I am setting up a new company and can export my bank account information from my online banking in a variety of formats. Can I export from the bank and then import into quickbooks in order to populate a portion of my general ledger?
Check to see if your bank has the ".qbo" format... if so, use that. Then go to File ->Utilities->Import->WebConnect Files. if this is the first time you are using the webconnect for this bank account, it will open a dialogue box for you to select the account the qbo file should be imported to...
once they are imported you can match the bank activity to existing transactions or record them in the bank account register.
Hope that helps.
There are two ways, AUTOMATIC and MANUAL, depending on your bank and your budget.
AUTOMATIC: If your bank offers Direct Connect, you can use Online Banking to download from your bank directly into QB. Most banks charge a monthly fee for this feature.
MANUAL - QBO/IIF: If your bank offers the ability to download a QuickBooks-compatible .QBO (WebConnect) file or .IIF file, you simply download the file to your computer, then in QuickBooks go to FILE > UTILITIES > IMPORT, select the type of file, then browse to your file.
MANUAL - CSV: Some banks and credit card vendors offer you the function to download your account statements as a .CSV file. You can import the CSV file if you first convert it to a QB-compatible IIF file. This utility does it and it's easy to use and inexpensive: http://community.intuit.com/po...
Hi Genki,
Thanks so much for your post. I followed your directions, downloading the .IIF file from my Chase Bank account. Then in Quickbooks I went to File > Utilities > Import > IIF Files. It imported, however, it imported each bank transaction as a new account instead of individual transactions in my bank account ledger. There is no "undo" button (lol) so now I have a huge list of accounts when I go to List > Chart of Accounts.
Any ideas or suggestions on what to do?
Your help is much appreciated!
Thanks,
Amber :o)
Yes, that is a limitation of the built-in QB import function and the lack of "undo" can be painful because they don't warn the user before importing.
Some ideas for remedying your newly "expanded" chart of accounts:
1. merge the accounts (rename an unwanted account to match the name of an existing account). All transactions for the two accounts will then share the same account.
2. edit your transactions so they are posted to the desired (correct) account, then delete the unwanted accounts.
As you have since found out, my Statement Converter solves the issue you are encountering because it does not create a new account for every transaction. Thanks for your order.
