Skip to main content
ivan-drophousedesign
ivan-drophousedesign
September 23, 2022
Question

Bank Feeds and Liability Accounts

  • September 23, 2022
  • 1 reply
  • 0 views

We have a newly created liability account for a large piece of equipment we took out a business loan for. While it's not too pressing an issue, I wonder if it's possible to somehow have the transactions automatically fed into our QBO via bank feed. 

 

While I can see this account when attempting to connect the account, the account types in the drop down only include bank and or credit card accounts. I have this loan classified as a liability. 

Not too big a deal for me to enter the transactions manually, but I was wondering if there was a suggested work around via the bank feed without compromising the accuracy of the account type. I welcome any suggestions. Thank you.

    1 reply

    Candice C
    Candice C
    September 23, 2022

    Hey, @ivan-drophousedesign. 

     

    It's great to see you back in the Community. I can assist you with bank feeds and liability accounts in your QuickBooks Online account. 

     

    The best way to see if adding this liability account in bank feeds would be right for your business, is to try it out and see how the transactions come over into QuickBooks Online. I recommend linking the account and then review each transactions to ensure they're coming in the way you'd like/are suppose to be. 

     

    You can also create bank rules to automatically categorize transactions from your bank. 

     

    If this doesn't work, disconnect the account and manually create the transactions again. 

     

    I hope this helps. Let us know how it goes. Have a splendid weekend! 

    ivan-drophousedesign
    ivan-drophousedesignAuthor
    September 23, 2022

    Hi Candice, 

     

    I appreciate your response. Unfortunately QBO does not give me the option to even select the current account type when attempting to connect the account into the bank feed. Within the chart of accounts, the account type for the loan is a Current Liability.

     

    Only Bank and Credit Card type accounts are available in the dropdown selections when I attempt to connect the account to the bank feeds.

    C
    CharleneMaeF
    September 23, 2022

    I understand how important it is to connect your liability account, ivan-drophousedesign.

     

    As of now, we can't link this type of account to QuickBooks Online. As a workaround, I'd recommend downloading your transactions as a CSV file. Then, import it into the program.

     

    Here's how to get your bank data:

     

    1. Sign in to your financial institution's website.
    2. Follow your bank's instructions on how to download CSV files.
    3. Check the date range for the download. It should be at least one day before the date of your oldest transaction.
    4. Download your transactions. 

     

    Then, manually upload the transactions:

     

    1. Go to the Bookkeeping menu and then select Transactions.
    2. Select Bank transactions.
    3. Choose Upload transactions.
    4. Click Drag and drop or select files, then select the file you downloaded from your bank.
    5. Select Continue.
    6. In the QuickBooks account drop-down menu, select the liability account. Then, select Continue.
    7. Follow the onscreen steps to match the columns on the file with the correct fields in QuickBooks. Then, select Continue.
    8. Choose the transactions you would like to import.
    9. Select Continue, then click Yes.
    10. When you accept your transactions, select Done.

     

    For more details, please see this article: Manually Upload Transactions into QuickBooks Online.

     

    Once done, I encourage reviewing and categorizing the transactions to put them in the correct accounts.

     

    Please don't hesitate to update us if you need help additional help uploading or categorizing your transactions. We're always here to assist you.

    Terms & ConditionsAccessibility statement