all of the accounts you currently have open at this open. You can choose the account you use for your business (not personal), after which you can specify its type. Quuickbooks will automatically download all transactions from the past 90 days, although it won’t display them in your account just yet.
When accessing the “Bank and Credit Cards” page, you’ll see an option for “Category or Match” column sorting. Click either of these to sort the transactions by the respective name. Also, you’ll notice that Quickbooks attempts to find categories for some transactions.
Go ahead and click the first transaction listed to open it. While Quickbooks automatically places transactions in a category that it believes is appropriate, some users may want to change the categories for their transactions — and that’s okay. To change the category of a transaction, open the transaction menu, choose the transaction, select Payee (if the payee is new, click Add), enter a name for the category and click Save.
You’ll also notice that Quickbooks allows users to split transactions if the associated item or items was purchased from different categories in a single transaction. To perform this, simply choose “Split,” after which you’ll see a new Split Transaction window. From here, choose the appropriate categories along with the total dollar amount spent on each category.
Now that you know how to connect a bank account to Quickbooks, you might be wondering how to connect a credit card to Quickbooks. Well, the process is exactly the same. Simply choose “Connect an Account” under the “Bank accounts” menu and follow the steps listed above. You’ll have to enter the type of credit card, along with the username and password used to access your account online. Once Quickbooks connects your credit card, it will automatically important the transactions to your Quickbooks.
Did this tutorial work for you? Let us know in the comments section below!