Bank Feeds Import Errors In QuickBooks

 Using QuickBooks Bank Feeds & Avoiding 3 Common Mistakes

If you haven’t experienced the convenience of recording transactions using QuickBooks’ Bank Feed function, jump on the bandwagon! Bank Feeds automatically import transactions directly from your financial institution to QuickBooks Desktop or QuickBooks Online. Based on Intuit, there are over 1,400 banking institutions throughout the US and Canada whose online banking services integrate with QuickBooks, so there’s no excuse not to sync QuickBooks with your bank account. Thank you for visiting the thrilling world of Bank Feeds!

Using Bank Feeds

Once you’ve connected your web banking to QuickBooks, you are willing to import transactions! All it will require is certainly one click of a button (plus your bank password)! If You want to know about Bank Feeds Import Errors In QuickBooks then call our experts.

Downloading Bank Transactions

Since it imports your bank data, QuickBooks automatically classifies certain transactions using Rules. Rules make use of the information contained in each bank transaction (usually the merchant name) to fill out the seller name and account in QuickBooks.

Bank Feed Rules

The first occasion you employ Bank Feeds, you won’t have any Rules established, so that you will need to enter all this work information yourself. When you’re done, QuickBooks will ask you to answer should you want to add Rules for the transactions you’ve approved; when the Rules are manufactured, they’ll be used to recognize and classify similar transactions going forward. This tool has drastically improved efficiency for accountants and small business owners, leaving them more time to manage other important business functions.

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Common Errors

Even though Bank Feed function will save you hours when used correctly, it may cost you additional time in the end if you make the following common mistakes:

1. Recording All Transactions through the lender Feed

The first big mistake that individuals make when using Bank Feeds is certainly not recording certain transactions outside the feed. (have a look at our blog Best Practices: Recording Transactions in QuickBooks for lots more detail regarding the transactions that needs to be recorded manually.) When you download your transactions in to the Bank Feed, the transactions you’ve manually entered will likely to be marked “Match,” meaning the Bank Feed matched the transaction you imported because of the transaction already in QuickBooks! This adds an extra layer of assurance that your transactions have already been entered correctly.

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2. Neglecting to Review Bank Feed Rules

Relying too heavily on the Bank Feed Rules can result in misclassification of one's transactions. Rules is an excellent feature that eliminates data entry for many reoccurring transactions, but that doesn’t mean you really need to blindly trust it. Each time you utilize the Bank Feed, scan the list of transactions which were classified using Rules so that the vendor and username and passwords has populated correctly.

3. Adding Duplicate Rules

QuickBooks Desktop asks you if you would like create a brand new Rule for every transaction you accept that does not match any existing Rule definitions. It's very an easy task to click “Okay” without actually reviewing the guidelines you simply created. If you navigate to your Rules list (when you look at the top left corner associated with the Bank Feed window) you will often find multiple Rules for the exact same vendor! As an example, a transaction from Chipotle is supposed to be imported from your own bank with all the store number in the merchant name. It will probably create an innovative new Rule for every single new Chipotle store you take in at.

Duplicate Bank Feed Rules

Duplicate Rules may not seem like a big deal, but outcome is that you’re manually recording a lot more transactions than you will need to. You are able to avoid this by editing the Rule and removing the additional information (the store number, in this instance) that will prevent it from matching a transaction made at an alternate Chipotle store.

Editing Bank Feed Rules

You should always review Rules before you accept them. It’s also a great habit to periodically review your Rules list for duplicates you missed previously.

QuickBooks’ Bank Feed feature is one of the various ways that a good accounting system will make your lifetime easier.