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QuickBooks Bank Connection: A Full Guide

Why should you connect your bank to QuickBooks Online?

QuickBooks Online bank connection is a feature that allows businesses to link their bank and credit card accounts directly to the system. Bank transactions are automatically imported into the platform, making it more time efficient to track income, expenses and manage finances without the need for manual data entry. All major Irish banks such as AIB, Bank of Ireland, Ulster Bank or Revolut, can be connected to QuickBooks Online.

  • Less manual data entry = less errors 
  • Easier to identify missing or duplicate transactions when doing your bank reconciliation. There is an option within the banking section to exclude duplicate transactions, which will then remove them from your bank reconciliation.
  • QuickBooks will automatically identify information on your bank feed to group it with possible matches, which saves you time looking through supplier and customer accounts for the appropriate invoice.
  • Quickbooks allows you to create “Rules” for regular payments made to be automatically categorized in the correct account. For example, when certain employees’ names come up, Quickbooks will categorize into Wages Control Account. So, all you need to do is click add.

How to connect your bank to QuickBooks

  • Go to the banking tab in your QuickBooks Account.
  • If you already have an account connected and want to add another click link Account. If it is your first time choose the option for Connect account.
  • Search for the Bank you want to connect.
  • When you click continue, you will need to enter the username and password you use for your bank’s website.
  • Your bank could need more security verification, this could be a confirmation code sent to you by SMS or email.
  • You should see all your Current and Credit card accounts you have with your bank. Choose the ones you would like to integrate.
  • Each account you choose will need to be matched to accounts in your Chart of accounts. If you have these set up, you can simply choose the appropriate one.
  • If it is your first time You will need to create a new bank and Credit card account. Click +Add new to create a new account on your chart of accounts and follow the following steps.
  • Bank: Select Bank for the account type and choose either savings or current for the detail type. Give the account a name for example “AIB Current A/C” and save and close.
  • Credit Card: Select credit card for the account type, give the account and save and close.

Connection Issues

Are you having trouble with the QuickBooks bank connection? As of October 2024, there are some clients who are facing difficulties reconnecting their bank. 

All European banks require their customers to reconnect their bank or credit card account every 90 days! 

If you are still having issues, you will have to disconnect your bank fist! 

This is how you disconnect the bank: In your bank feed, select the current account. There is an edit button in the top right corner, as pictures here. 

Then select Disconnect this account on save, before saving. 

You then just need to reconnect your bank like you did the first time. 

Pay extra attention to the date when reconnecting and make sure to set the date so that you are not bringing in entries twice! 

Accountancy Software is a certified QuickBooks partner and ProAdvisor based in Ireland. The Accountancy Software team comprises highly skilled professionals, from accountants, and bookkeepers to IT engineers. We offer a complete service to QuickBooks users in Ireland including consultation, data migration, and training.

If you have any further queries or need any assistance, please do not hesitate to contact us on 01 6120821 or email info@accountancysoftware.ie

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