How to set up bank accounts for Bank Feeds in QuickBooks Desktop?

by Sofia Smith Marketing

The bank feeds are repeatedly generated from the transactions that are available in an account. These feeds are automatically created and the features always act as an efficient online banking element in QuickBooks Desktop. It allows users to easily connect their bank feeds with financial institutions and if you want to know about how to set up bank accounts for Bank Feeds in QuickBooks Desktop? You can follow the procedural steps given in this post.

Pre-requisites Needed for QuickBooks Desktop Bank Feeds

Some of the requirements needed for the QuickBooks Desktop Bank Feeds are hereby given below:

The stability of high-speed internet connection.
You require a bank account at a financial institution that provides services for QuickBooks.

· Always, try to find out the financial institutions (FI) services for QuickBooks.

· Open the banking menu and hit on the option– Bank feeds.

· Choose the option– Practicing Financial Institutions option from the Bank Feeds option.

Uncompromising Techniques to set up bank accounts for Bank Feeds in QuickBooks Desktop

Open the Lists menu and then select the option of Chart of Accounts.
Now, on the Account dropdown, you can tap on the New button
Select the option– Choose Account Type window.
After that, choose the Bank and proceed further.
Now, you have to add a New Account window and set the name of the bank.
Choose the option of entering Opening Balance button.
Now, according to your bank statement, you can type your statement ending Balance and Statement Ending Date.

· You can also come to know about more information for opening the balance.

· Hit on OK button

· Finally, click on the Save button and close it.

Alternative Techniques

To set up the bank accounts for Bank Feeds in QuickBooks Desktop, you can use numerous methods and they are:

· Direct Connection

· Web Connection

By using a direct connection

The Direct connection allows QuickBooks to transfer the information to financial institutions so that you can easily download it from there. In addition, you need to fill in all the credentials such as PIN and password. After setting up a web connection, you can easily download the statements and electronic invoices more strongly. You can also implement other online services like online fund transfer between online vendor payment and two accounts.

By using a Web connection

You can receive data via downloaded documents through a web browser. When you are in the process of setting up through Web connect, you are not allowed to transfer payments to vendors or in other accounts across the program.

This is the procedure to set up bank accounts for Bank Feeds in QuickBooks Desktop. Hope you liked it.

Learn More: https://accountingerrorsolution.com/set-up-bank-accounts-for-bank-feeds-in-quickbooks-desktop