This is how to set up and download transactions from your online banking:
1. Go to Banking > Online Banking > Set Up Account for Online Services to open Set Up Account for Online Services dialog box:
Select the QuickBooks account from your chart of account that you want to connect with your online banking (often it’s either your checking or credit card account).
2. Click Next to open the next dialog box. Enter the name of your financial institution. TD Canada Trust is used in this example.
3. Click Next to open another dialog box, which tells you exactly what to do next. Required step is to download statement from your financial institution website to QuickBooks to finish up the process. Follow the 3 steps shown. If you need more detailed instruction, click “Detailed Instructions” link.
4. The downloaded statement from Web Connect will be saved as .QBO file. You will then import this .QBO file into your QuickBooks by selecting Banking > Online Banking > Import Web Connect File.
5. Once successfully imported, you will be prompted with Online Banking Centre dialog box, where you can Review your statement to match your QuickBooks data. Click Review to open Match Transactions window, where you will see your bank register account at the top half of the window and your downloaded statement at the bottom half.
QuickBooks will automatically matched equal values of transactions (shown by lightning bolt signs) and mark “unmatched" to unmatched records. For example, for the above downloaded transactions of chequing account that include cheque numbers, the program will first look for the matching cheque number. If it finds the match, it will then look for the matching amount. The transactions match if both the cheque number and amount are of equal values.
For the unmatched records, you have options to
• Add One to QuickBooks
• Add Multiple to QuickBooks
• Match