You can import bank statements from text files or Excel spreadsheets directly into QuickBooks Online using Excel Transactions software.
Connect your QuickBooks Online to Excel Transactions App from QBO AppStore by clicking the "Get App Now" button.
You can get the free trial of the product in the QBO AppStore.
How does it work?
Let's assume that we have a file which contains following bank statement.
|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
3.Customer or Vendor Names
Let's modify the file to add above details.
|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 Excel Transactions.
If the transaction has POSITIVE Amount, it will be considered as Deposit.
If the transaction has NEGATIVE Amount, it will be considered as 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
Basic Import Steps
Click on "Upload File" Menu and upload your file.
- Select your file and spreadsheet which has the expense that you want to import
- Select the QBO entity as Bank Statement
- Set up the mapping of the columns in your expense import file to the corresponding fields in QuickBooks (Refer below Section)
- 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 QuickBooks field in Step 3 of the import. Some key steps below:
- You need to map your file headers to "Excel Transactions" 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 QBO 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@example.com.
Excel Transactions Fields
|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 about 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