in this video we will learn how to set up bank feeds for the desktop version of QuickBooks the
setup steps are very simple first you call your financial institution to confirm that you will be
downloading transactions from your online banking into your QuickBooks file and they will activate
the service you might have to pay a fee you then go to the bank feeds in the main menu and select
your financial institution this means choose your bank or PayPal or whomever you do your
banking with in my example I'll be using my Chase online bank account on my QuickBooks desktop once
they're downloaded you match the accounts in your QuickBooks file to the accounts in your
online banking this way QuickBooks knows which particular bank accounts online goes to which
particular account in your chart of accounts so from the main menu click banking bank feeds set
up bank feeds for an account now of course you see QuickBooks is connecting to the internet and
it's finding out which financial institutions make this service available after it connects the first
thing it asks you to do is type in the name of your financial institution I happen to know if you
have Chase Bank you should not choose JP Morgan from this list you should choose Chase I was told
that by the customer service representatives when I originally tried to connect my QuickBooks so if
you have a different financial institution you will have to follow their instructions I click
chase and now it's going to ask me my Chase username and password of course it tells you
all the different pieces of information you might need and of course in the case of Chase
Bank there's a specific customer service number you could call for this particular service if you
have a problem setting it up I'm going to click continue and now I'm going to put in my username
and password and of course it will be blurred out but you get the idea then I click connect and then
I get this screen and this screen is asking me to match my particular bank accounts and credit card
accounts over at Chase match with the accounts that are Bank type of accounts in the QuickBooks
file that I am currently in so I already set up the QuickBooks a chart of accounts to have
the matching numbers so premium plus checking is 8205 select see premium checking 8205 what
about business checking thirty five sixty five business checking thirty five sixty five and
so on these are my three chase bank accounts an excuse me Chase credit card accounts and I would
if I had they were company credit card accounts I would match them to company credit card accounts
the same way after I matched the accounts online to the accounts in my QuickBooks I click connect
then I confirm and I click close congratulations this current QuickBooks file is now connected to
the online banking center for my bank now you'll notice that your bank feeds menu now includes the
bank feed center let's take a look okay from the main menu click banking bank feeds and this choice
is here bank feed center is a brand new menu choice now that you set it up when we click we
look at the bank feed center now let's talk about this button over here download transactions you
see the download transactions button will only say download transactions if the review list
meaning the list that you downloaded from your bank to review only if that list is empty if
that list is not empty it will say transaction list instead of download transactions so let's
take a look we come back to QuickBooks and you can see these are the two bank accounts that
are connected to the QuickBooks accounts and now I'm going to click hey I'll have to move
this slightly over a little here and I'll click download transactions ok oops gotta put the pin
or password for the bank account each time that you download ok now you can see it's updating the
transactions 138 new transactions for account business checking thirty five sixty five click
close and now you can see the button no longer says download transactions it says transaction
list and if we click on it we get a list of the transactions that were downloaded into a file
but they are not in QuickBooks yet now in this video we will not take any action I just want to
show you how to navigate the transaction list that opens in the bank feed center it's very
simple you can see it's arranged in date order from the earliest because I'm filming today on
July 12th all the way back to the latest it could possibly go to which in this case is July of 2015
so I have 137 transactions spread out over two years basically two years worth of transactions
earliest to oldest I could flip that I can make it the oldest to the earliest by clicking the
date heading and on top of the date column watch it'll flip from July of 2017 to July of 2015 date
see now it's from oldest to newest and the 2017 ones are down at the bottom so I'm going to click
once to flip it back you could also arrange it by type by filtering it out some are deposits and
some are checks and payments if you click all types and you click check you'll get only the
payments and nothing else no deposits or any other kind of special entries if you flip it and you say
I want to see only the deposits then you'll see only the deposits and again whatever you choose
will be earliest to oldest what if you actually we should switch it back to all types to make it
clear another nice thing is that you can change the date range you can see QuickBooks knows this
goes from July of 2015 to July of 2017 but if we want only June of 2016 we could simply move this
forward for example you know to June June of 2016 June 1 June of 2016 this one's you should
make June 30th and now that there were only two transactions in this account during the month of
June 2016 so you could always change the date range back you could either type it in or just
click really fast to go back to the beginning I believe it was July of 2015 - July of 2017
and here we are and now we have all the transactions again now you may also notice
that you can filter by the status now right now we only have transactions that need review but
in future videos I will be talking about automatch and you could filter it down to see only the ones
that are Auto matched in future videos I'll be talking about those that were changed by
rules and you could see only those if you want to you should note that no transaction will be
entered into QuickBooks without approval what you'll have to do is take some acts you have
a choice of adding the transaction as is because sometimes QuickBooks will suggest the information
to put in and then you can just click ed is you could modify the transaction as you add you can
apply the checks to bills that you want to pay or you can apply deposits to invoices that you
sent out to customers which by the way this is a new feature since 2014 you could match
the transactions in the review list to existing transactions that you have already entered in
QuickBooks or you could ignore and all of these options are things that we will explore in future
videos the way to take action on the way to take action on one of these items is to click in the
row of the item and go all the way across to the column of action then you choose what you want
to do with it do you want to add it do you want to add more details do you want to pay bills or
apply to invoices if you want to match it to an existing transaction that you entered or ignore
it completely because it might be wrong or you might not want to match it because you might have
other reasons and we'll talk about those reasons in future videos ok the only remaining thing that
I want to show you about this transaction list window which is basically the review lists are
the two fields that reflect the description from the bank now I'm going to show you inside my chase
activity of my actual business bank account and as you can see first of all you can see
I'm very unsuccessful in business but that's not the point the point is that these are the
transactions in my business checking account that was just downloaded and of course it has the date
and the type description debit credit and the balance the most important thing I'd like you
to pay attention to is the description field the description field that comes from the bank is the
mo most important field and you will see why this is in later videos but I have to show you
something very important the entire description in the one description field and the bank account is
actually split into two different fields in the transaction list and the review list you might
think that the field called downloaded as is the same as the description look 7-eleven chase quick
play electronic TR oh let's just make the column wider the same way you would in reports or in
Excel move the mouse between the column headings till you get the double arrow click and drag and
make it wider now I made it much wider but you can still see it's not the complete description
chase QuickPay electronic trends that's cut off chase QuickPay electronic transfer and it shows
all the information so what do we need to do to get the rest of the information in there's a box
here you can click the check mark show bank memo and that basically well we have to stretch this
out that basically shows you the other half of the bank's description it's the other half in
fact if I change the column width I can fit it perfectly but I would have to go transaction
by transaction so it's really unusual it makes you click this check mark to see the remainder
of the bank memo or the bank description in this field that doesn't show and the first half of this
grid description shows in this field which is cut off so you have to click this check mark and widen
this column in order to make sure that you can see the entire description look I'll prove it to you
this next one was an online payment to American Express and this is the entire text written out
now when I look at that same transaction in the bank feed center online payment to tap it'll one
buy power card okay that's the thirty dollars on the fifth am I looking at the right one you know
it's this one this one's the $30 on the fifth the forty five dollar bill payment to American Express
well let's see actually that's this one online payment to American Express so you can see that
this very important column that shows the entire description very important becomes challenging
because it's split between two fields one of which you have to click to show and the other you have
to stretch to see the whole thing please note each transaction can be downloaded only once if
you deleted it from QuickBooks or clicked ignore in the transaction list you cannot download it
ever again you would have to enter it manually or download a web connect file from your bank and we
will be talking about web connect files and all of these scenarios in future videos in this course