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QuickBooks Bank Feeds

QuickBooks Tip: Working the Bank Feed

Automation is just one of the pillars of our firm’s core focus. QuickBooks’ Banking screen delivers on AI using its pursuit of zero data entry. Whenever you connect QuickBooks to your bank and bank card accounts, your computer data is imported which means you don’t need to type it. You'll be able to use QuickBooks’ bank rules to automatically categorize and record the activity. It’s like putting your bookkeeping on autopilot.  It accelerates the method, increases consistency, and reduces errors linked to manual input.

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However, if used incorrectly, you may just accelerate in pretty bad shape. As national trainers for Intuit, we’ve been teaching accounting professionals across the country just how to work the financial institution feed for a long time. So we’ve created a step-by-step guide with our instructions for top level practice for working the bank feed.  There’s more to learn,  you need to comprehend this first. Read on below and send this backlink to whoever you know who needs it. And don’t miss the PRO TIPS at the conclusion!

Navigate to QuickBooks Online’s Banking screen and then click the green Add account button.  Follow instructions for connecting to your web bank or charge card account
Once connected, click that account’s tile in the upper 50 % of the Banking screen and find the For Review tab from the lower 50 % of the Banking screen to see a grid of data with all of your activity for that account. Don’t worry, none with this happens to be recorded in your books yet. But look at all of the data that you will no longer need certainly to enter manually!
If you click any row within the bank feed, it will expand and provide you with alternatives for recording that activity.  Right above the grid’s column headers, search for two tabs – All and Recognized. Click the “Recognized” tab and work these rows first. You will find 3 kinds of “recognized” bank feed:

  • MATCH: Look in the Action column on the far right side for a blue “Match” link telling you that QuickBooks has detected that this transaction may have already been recorded. Click “Match” to link the bank activity with this row towards the already-entered transaction so that you don’t add a duplicate.
  • RULE: try looking in the Category column for a green “Rule” stamp alerting you that this bank activity fits the criteria of a bank rule which you created.  QuickBooks could have already applied the rule and already assigned the category.  It’s waiting for you really to click the blue “Add” link in that row’s Action column to record the transaction on the books.
  • SUGGESTION: Here’s where in fact the AI really kicks in. While you start coding and adding your bank feed to your books, over time QuickBooks will learn while making recommendations for you.  With no match with no rule at play, you’ll find these tips in green font in the “Recognized” tab for your review.  Modify as needed, and click the “Add” link for the reason that row’s Action column to record the transaction in the books.

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Now back into the “All” tab to code and click “Add” to record the remainder activity in the books.  You can also add attachments from here.
As you go, spot the small link to “Create rule out of this transaction”.  Take advantage of that so you never need to code that type of activity again.  When making the rule, look at the box to “Auto-categorize and auto-add” and you’ll never have even to examine and click “Add”.  QuickBooks will automatically record this bank activity for you.  Autopilot!

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