One of the most notable features of QuickBooks Online is bank feeds. It allows you to connect your bank and credit card accounts so that you can automatically import your transactions. However, there are some instances where automatic import isn’t available, and the best option is to upload your transactions manually.
In this article, we’ll explain when to upload bank transactions manually to QuickBooks Online and the steps involved in the manual import process.
When to Upload Bank Transactions Manually to QuickBooks Online
- Bank Not Supported: QuickBooks Online supports a wide range of banks and financial institutions. However, in rare instances where your bank isn’t supported for direct bank feeds, manual transaction upload becomes a valuable option.
- Limited Transaction Volume: If your business deals with a small number of transactions regularly, manually entering them can be more efficient than setting up complex automated data feeds.
- Real-time Recording: Some businesses require immediate and accurate recording of financial transactions. In such cases, manual upload provides more control over data entry, ensuring that the most recent transactions are promptly recorded in QuickBooks Online.
- Irregular Transactions: If your business deals with irregular or unique transactions that cannot be easily categorized or automated, manual entry allows for greater flexibility in capturing specific transaction details accurately.
- Limited Integration Options: In some cases, businesses may have unique or niche software systems that do not have direct integration capabilities with QuickBooks Online. In such scenarios, manual upload becomes a viable alternative for transferring data.
How to Upload Bank Transactions Manually to QuickBooks Online
Step 1: Prepare Your bank transactions. Start by downloading your bank transactions from your financial institution. Depending on your bank, you can usually access these transactions in various file formats, such as CSV, TXT, QuickBooks Online (QBO), QBX, or OFX. Ensure that you download the file in a format that is compatible with QuickBooks Online, such as QBO or OFX, if available.
Step 2: Browse and select the downloaded file.
Log in to your QuickBooks Online account and navigate to the Banking tab from the left-hand menu. Locate the Upload from file option in the Banking Center.
Banking Center in QuickBooks Online
Next, click on Drag and drop or select files under the Manually upload your transactions section, as shown below.
Select transaction file to upload to QuickBooks Online
Step 3: Specify the account from which the transactions originate. In the dropdown menu, choose the appropriate account that corresponds to the transactions in your transfer file. If the file is in a QuickBooks Online, QBX, or OFX format, you can directly import it without the need to map fields, as these file types are compatible with QuickBooks Online. Click “Continue” to move to the next step.
Selecting where transactions come from
Step 4: Execute mapping. For files in CSV or TXT formats, you will need to map the columns in your file to the relevant fields in QuickBooks Online. This mapping ensures that the data is accurately imported into the correct accounts and categories.
Setting up your file to upload in QuickBooks
Step 5: Select transactions. Once you’ve completed the field mapping, click “Continue” to proceed. QuickBooks Online will prompt you to review and select the transactions you wish to import. Ensure that all transactions that need to be imported are selected.
In this step, you can also categorize transactions if you wish to assign specific accounts or categories to them. When you’re satisfied with the selection and mapping, click the green “Continue” button in the bottom-right corner to complete the import process.
Learn more about the banking features of QuickBooks Online.
For more detailed instructions about how to upload transactions manually to QuickBooks Online, watch the video below.
Manually uploading bank transactions to QuickBooks Online allows you to maintain accurate financial records when direct bank feeds are not available or for those who prefer more control over data entry. By following the step-by-step guide above, users can easily import their bank transactions, ensuring their financial data is up-to-date and accurately recorded within QuickBooks Online.