and now we will learn how to import qbo files into your quickbooks online bank feeds QBO files
are really the best kind of web connect files web connect file can be directly imported into
the bank feed center for your quickbooks online the good format is either the dot QBO or dot qfx
file extension they're both basically the same and most banks make them available for free there's no
need to connect via bank feeds if you have access to these downloadable files when you import the
result is exactly the same as downloading through bank seeds in fact excluded transactions that are
deleted from the excluded list can be imported again and that's a big difference between doing
the bank feeds and importing the file now here I am logged in to my Chase Bank account and you can
see I'm still very unsuccessful in business but in Chase Bank if you're logged into the account
activity you can go to the right and click see more choices and one of the choices is download
account activity in order to know where this is in your bank you would have to contact your
financial institution and find out where to click but with Chase Bank we click here we scroll down
and says you know there's no charge for this click continue then I select a date range I select which
bank account I want to download the activity and I select a date range I'm going to leave it as
all transactions and the most important choice down here is the file type Chase is very good
these are all of the different file types that they make available for you to download your
activity - and in this case we want webconnect QBO I'm going to click download activity and you
can see a downloads here I'm going to click show in folder so that I can copy it to my desktop and
I like to copy it to my desktop so when I import it into QuickBooks Online ah paste so that's JPM
see with this logo with the number 3 it's the third time I did it and I like to put it on my
desktop because now I'm going to come back to my quickbooks online now i'm going to go to the
banking center now where it says update i will not click update i will instead click file upload
then it will give me a choice of what files to upload if i click browse see notice the file
the format choices that are available for upload for banking for quickbooks online csv we'll do
in the following video q FX and QBO are basically the same thing and they're the better ones click
browse and we want the JPMorgan Chase with number 3 which is the one I just downloaded click open
now once it's labeled here I go to the right and I click Next now we uploaded this particular account
now QuickBooks needs to know which accounts in QuickBooks Online to match this bank account
with when I click here I get a choice of only the bank type of accounts and I click the try checking
account because that's the example that I'm using now I click Next and I wait a moment and you will
see when we go back to the bank feed center all of these or the banking center all of the
transactions that are in the file will be placed on the review list exactly as if I downloaded
them through Banksy's when it's ready it gives you this green button in the bottom right let's
go and now when we go to the banking center and we look at the transactions that are downloaded
you can see here are all of the transactions that were downloaded into this particular Bank account
the one we had chosen try checking now one thing I can show you that will prove to you that this
is exactly the same thing as importing it through bank feeds is this if I click in QuickBooks you
will notice that there are a whole bunch that are already in QuickBooks if you remember the previous
video we set up a rule for the monthly service fee that rule applied to every bank account so
when I imported this file it applied to this bank account and automatically put in QuickBooks all
of these transactions the service fee the quick pay all of the rules that we set up the ATM fee
all of the rules that we set up in the previous videos are still in effect and at the moment I
imported this file all of these were automatically recorded into QuickBooks according to the rule now
let's illustrate the difference between bank feeds and uploading the file if you accidentally exclude
a transaction and then delete it you can bring it back by importing the file again so let's exclude
the newest one July 5th $45 to American Express now that's this top one over here July 5th $45 to
American Express I'm going to select it then I'm going to click batch actions exclude now you can
see it is no longer in the review list if I click the exclude list you can see it's currently the
only one on the exclu list okay now let's delete it from the exclude list click here batch actions
delete yes now if this were bank feeds that would be gone forever but because we have the WebConnect
file in to be au format we can just come up here do not click update click the pulldown and click
file upload and let's do the file upload exactly the way we did it before exactly the same file
open it up click Next ok choose the very same bank account click Next just wait a moment for
it to import now when it's ready it gives you the let's go button in the bottom right and
here we are our hot look at that the July fifth American Express $45 is back on the list now I'd
like to leave you with one however however if you accept into QuickBooks as a transaction it
will not reload into the review list when you import it again that's it that's true even if
you delete it from QuickBooks so if you put it on the roof on the exclude list or you delete it you
can get it back but if you put it into QuickBooks you cannot get it back not even if you reinforce
the file and of course you could try that experiment yourself but I think you get the idea