Bank Feeds Import Errors In QuickBooks

Published on 14 December 2020 at 08:55

Using QuickBooks Bank Feeds & Avoiding 3 Common Mistakes

When you yourself haven’t experienced the convenience of recording transactions using QuickBooks’ Bank Feed function, jump on the bandwagon! Bank Feeds automatically import transactions directly from your own financial institution to QuickBooks Desktop or QuickBooks Online. In accordance with Intuit, you can find over 1,400 banking institutions across the US and Canada whose online banking services integrate with QuickBooks, so there’s no excuse never to sync QuickBooks together with your banking account. Thank you for visiting the thrilling world of Bank Feeds!

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Using Bank Feeds
When you’ve connected your online banking to QuickBooks, you will be willing to import transactions! All it takes is just one click of a button (along with your bank password)!

Downloading Bank Transactions

As it imports your bank data, QuickBooks automatically classifies certain transactions using Rules. Rules use the information contained in each bank transaction (usually the merchant name) to fill out the vendor name and account in QuickBooks.

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Bank Feed Rules

The 1st time you use Bank Feeds, you won’t have any Rules established, and that means you will have to enter all this work information yourself. When you’re done, QuickBooks will ask you to answer if you wish to add Rules for the transactions you’ve approved; when the Rules are manufactured, they’ll be employed to recognize and classify similar transactions going forward. This tool has drastically improved efficiency for accountants and small enterprises, leaving them additional time to deal with other important business functions.

Common Errors
Even though Bank Feed function can save you hours when used correctly, it can cost you more time in the end in the event that you make the following common mistakes:

1. Recording All Transactions through the financial institution Feed
The initial big mistake that folks make when using Bank Feeds is certainly not recording certain transactions outside of the feed. (Take a look at our blog Best Practices: Recording Transactions in QuickBooks for lots more detail in the transactions that should be recorded manually.) When you download your transactions in to the Bank Feed, the transactions you’ve manually entered are going to be marked “Match,” meaning the Bank Feed matched the transaction you imported with the transaction already in QuickBooks! This adds an additional layer of assurance that the transactions have been entered correctly.

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2. Neglecting to examine Bank Feed Rules
Relying too heavily regarding the Bank Feed Rules can lead to misclassification of the transactions. Rules is a great feature that eliminates data entry for many reoccurring transactions, but that doesn’t mean you need to blindly trust it. Any time you make use of the Bank Feed, scan the list of transactions that have been classified using Rules to ensure the vendor and account information has populated correctly.

3. Adding Duplicate Rules
QuickBooks Desktop asks you if you'd like to create a brand new Rule for every single transaction you accept that does not match any existing Rule definitions. It is extremely easy to click “Okay” without actually reviewing the Rules you just created. In the event that you navigate to your Rules list (when you look at the top left corner regarding the Bank Feed window) you may often find multiple Rules for the same vendor! For instance, a transaction from Chipotle will likely be imported from your own bank utilizing the store number in the merchant name. It's going to create a fresh Rule for every single new Chipotle store you take in at.

Duplicate Bank Feed Rules

Duplicate Rules may not seem like a massive deal, but outcome is that you’re manually recording far more transactions than you'll want to. You are able to avoid this by editing the Rule and removing the extra information (the shop number, in cases like this) that would prevent it from matching a transaction made at an alternative Chipotle store.

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Editing Bank Feed Rules

You should always review Rules before you accept them. It’s also a good habit to periodically review your Rules list for duplicates you missed previously.

QuickBooks’ Bank Feed feature is one of the various ways that a solid accounting system can make your lifetime easier.

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