To streamline your business accounting process, you must connect bank account to QuickBooks. Reconciliation matches the transactions that you have entered into the QuickBooks with respect to your bank or credit card Company’s record. It is an essential process in business accounting as it can find any discrepancies between the files. In this blog, we will discuss how you can connect your account to QB and rectify the account related issues.
Are you facing the QuickBooks Online bank reconciliation problem? Dial our Toll-Free Number +1(800)-578-0315 to acquire a relevant help.
How To Connect Your Bank Accounts to QuickBooks Online?
For connecting your bank account to QuickBooks online, you need to understand a few essential points in the first place. It would be best if you had your account statements from mail or by logging into your bank’s website. Irrespective of that, few things are common in all account statements, which include-
- Date Range: Date range typically starts from the first day of the month and ends on the last day. It is essential to know the ending date and ending balance from your statement to reconcile your account in QB.
- Beginning Balance: The balance in your account at the beginning of the date period range
- Ending Date: The balance in your bank at the ending of the date period range is stated as the ending date.
Note: Are you confused? Do you want to know how to connect bank account to QuickBooks Online? Do not worry; you are in the right place. Stay tuned with us, and all your queries will be solved.
Follow these steps to connect bank account to QuickBooks:
Before you proceed to link your account in QB, you need to have your statement with you so that you can provide the above-explained information. After that, you may proceed with the below-listed solutions-
- On the bank reconciliation window, select Gear Icon located on the top-right corner and then, Reconcile.
- Next, you will see a message on the screen, with prompt Find your balance. Click Reconcile an account in the same message box.
- Navigate account to add the bank account you want to reconcile with QB
- Provide Beginning Balance: It can be your monthly statement or an ending balance for a previous reconciliation.
- Provide Ending Balance: Now provide the ending balance as listed on your account statement.
- Provide Ending Date: Again, enter the ending date that you see on the account statement.
- Once you have provided all the required data, click on Start Reconciling.
Reconciliation Window in QuickBooks Online:
After performing all the necessary steps to connect bank account to QuickBooks, you will see the bank account reconciliation window in QuickBooks Online. Here, you will get to see the following information listed below-
- Beginning Balance
- Ending Balance
How To Connect Your Business Accounts to QuickBooks?
“I just signed up and can’t connect my bank account,” are you getting the same error? Do not panic. With the ease in the technology, you can easily connect bank account to QuickBooks in two ways:
- You can perform this task by navigating through the Banking section.
- You will come across the option to connect QB to a bank in the Chart of Accounts section.
Method 1: Connect Bank and Credit Cards to QuickBooks through the Banking Section
To Connect Bank Account to QuickBooks through the banking section, you need to follow the below-listed steps:
- Firstly, log in to your QuickBooks application
- After that, select Banking from the left panel, and then move to Add account
- On this window, you have to choose your banking institution from the list
- Now insert the User ID and Password to log in to your bank’s legit website
- Hit Continue
- After confirming security verification, select Securely Connect for the financial institution
- Now, choose the bank logo and the Account Type. A drop-down list will display on the screen.
- From there, either choose a bank or credit card. Besides, you can create a new one by clicking on +Add new
- Click Connect and define the range of the transactions you want to download (it can be either more than 90 days or less than 90 days).
Method 2: With The Help Of Chart of Accounts Add a New Bank Account in QB
Follow the below-listed steps carefully to Connect Bank Account to QuickBooks:
- Launch QB application and select gear located on the top of the home screen
- Then, choose Chart Of Accounts and the bank with which you want to connect in the action column
- Following, click Account History and select Connect Bank option from the drop-down list
- Follow the on-screen prompts carefully and wait until you Finish the bank connecting process
After connecting with an existing bank via Chart of Accounts, you can download your transactions anytime.
How Can You Resolve QuickBooks Bank Account Issues?
While you connect bank account to QuickBooks, you may experience various reconciling issues that can cause discrepancies between your bank statement and QBO. The best way to see if the reconciliation is done impeccably or not is by comparing the transactions in the account statement and the QuickBooks difference must be zero. If the difference is not zero, then there might be a QuickBooks Online reconciliation problem.
- Inaccurate opening and beginning balances can cause an error in reconciling QuickBooks Online.
- Changed, deleted, or added transactions may trigger QuickBooks online bank reconciliation errors.
- Missing checks report is one of the apparent reasons for the error in QB.
- Transactions not entered in QB can give erroneous result for the reconciliation process.
Find An Expert To Fix QuickBooks Bank Account Issues!
Discrepancies while you connect Bank Account to QuickBooks may occur if data in the QBO is incorrect. However, if due to any technical unease, you are unable to follow the steps, do not get panic. You can take professional assistance in resolving errors while reconciling your account in QB by giving us a call on QuickBooks Data Repair Services Helpline Number +1(800)-578-0315.