and now we will learn how to use web Connect files with our bank feeds Center
with web connect files there's no need to connect online web connect files can be directly imported
into the bank feed Center the format that you download from your bank is either QBO or qfx
file extension it doesn't really matter which one they're exactly the same thing and they cause the
same result and most banks make them available free there's no need to connect through bank
feeds if you're able to download these files from your bank when you import this type of
file that you download from your bank the result is exactly the same as downloading through bank
feeds this means you know the review window looks and behaves exactly the same the only advantage
to doing it with web connect files instead of connecting with bank feeds is that if you click
ignore and you delete one of the transactions from the review list you can reenact file and
it will put it back on the review list and you don't have to worry about entering it manually
or any other kind of problem so let me show you how one would download a QBO file to be able to
import it to QuickBooks and I'll use my Chase Bank account as an example so here I am in my Chase
Bank account as you can see I'm very unsuccessful in business and in life but if you zoom in on a
particular account to see its activity you can go to the right where it says I'd like to and one of
the choices is download account activity now I scroll down here because I read all the warnings
and all the stuff that your bank makes you read and I click continue now if asking me the date
range and it's asking me which particular bank account is supposed to be downloaded I want to
download all available transactions for this business checking account now when it says
select download type as I mentioned before q FX and QBO will have the exact same result it will
go into your bank feed center the transactions will be on the review list exactly the same as
if you downloaded it through bank seeds but in my example I'm going to choose a QBO now when
I click download activity all right let's see what happens you can't see maybe you can see
here on the bottom left I'm using Google Chrome so the file is called JP MC probably stands for
JP Morgan Chase - so when I click a show in folder I could find where it is and I can click copy so
that's the file that's in my downloads folder by the way folks see it went into my downloads folder
and all I'm going to do is copy that file that J PMC file from my bank account here I mean you
want from the Downloads I'm going to copy it right on I'm going to paste it right onto my desktop C
and here it is on my desktop and now that it's on my desktop I'm going to import it into QuickBooks
please note you cannot import bank activity from a QBO file into an account that is already connected
through bank fees so that means that if I open my chart of accounts you can see I have three
different types three different accounts that are Bank type of accounts now the lightning bolt next
to the other two is indicating that these two have already been connected by bank fees so the
only one available to import the QBO file into is this middle one here new bank account because
it allows either or but not both so let's go ahead and import so here let's do this we're
going to click file utilities import and then go web connect file so these are the menu choices in
QuickBooks to import now we have to look on the desktop and we're looking for the one that said
JP and see there it is this was the file but I just downloaded from my bank account a moment to
go when I double click okay it's going to ask me should I create a new account or use an existing
bank account now this is interesting when I click use an existing bank account the only one that's
available is the new bank account why because it's the only Bank type of account that's not already
connected through bank fees so we click continue and wait a moment and you will see this message
confirms that the result of the bank feed Center is exactly the same as if I downloaded through
bank feeds click OK now I'm going to click o the bank feed Center opens and where it says new bank
account I can click on it open the transaction listed you can see in fact not only is it the
same result of the review but all the rules we set up before automatically even change some of
the ones that were imported it's literally the exact same thing as importing it from the bank
seeds now I could just conclude the video right here but I want to show you something great if
you accidentally ignore which means delete a transaction from the review list you can bring
it back by importing the file again now that's not a big deal if you only deleted one or two
but if you accidentally deleted 50 or accidentally removed a hundred from your review list you would
not want to re-enter them manually it's nice to be able to realign have everything come back to the
way it was for example let's ignore which means delete the newest one the July 11th deposit for
200 so here we are the July 11th deposit for 200 let's click here and then clicking ignore now of
course we get an Ordnung message and then we click yes now what happened over here in the date column
was that as soon as I clicked yes and I don't know why QuickBooks did this but as soon as I
click yes it changed the order of the transactions from oldest on top to newest on the bottom click
here twice you have to click twice in order to get back the order that was there before which is
the newest transactions on top and the oldest ones on bottom so that's a little bit of a distraction
from our point but you can see now that its newest to oldest July 11th is gone it is not
in the review list anymore but now we'll import the file again and we'll bring back the July 11th
for 200 file utilities import webconnect files find the JPMorgan Chase click open and give it
a moment and now you get the confirmation the same confirmation message that you got before when you
click OK this new bank account has a transaction list now again make sure the date is clicked on
twice or maybe three times so that you can get the newest ones on top and the oldest ones going
down and look now you can see the July 11th $200 deposit has been placed back on the list so that's
something that's a great advantage over the bank feeds you can put something back now I want to add
one qualification to what I just showed you if you accept it into QuickBooks as a transaction it will
not reload into the review list again when you import so remember if you remove it by deleting
it or ignoring it it'll come back in but if you put it in QuickBooks it will not come back and I'm
going to prove that to you I'm going to say quick add it's going to say choose an account so you
keeps flipping the date back to the other order um but actually yeah okay so it's in QuickBooks
in fact if I open my transaction journal I can see that it just has been recorded just now and so now
that it's been recorded it still won't come back it just went into Uncategorized income because I
didn't choose an account but if I do this if I do the utilities import again I just want to prove a
point that if I put back this file it will now not bring back the July 11 because it has been
put into QuickBooks it says no new transaction see when I come here and I make sure the date is our
newest to old it July 5th instead of July 11th I read and it did not come back that's because
I didn't delete it I put it into QuickBooks now even if you delete it from QuickBooks it won't
come back look I'm going to show you we go to the journal let me go ahead and let me delete
this from QuickBooks it's gone now I'm going to try again to import it and see if it'll put it
back on the review list JPMorgan Chase again the last third of this video is just making a point
but if you know how to do it from the steps then you're okay transaction list make sure the dates
go newest to oldest see it did not come back so that's the principles of working with webconnect