Set up QB Online. Connected and downloaded transactions from bank. Reports show no data.

Listen to me carefully, just because you have setup QBO, connected to bank account and downloaded from the bank that does not mean you have hired a bookkeeper to do the job for you. You still have to move from new transaction from bank feed to in QuickBooks area.

From the home page screen > select blue navigation bar on the left > transactions > banking > new transactions > add or find match or transfer

Add = you are adding as new transaction that you do not already have in QuickBooks. It could be for deposit as income. It could be for expense to P&L. Select Payee, Account Category and so on

Find match = transaction is already posted in QuickBooks. Do not want to ADD again. Adding will duplicate the same transaction again. Select Find Match (green color). Done

Transfer = normally refers to transfer from one bank account to another bank account another with the same bank. For example, from checking to savings or vice versa.
add transaction
 

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