I hear issues with bank connect all the time. Each bank is different. It may even take time to resolve these issues. But in the mean time, I like to offer few suggestions:
1) To manually UPDATE your bank account:
a) Select Banking from the left dashboard menu.
b) Select Update in the upper right. QuickBooks Online will update all your connected bank and credit card accounts. If you only want to update some of them, select to clear the unwanted accounts.
c) Select Update Now.
d) If prompted, enter your Multi-Factor Authentication (MFA) credentials (must be done within 2 minutes of box appearing) and then select Continue Update.
Note: Multi-Factor Authentication is any security precaution beyond just a username and password.
You can keep working in QuickBooks Online while the accounts update, which might take a few moments. QuickBooks Online displays a notification when the updates are complete. REPEAT THE SAME PROCESS AGAIN (wait few minutes).
2) To connect a bank again with URL of your bank instead:
a) Select Banking from the left dashboard menu.
b) Select Bank you want to connect again
c) Click the pencil icon and choose “Edit sign-in info” link. Will take you to “Connect an account” page
d) Instead of selecting the popular bank name or logo from QuickBooks (connect an account), enter URL of your bank in the search box. (This is the bank URL address you login-in to review your bank account.)
The reason is bank may have changed the login URL address and QuickBooks is not up-to-date yet.
e) Once bank connected securely, it takes a few minutes to download your transactions.
IF this doesn’t work. You can call QuickBooks Customer Care Team* (see below for more info), doubtful they can help you more right away but they will know, it’s having an issue with your bank connecting QuickBooks.
EXAMPLE: My bank feed populates all my downloaded CHECK transactions with the same Vendor. I change the vendor payee category on any given transaction it will change for all downloaded transactions in bank feed. There is no bank rule setup for this. Is there a way I can turn that off?
Unfortunately, you can’t turn that off in QBO bank feed. That’s the way it is in bank feed for Checks (and other transactions) at this time. QuickBooks needs to do something about this. It’s better to have no vendor name at all than incorrect vendor name.
Just as a workaround you can create a Bank Rule the following way:
1. Create a new vendor named “Unknown” and
2. Create a new condition rule to mark anything containing “Check” to go to Vendor payee “Unknown” and “Uncategorized Expense” account.
This will at least draw your attention to it. It will not add to wrong Vendor and incorrect Expense category tag.
NEW BANK RULE: UNKNOWN CHECKS
BANK FEED PAGE: UNKNOWN VENDOR AND UNCATEGORIZED EXPENSE ACCOUNT
This article deals with step-by-step instructions on how to manually recording fees (Paypal or Square) and then match the deposit transactions in bank feed —Review items from your bank and link each item to an existing record.
EXAMPLE – Signed up for Square (or PayPal) so that I could accept credit cards. I will be paying the fee myself, not the customer. So when I give a customer an Invoice for $1,000.00, they will swipe their card and have $100 taken from the customer. Square (or PayPal) will take their fee off the top and then deposit $970.00 into my business checking account. My bank feed under review items from bank link will show $970.00 deposit ($1,000 customer payment less $30 fee).
Here’s how to handle fees (Square and Paypal) deducted from Customer payments in QuickBooks Online:
1. Identify the customer Invoices that were paid via Square or Paypal.
2. Receive Payment of open invoice amount (create “+” sign > customers > receive payment) . Select the invoices that were paid. Make sure to select “Deposit-to” that this payment is being deposited into your Undeposited Funds account.
NOTE: To ensure that the associated transaction processing fee is recorded accurately, the invoice payment must be applied manually through the “Receive Payment” screen (rather than through the matching feature). A manual deposit must also be entered (step 3).
3. Add a new Deposit. Click on the Create or “+” sign and go to “Other” and click on Bank Deposit.
4. Select appropriate invoice(s) “Select the payments included in this deposit” tab
5. Record the processing fee part of the transaction under Add New Deposits tab.
Make sure to enter the amount of the processing fee as a negative number so that it deducts from the total deposit amount.
Received From = Square or Paypal Vendor
Account = Fees (Expense or COG account)
6. Total deposit amount should match your deposit to accept the transaction in bank feed.
7. Go back to Banking and under the Dashboard, locate your deposit under “For Review” tab. Since the processing fee has now been manually recorded in QuickBooks, you will be able to match your Square or Paypal deposit.
QuickBooks Online allows users to import their credit card transactions via Excel CSV (comma-separated values) files. It will allow importing date, description and amount columns. For the amount, you can use 1-Column field or 2-Column fields. It is recommended to use Debit and Credit with two columns excel file format to import. QBO will not allow mapping additional columns, for example, billable to customer, class, and location.
QBO uses the same “Map CSV columns” fields format for importing both bank account as well as credit card account. It’s a bit confusing for importing credit card liability type account. It could be ended up importing the wrong way. For bank checking account import, you will need to use opposite fields selection of credit card import. Like for example, the expenses were imported as payments and vice versa. See below instructions on how to correct if that happens.
Here is recommended Excel CSV template format: Debit = Expense
Credit = Payment
To import a CSV file (see below for screenshots):
From the left dashboard, select Banking.
Select File upload at the top right corner.
Click Browse and Select the “.CSV file” to upload from your computer.
From the QuickBooks Account drop-down, select the credit card account to which to import.
Map your fields according to your CSV file’s format.
Under Amount, Select 2 Column radio-button.
For Debit Column 3, Select Expense and for Credit Column 4, Select Payment.
Select the transactions to import.
You will receive a notification, stating the number of transactions that will be imported.
When you get confirmation of the import, click Finish.
You will now be directed to the Downloaded Transactions window under Banking, where the imported transactions will appear under the “For Review” tab. You will now need to review account category and appropriate payee and add the transaction to QuickBooks.
How to delete the transaction imported from bank feed if they were imported wrong way?
Like for example, the expenses were imported as payments.
You will first need to exclude and then delete all the transactions.
To exclude a transaction or multiple transactions:
Choose Banking on the left dashboard.
You’ll see the For Review tab, click the checkboxes to the left of the date for the transactions you want to exclude.
Once you’re done, click the Batch Actions drop-down arrow and select Exclude Selected.
The transactions move to the Excluded tab.
To permanently delete unwanted downloaded banking transactions from “Excluded” section of the banking center
From the Excluded tab, go to “Batch actions” and choose to pull down arrow and select DELETE. That will permanently delete downloaded transactions.