You can import bank statements from Excel spreadsheets or text files directly into QuickBooks Online using the SaasAnt Transactions (Online) application.
Pre Requisites:
Connect your QuickBooks Online to SaasAnt Transactions (Online) App from QuickBooks AppStore by clicking the "Get App Now" button. You can get a free trial of the product in the QuickBooks AppStore.
How does Bank Statement Import into QuickBooks work?
Let's assume that we have a file that contains the following bank statement.
| Date | Description | Check No | Amount |
| 23/12/18 | Subscription payment | 12123733 | 100 |
| 23/12/18 | Telephone Bill Payment | 2121221 1 | -900 |
Bank statement has deposits and Expenses. To import Deposits and Expenses (Checks), we need to mention
1. Income Accounts
2.Expense Accounts
3.Customer or Vendor Names
Let's modify the file to add the above details.
| Date | Description | Check No | Amount | Account | Payee |
| 23/12/18 | Subscription payment | 12123733 | 100 | Uncatergorized Income Account | John |
| 23/12/18 | Telephone Bill Payment | 2121221 1 | -900 | Telephone Expense Account | Telephone Company 1 |
Now we can import this file using SaasAnt Transactions (Online).
If the transaction has a POSITIVE Amount, it will be considered as Deposit.
If the transaction has a NEGATIVE Amount, it will be considered as an Expense/ Check.
If you want to change the Transaction Type, then you can add one more column Transaction Type and mention one of the below value
- Check
- Expense
- Deposit
Steps to Import Bank Statements into QuickBooks Online
To import bank statements into QuickBooks Online using the SaasAnt Transactions (Online) application, follow the steps below
Click on the "Upload File" Menu and upload your file.
Step 1: Select your file and spreadsheet which has the expense that you want to import.
Step 2: Select the QuickBooks entity as Bank Statement.
Step 3: Set up the mapping of the columns in your expense import file to the corresponding fields in QuickBooks (Refer below Section).
Step 4: Click Import and your expenses will be directly added to your QuickBooks company.
The important step in the import is to map your file headers to the QuickBooks field in Step 3 of the import. Some key steps below:
- You need to map your file headers to "SaasAnt Transactions (Online)" fields. This mapping will enable us to import your transactions properly in to QuickBooks company.
- In the mapping screen, we have the "Preview Mapping" button which can help you to visualize your current mappings as per the QuickBooks screen with your file headers.
- Please refer basics of field mappings for more info. If you have any confusion or doubts, feel free to drop an email to [email protected].
How to Import Bank Transactions into QuickBooks Online (New User Interface 2.0)
To import bulk/batch bank transactions into QuickBooks Online using the SaasAnt Transactions (Online) application, follow the steps below,
1) Login into SaasAnt Transaction Online
2) Select the New Import Tab.
3) Select Let's import
4) . Select Transaction, List, or Attachment to upload your file into QuickBooks.
5. Select the QuickBooks entity as Bank Statements
6) Select the files you want to upload
7) Set up the Mapping of the columns in your Bank statement
8) Select the "Preview Mapping" button to visualize current mapping based on QuickBooks
9) Select the Upload Tab
10) The data was imported successfully into Quickbooks.
SaasAnt Transactions (Online) Fields
| Field Name | Format | Description |
|---|---|---|
| Check No | 21 Characters | Check Number or Reference number for the transaction. |
| Payee | Characters | Name of the vendor / Customer / Employee for this transaction. |
| Bank Account | Characters | Name of the Bank / Credit Card / Cash Account for this transaction. |
| Date | Date | The date entered by the user when this transaction occurred. |
| Description | 4000 Characters | The Description of the Expense or Deposit Transaction. |
| Account | Characters | Reference to the Expense Account Name or Income Account Name associated with the transaction. |
| Amount | Decimal | The amount of the transaction. POSITIVE Amount will be considered as Deposit Amount NEGATIVE Amount will be considered as Expense/ Check |
| Credit Amount | Decimal | Deposit Amount |
| Debit Amount | Decimal | Expense/ Check Amount of the transaction |
| Transaction Type | Characters | Type of the transaction. Allowed Values: Check, Expense, Deposit |
| Tax Code | Characters | Tax Code associated with this transaction Ex: GST 5% |
| Global tax Calculation | Characters | Tax calculation model or logic for this transaction. Allowed values are TaxInclusive, TaxExcluded, NotApplicable. Default value : NotApplicable |
Please find the Bank Statements template attached here for your reference: