One of QuickBooks Online many features include Bank Integration. Connecting your bank account with Quickbooks allows you to see your banking transactions in real time as they appear in your QuickBooks banking section instantly. Many Irish bank accounts can be integrated with QuickBooks Online including AIB, Bank of Ireland, Ulster Bank, Revolut and many more.
There are many benefits to bank integration which include but are not limited to:
- More accuracy, leaving you with 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.
Steps for Connecting your Bank
- 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.