Online Banking grew up. It’s now Downloaded Transactions.
[Quick note: As of June 13, the QuickBooks blog has moved to qboblog.com. Follow us there!]
UPDATE August 30th: There was an issue discovered that has led to some people not able to see the button allowing them to try Downloaded Transactions. We have put in a fix for this that will go into our next update. The update was originally scheduled for tonight but has been pushed back, we are hoping to get this out in the next few days. We apologize for the issue and hope you can start enjoying the new feature soon!
UPDATE August 31st: The release will happen towards the end of next week following labor day.
We made Online Banking better so you can speed through your work.
You can see more bank data, accept multiple transactions at once, and easily match to items you’ve already entered in QuickBooks. A big time saver!
Working with customers, we’ve been crafting Downloaded Transaction for several months. It’s finally ready for our veteran OLB customers. If that’s you, by late August you can check it out by opting in from the bank register in QBO. Be sure to give it some time to get used to it. If you decide you want to switch back, you can.
If you’re already a Downloaded Transactions user, then thanks for all the feedback you gave us!
What’s to like?
View 25, 50, even 100 transactions at a time, versus just 6 in the old version of Online Banking.
Accepting bank data into QBO is just plain easier. Now you can work with up to 100 transactions at a time, adjusting vendors and GL accounts, and matching to payments in QBO. Review and accept the ones you want with a single click.
You can split downloaded expenses and income. It was a top request from customers and accountants during our testing, so we made sure to put it into Downloaded Transactions.
How does Downloaded Transactions work?
1. Connect your bank accounts.
We made this a lot simpler. Once connected, QBO automatically pulls in your data without you having to do anything more.
Already connected in Online Banking? You’re set.
2. Breeze through reviewing your transactions.
We made this simpler too. You can sort the transactions by date, description, or amount to group items together or to find items more quickly. You can assign a category to a bunch of items at once (now that’s handy!). QBO even creates new customers or vendors for you on the fly if a transaction doesn’t match up with an existing customer or vendor.
3. Accept your bank and credit card transactions so they become QBO transactions.
You can accept items one at a time or accept a bunch of them at once. Select the entire page, or a particular group of items, and accept them all with just one click.
Need to match the bank transaction to something in QBO? No problem.
- If QBO identifies a match, it appears in the row, and you just accept it.
- If QBO finds multiple matches, Possible Matches Found appears in the row. You can select the correct one from the dropdown list.
- If QBO doesn’t suggest a match, and you know it should have, don’t fret. Click to change Assign to Match, and then click Find Matching Transactions. (We’ll even show you open invoices.) Adjust the date range to include the transaction date and then select it.
- Amounts not adding up? You can handle left over amounts, like fees that were deducted before the transaction was deposited in your account. Simply click on the Find matching transactions link shown above to bring up our advanced matching dialog. From here you can simply select your transaction and hit the add button to move
it over to the selected matches on the right (Step 1). If there is a difference, you can select more items from the left grid or add an additional amount.
What happens when you accept transactions into QBO?
The bank transaction moves to the Accepted tab inside Downloaded Transactions. It also gets added to the associated bank register.
- If you assign a transaction to an Income category, QBO creates a deposit for it.
- If you match a bank transaction to an open invoice, QBO creates a receive payment transaction for it.
- If you assign a transaction to an Expense category, QBO creates a check or credit card expense for it.
- If you exclude a transaction it still moves to the Accepted tab, but we don’t create a QBO transaction and it doesn’t get added to your register.
Where’s the register?
The bank register is still there; it’s just on a separate page. You can get to it at any time.
The Downloaded Transaction page displays your QBO account and bank balances at the top, so you don’t have to use the register as frequently. If you do need quick access to the register, the QuickBooks account balance acts as a link there.
How do I connect an existing QBO bank account where I add all my bank transactions manually?
Can I still use class and location?
You sure can. If you have Class and/or Location turned on, you’ll see those fields in the Assign column.
Can I still delete transactions?
Yes, but we call it “exclude” now. The Exclude button works like the Delete button in Online Banking. It keeps the transaction out of your register, but is still accessible on the Accepted tab, in case you change your mind and need to get that transaction into your books.
Check it out!
We hope you find the Downloaded Transactions a tremendous improvement over the old Online Banking. You’ll be able to try Downloaded Transactions starting in late August. By early next year we’ll make the transition permanent and remove access to the old Online Banking.
A big THANK YOU! to the many customers that helped us over the past several months, providing valuable feedback in the early stages and all along the way. You rock!Explore posts in the same categories: Features, News