Setting up the bank feed in Quickbooks Online

 How QuickBooks Online works with bank data?

The bank feed feature present in QuickBooks Online is recognized as one of its most dynamic characteristics. This feature enables the establishment of a connection between online bank and credit card accounts to provide a direct feed, leading to the automatic importation of transactions into the Banking center, hence saving valuable time for clients. Following the importation of transactions into the Banking center, clients can peruse the transactions in the designated For Review area, thereby enabling them to maintain control over the ultimate entries made in QuickBooks Online.

The review allows them to:

• Match and accept transactions with what has already been recorded in QuickBooks Online
• Categorize and accept transactions and enter a transaction that hasn’t been recorded in QuickBooks Online.

Furthermore, QuickBooks Online boasts an intelligent learning mechanism that leverages past bank feed operations to identify and propose correlated transactions. As the frequency of bank feed usage by the client increases, the precision of the system's recommendations is augmented, thereby enabling clients to effortlessly approve or modify matches. The proposed matches are displayed in the Recognized category of the All transactions dropdown menu within the Banking center.

Connecting bank accounts

1. Go to the Banking center from the left-hand navigation
2. If it’s the first time there, select Connect account, otherwise select Link account
3. Select the bank from the options or use the search bar to find it
4. Follow the on-screen steps to sign in to the online bank and complete the authorization
   
   You’ll want to do this with your client so they sign in to their bank and preserve the confidentiality of their banking password.
   
   It might take a couple of minutes for the bank’s database to connect to QuickBooks Online.
5. Select the accounts to connect with the bank feed
6. Use the dropdown to select the bank account from the chart of accounts that corresponds to the account listed by the bank. 
   
   If there isn’t a QuickBooks Online account that matches the bank account, select + Add new from the dropdown and add more details about the account.
7. Use the date range dropdown to choose how far back to pull the transactions from the bank accounts
8. Then select Connect