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BPK-COC
May 7, 2023
Question

US Bank it taking over our Union bank account. Should I make new accounts for these? Or can I unlink, rename, and relink them? Union checks could clear in the new ones...

  • May 7, 2023
  • 2 replies
  • 0 views
I'm concerned trying to "close" the current bank accounts and start new accounts will be weird because checks written under the current accounts will be able to clear in the new account. So they really are a continuation of the old accounts just with a new bank behind them. I'm just wondering what best practice is for a situation like this and what other land-mines I should looking out for in the process.

    2 replies

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    ChristieAnn 11
    May 7, 2023

    Hi there, BPK-COC.

     

    Thank you for visiting the QuickBooks Community. I'll share details on how your bank works in QuickBooks Online. I'll also ensure you'll be routed to the right support team to assist you further with the new bank updates and connection.

     

    Please know that the downloaded data in QuickBooks depends on the information shared by the financial institution. Furthermore, our application relies on bank updates to guarantee that everything is in sync and matches. In this case, I recommend calling your bank to ask further about the new updates with US Bank taking over the Union Bank account and to confirm if there are any changes to the connection. They can also verify whether you need to update your bank login credentials or disconnect the old accounts in QuickBooks so you can reconnect them to flow the current changes and transactions.

     

    Additionally, you can click each article below on how you can update your bank login, disconnect, and reconnect your bank in QuickBooks.

     

     

    Lastly, you may visit this article to see steps on how you can review downloaded transactions by matching or adding them in QuickBooks to avoid duplicate entries: Categorize and match online bank transactions in QuickBooks Online.

     

    I'm always here if you need further assistance with your banking situation. Just leave a message below, and I'll get back to you as soon as I can, BPK-COC. Have a great day!

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    BPK-COCAuthor
    May 8, 2023

    Hi, thank you for the reply. I'm fairly confident I understand that a new connection will be needed to US Bank. My question is would it be best practice to link that to a brand new account in my chart of accounts, or to link it to the existing Union Checking account in the chart of account, rename that US Bank and move on. I was thinking a new account would be best. I'd transfer the remaining balance in QBO from the union account to the US bank account and move on. But then I read from US Bank that checks written from the Union account would be honored and clear in the new US Bank account, it seems like for QBO to do that, it would need to be the same account re-linked to the new US bank connection. Or I clear those manaully or "exclude them" manually I guess. But then the total in the account would get complicated. Again I'm just looking for best practice advise if that helps clarify.

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    ChristieAnn 11
    May 8, 2023

    I appreciate you for coming back to the thread and clarifying your issue about the bank connection. I'll share extra details about this issue to ensure that everything between your banking institution and QuickBooks runs properly.

     

    If there are no changes in your bank login credentials and the URL link of your bank connection, yes, you can either link the bank to a brand new account in your Chart of accounts or link it to the existing Union Checking account in the COA and rename that US Bank and move on.

     

    However, if there are any updates in your bank, I suggest creating a new bank account for US Bank. This is to guarantee that your transactions stay accurate and to avoid any discrepancies in your data.

     

    Furthermore, I still recommend contacting your bank as I mentioned above for further assistance with this matter. This is also to make sure everything is correctly organized and to keep your bank connection with QuickBooks smoothly.

     

    Lastly, you may refer to this article to see different banking errors and how to fix them: What to do if you get a bank error or can't download transactions in QuickBooks Online.

     

    Please know that you're always welcome to comment below if you have other concerns or follow-up inquiries about managing your bank accounts and transactions in QBO. I'm just around to help, BPK-COC. Take care.

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    BC2012
    July 12, 2023

    Hi! I’m not sure if you noticed but now when I do bank feeds under US Bank instead of Union Bank, the bank memo now shows "Download from usbank.com" So all my bank feeds are showing...."Download from usbank.com". I liked to see the memo from before since that would help me with the description of the vendor or expense. Now that column is called "Downloaded as".  Is there a way to make that adjustment?  I'm not sure if this is how US Bank has been and we were just spoiled with Union Bank.  Please help.  attachment below

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    Ethel_A12
    July 13, 2023

    Welcome to the Community, @BC2012.

     

    Since your old bank has been acquired by US Bank, I recommend contacting your bank about this. They are the ones who can help you with your concern about the memo showing in your bank feeds.

     

    For future reference, you can read this article about categorizing transactions: Categorize and match online bank transactions in QuickBooks Online.

     

    If you need our assistance with your QuickBooks account transactions, don't hesitate to comment below. I'm always here to help. Have a great day.

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