WebConnect (or Bank Transaction Upload instead of WebConnect commonly referred to outside of the US) is needed when you need more than 90 days of transactions or if QBO does not connect to your financial institutions yet. WebConnect is the way to bring bank transactions in QBO (if your bank offers valid WebConnect file downloads. Supported file formats are: Quicken (.qfx), QuickBooks Online (.qbo), Comma-Separated Values (.csv), and Microsoft Money (.ofx).
Here’s how to upload bank transactions into QuickBooks Online:
1) You will start first by signing in to your bank’s website and downloading a valid WebConnect file. Once again, valid WebConnect files are:
- .qbo (QuickBooks).qfx (Quicken)
- .qfx (Quicken)
- .ofx (MS Money)
- .csv (MS Excel)
2) Then SAVE it to your computer in a location that you can find.
3) Now go to QuickBooks Online:
- From the home page screen, go to the left navigation bar
- Go to Transactions > Banking
- On the Banking page, select your bank account, and click the File Upload link.
- Click Browse to select the Web Connect file from their computer and click Next.
- In the drop-down menu under QuickBooks Account, select the bank (or credit card) account to upload the transactions to and click Next. (If you don’t have an account set up yet, click Add New in the drop-down list and add an account).
- Click Next when you’re done.
Click Finish to return to the Banking page and begin reviewing your bank transactions so you can accept them into QuickBooks.
NOTE: if the oldest transaction in your upload file is dated prior to the opening balance date in the register in QuickBooks Online, the opening balance and date will change. This may result in a duplicate opening balance entry.
Example: Bank feeds automatically download bank transactions for 90 days from Oct 1 through Dec 31 and your WebConnect file upload is from Jan 1 through Sept 30.
It creates Opening Balance on Jan 1 from WebConnect. It also created Opening Balance on Oct 1 through Bank Feeds downloaded transactions.
Go to the Bank Register (Transactions > Chart of Accounts > Bank Account > View Register) and locate the entry from Oct 1 for opening the balance and deleting it.
WebConnect File Size Limitation
The maximum file size is 350 KB. To check file size, right-click the file and choose Properties; the General tab will list its size.
This is also a good time to reconcile bank accounts once you have accepted bank transactions in QuickBooks Online. (The first one, through Sept 30, and the second one through December 31. OR monthly if needed).
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