[Quick note: As of June 13, the QuickBooks blog has moved to qboblog.com. Follow us there!]
Here’s an update about our new Banking page—formerly Downloaded Transactions—coming in the newest, latest version of QuickBooks. We plan to have the new page available for our US customers in the next few days if you haven’t already been updated (Improvements for our customers outside the US are coming in the next few months.) All of the functionality of the current Downloaded Transactions page is still available. Some of these changes are small but they’ll have big impact in getting bank transactions in quickly and correctly.
Here’s what we’ve been working on:
Improved performance/iPad friendly. We’ve rebuilt the page to use the latest user interface infrastructure. This has two big advantages. One is performance. If you connected your bank or credit card, you’ll see much faster page loading. Our engineers say most folks will see page load times less than 2 seconds. The second advantage – it makes the banking page iPad and iPhone browser friendly. Soon you’ll be able to do all your DTX tasks on your tablet or phone browser. We’re still working out a few bugs here but you can check it out once it’s available.
Accounts front and center. We moved accounts up near the top of the page and made key bits of info much more obvious. Each account has its own “card,” which shows details like connection status, bank balance, QuickBooks balance, and number of new transactions.
Expanded row instead of a Details tab. We heard from customers that the Details tab was covering up the row below. Now, clicking a transaction expands its row, showing you details without covering up the next row (like the Details tab did). We also heard that for those of you who always enter in a Memo line, it was a real pain to have to click Details on every row. Now it’s one click into the row instead of two.
Easier transfers. We’ve made it simpler to label any bank transaction as a transfer. Just select the Transfer option within a transaction’s expanded row. (Tip: Did you know that a transaction that pays off a credit card is a transfer in QuickBooks? It’s transferring money from a checking/savings account to the credit card liability account.)
Two columns for amounts. We separated amounts into two columns: Spent and Received. If you’re like us, you sometimes have to think twice about what a negative number means. Two columns makes the money coming in and going out much more obvious. That’s a good thing.
Intuitive action buttons. When you expand a row and select an option—add, match, transfer—the button at the end of the row smartly changes to match the action you selected—Add, Match, Transfer.
Expenses are expenses are expenses. We’ve done a better job analyzing electronic transactions to make sure expenses get added to QuickBooks as expenses rather than checks. Actual check transactions are still added as checks, of course. Credit card transactions come in as expenses with credit card as the payment method.
Some big changes, some small changes. Please, as always, give us feedback about them and how they work for you. Stay tuned for more improvements to the Banking page in coming months to make it even faster to get the transactions into QBO. If you have specific improvement requests, please use our User Voice to put in suggestions and vote on existing suggestions. Be sure to use our new Banking category to label the idea so we can easily sort it out.
Just starting out with bank feeds?
Not using bank feeds? Haven’t connected an account yet? Connecting can save you tons of time. When you download bank or credit card data, there’s no need to enter expenses manually or do a big month-end reconciliation. QuickBooks pulls in the data nightly for you. You just confirm and add the data or match to existing transactions and you’re done. Nothing gets entered in your books without your approval. We connect to over 16,000 banks worldwide and we’re adding more weekly. If you don’t see your bank when add a connection, you can put in a request for us to add it.
Here are a few more tips for those just starting with bank feeds.
- We recommend connecting both your bank and credit card. You’ll save more time this way. You can also connect your Paypal account.
- If you can’t connect to your bank (either because we don’t have it or a connection issue) you can still get data in by doing a File Upload. We support uploading of OFX and QIF file types. You’ll now see the File Upload option under the Update button in the top right.
- When you first pull in your data, you may have a lot reviewing and categorizing to do. This will get easier over time because we’ll remember the category you gave a customer/vendor from the previous time. You can also always use the checkboxes to select multiple transactions and use the batch actions button to categorize or accept in bulk!
- For connection issues and resolution, look to our help topics and community for help. There are great articles on how to get connected and common error codes. In addition, community experts and support reps can often help on the community forum. And of course our support team is always available to help.
Not seeing this version yet?
These features are in the new version of QBO today, but for those of you who started out on the previous version of QBO, we are moving those companies to the new version over time. Our goal is to ensure a smooth transition for every customer. With over 500K companies on QBO, that is a tall order! See this post for more details: https://community.intuit.com/questions/791220-how-do-i-switch-to-the-new-version-of-qbo?jump_to=answer_1832181 For a better understanding of why all these changes were made check out our previous blog article outlining details around the changes: What’s changed in QuickBooks. QuickBooks loves saving you time and getting you paid faster and we hope this overview helps get you started. If you have additional questions on using QuickBooks Online please visit our Live Community where you can quickly get answers to all your accounting questions.