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expresscc
November 11, 2021
Question

Setting up bank feeds with an existing bank account

  • November 11, 2021
  • 2 replies
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Setting up bank feeds for an existing bank account in Quickbooks so we can import transactions and do what they refer to as "matching" transactions that may already be in there to avoid duplications. My question is if you've done this before do you use $0 as your starting balance and then move everything over to the new Bank Feeds account in QB? 
Otherwise, if you use a starting balance from your statement if I'm correct you'd be double stating your bank balance. 

Trying to save time by importing bank & cc transactions so it's not as manual.  

2 replies

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Catherine_B
November 11, 2021

I got you covered, expresscc.

 

I'd like to verify if you're trying to activate the online banking of an existing account or link the bank account as a new one? 

 

If you want to activate or reactivate your bank feeds of an existing bank account, I suggest reaching out to an accountant if there's a need for you to enter a starting balance. They can advise in picking a day to start tracking all of your transactions again. 

 

To activate your online banking, you can use these steps: 

 

  1. Go to the Lists menu and select Chart of Accounts.
  2. Select the bank and right-click on it. Click Edit Account.
  3. Click Set Up Bank Feeds. Select Yes to confirm in closing all open windows in QuickBooks.
  4. Search for your bank and follow through the online process in enrolling your bank.
  5. If the bank is already enrolled, click Continue.
  6. Enter your Online Banking ID and Password.
  7. Select Connect to connect your QuickBooks to your bank’s server.
  8. Click the bank account you want to connect
  9. Select Finish after the connection finishes.

However, if you're referring to adding the bank account as a new one, you can enter the balance of your real-life bank account for the day you pick. This way, QuickBooks matches your bank records from the start. 

 

After you connect your bank account, QuickBooks automatically downloads the maximum number of transactions available from your bank. It looks for and tries to match them with transactions you've already entered into QuickBooks. Matching them avoids duplicates. If it can't find a match, it creates a new transaction record for you. 

 

Feel free to use these links that will help you manage your bank feeds: 

 

Let me know if you have additional questions about using the online banking feature. I'd be happy to answer them for you. Wishing you the best.

    E
    expressccAuthor
    November 11, 2021

    I'm using an existing account just going from manually reconciling the account to using bank feeds for it. Unfortunately, I called my CPA and they said they weren't sure and didn't want to misinform me. 

      R
      Rea_M
      November 11, 2021

      I'm here to sort this out for you and make sure you can set up bank feeds with your existing account in QuickBooks Desktop (QBDT), @expresscc.

       

      When you're manually reconciling an existing account and need to connect it to bank feeds, this would impact your reconciliation. Once it's your first time to reconcile an account and there is no opening balance, then the beginning balance in the reconciliation window would be 0. Thus, you won't be able to reconcile when your beginning balance doesn't match your real bank statement.

       

      With this, you'll have to recreate the opening balance to prevent the bank balance to be double-stated. To do this, you can create a  journal entry then do a mini-reconciliation to correct it.

       

      First, create a journal entry using the correct date and amount you want to see in the Begin Reconciliation window. Here's how:

       

      1. Go to the Company menu, then select Make General Journal Entries.
      2. Change the date to the correct statement date of your beginning balance.
      3. On the first line, select the appropriate account from the Account drop-down.
      4. Enter the correct opening balance in the Debit column.
      5. On the second line, select Opening Balance Equity.
      6. Select Save

       

      Then, do a mini-reconciliation to correct the Beginning Balance in the Begin Reconciliation window. Here's how:

       

      1. Go to the Banking menu, then select Reconcile.
      2. Select the appropriate account from the Account drop-down.
      3. Enter the statement date and ending balance that matches your Journal Entry.
      4. Select Continue.
      5. In the Deposits and Other Credits section, select the corresponding Journal Entry. Note: The amount shown for the Difference should now be zero.
      6. Select Reconcile Now.

       

      To know more about what causes the Beginning Balance to show zero or incorrect amounts, please see this article: Fix beginning balance issues in QuickBooks Desktop.

       

      Once everything is corrected, you can connect your existing account to bank feeds. This lets you download bank transactions (depending on how you've connected to your bank) so you don't have to record them manually. Then, QuickBooks makes a match to your existing entries to avoid duplicates. You can check out this article to know more about this: Add and match Bank Feed transactions in QuickBooks Desktop.

       

      Also, to further guide you in starting, fixing, and editing completed reconciliation, I'd recommend checking out this article: Learn the reconcile workflow in QuickBooks.

       

      Please don't hesitate to keep me posted on how it goes in the comments below. If you have other concerns about banking, reconciliation, and managing transactions in QBDT, I'm always around to help. Take care, and I wish you continued success, @expresscc.

        T
        Tina4311
        January 27, 2022

        I actually have another question.  I have just gone thru a migration for QB Desktop to QBO.  We had over 10 years of data transferred to QBO and already had accounts set up in QBO when the migration ProAdvisor turned over the books to me and left me to fend for myself.  Seemed pretty simple to connect the existing bank accounts to my bank, but when I did so, QBO actually created all new accounts and dumped an opening balance in from the past in that new account.  Now I have 6 bank accounts on my financials when I should have 3.  If you look at the attached screen shot account labelled 101 should be synced with Checking (3689), 102 with Checking (0230) and 103 with Trust (3700). QBO will not allow me to merge the 2 accounts that are the same, and only the new account is connected to the bank and taking in new transactions.  Can anyone provide guidance on how to merge the accounts or force QBO to actually sync the correct bank account currently in my QBO to my bank.  Hope someone can help. Thank you.

        MJoy_D
        MJoy_D
        January 27, 2022

        I can share some information on how to manage your bank accounts, @Tina4311.

         

        Accounts connected to online banking account, can't be merged or deleted. What I can suggest is you to keep the old connection and then delete this newly added bank account. 

         

        First, go to your Chart of Accounts to make this newly added bank account inactive to delete it:

         

        1. Go to Gear icon (⚙) and select Chart of accounts.
        2. Locate this bank accounts.
        3. Click the Action dropdown and select Make inactive.

         

        To know the difference between disconnecting and deleting bank accounts, refer to the following article: Delete an account on your chart of accounts in QuickBooks Online. 

         

        Once done, go back to Chart of accounts and add the online bank account from the accounts labelled 101, 102, and 103. Here's how:

         

        1. Go back to the Chart of Accounts. 
        2. Select the account and then go to the Account history dropdown in the Action column.
        3. Click on Connect bank.
        4. Follow the onscreen instructions.

         

        Once you're done, you can go to the Banking page to refresh your connection and get your latest transactions.

         

        Refer to the following steps:

         

        1. Click the Banking menu and go to Banking menu. 
        2. Select the bank account. 
        3. Click on the Update button.

         

        Here's more information on how to connect bank account from your chart of accounts and get the latest transactions: Connect bank and credit card accounts to QuickBooks Online.

         

        After adding your transactions, you can now match and categorize those transactions and reconcile them to ensure your books are accurate and there aren't any duplicate transactions:

         

         

        Let me know if there’s anything else that I can assist with your bank transactions by leaving a comment below. I'm always willing to help. Have a great day!​​​​

        B
        breisner
        April 26, 2023

        Hi;

        I am having the same problem - migrated from Desktop to Online; have accounts that I've managed manually for decades; trying to connect them creates duplicate accounts. I've deleted the duplicate accounts and I'm trying to follow your directions but I do not have an "account history" option under that account on my action menu. Any suggestions ? 

        Thanks

         

         

         

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