How to Set up Bank Feeds in QuickBooks Desktop

A bank feed refers to automatically generated transaction records on the bank account. It acts as a link to the QuickBooks software bank account, which imports entire bank transaction records into software occurring every day.

It automatically permits the import of employees’ financial information. The small organization makes use of a bank feed feature to get updated on their organization’s financial performance.
Moreover, it assists them in avoiding silly mistakes that usually occur while inputting transaction data manually.

Following are the major benefits of Bank feeds:

• The bank feed feature allows the establishment of a financial connection to access online services, including transaction downloads.
• It permits the processing of credit card & other bank transactions in a well-organized method.

What are the pre-requirements to set-up a bank feed?

• Fast internet-connections
• A banking Account associated with a financial institution.

In case you feel any doubt related to the financial institution you can easily discover services online. 

To perform this, follow the below points:

• Navigate Banking present on the menu section 
• Choose Bank Feed & then click participating financial institutions.

Read More: How to Delete a Bank Account in QuickBooks

How to set up a bank account for Bank Feeds in QuickBooks Desktop

A bank feed is pre-owned for organizing tasks like bank transactions & bills. You can set up an account in both single-user & multi-user manners. One can create up to 40 accounts.

QuickBooks facilitates two connection techniques

Direct Connect

This method directly sends details to the FI and permits data to be downloaded directly. The Bank-granted PIN along with the password is mandatory. You can even download the electronic invoices & statements and add them to the bank feed after an account is set up.

Web Connects

This technique permits receiving information via a downloaded file through a web browser. 

• Locate the Banking menu
• Search for Bank Feeds & choose Set-up bank feeds
• Now a blank field will display on the screen.
• You need to input the Bank name & choose the bank name listed in the drop box
• Make a bank connection.

For Direct connect Setup

Below are the steps:

• Discover from the bank to know about your online services are free or paid. You might need to apply for the services
• To apply, choose the enrollment site URL and reach your bank for the approval & credentials.

 If you have already registered, then you need to choose to continue after that and follow the given below instructions:

• Input bank provided ID along with passwords
• Hit connect to let QuickBooks connect server
• Select the preferred bank account and, after that, click on Finish.

For Web Connect Setup

For web connects, below are the instructions:

• Open the link and navigate the Account page & hit a drop-down button named Select existing create new and discover the QuickBooks account associated with the bank account
• If there is no account found in QuickBooks, then locate the chart of accounts and choose to Create New Account
• Hit connect & click on Close.

After successfully setting up a bank feed now you are now eligible to download the transactions.

How to download bank transactions through Direct connect in QuickBooks?

The downloading of transactions varies with banks. Some banks allow downloading transactions for the past 90 days.

• Open Banking Menu 
• Choose the Bank Feeds center located in the Bank Feeds option
• Select the preferable account from bank account lists
• Select the Send item to your bank tab, where you can modify & delete contents 
• Choose Download transactions and after that click on Synchronize 
• Pick the preferences & click on Sync all
• Now, a dialog box will appear. You are required to enter the credentials used to establish a bank connection.

Read More: Fix QuickBooks Bank Feeds Issues

Conclusion

That’s all about how to set up bank feeds in QuickBooks. The above post covers major insights about Bank feeds. Apart from this, if you need any assistance regarding QuickBooks error or any other functional issue, you can reach the professional team at the toll-free QuickBooks technical number 1800-816-6849 and get your query resolved in a single call. However, there is another method of sending an email with your issue and getting an instant reply. Don’t forget to comment on the blog if you need any other guidance.