In this blog we take a look on How to Import Bank Transactions CSV. Efficiency and reliability, coupled with integrity and accuracy, are essential for your business. QuickBooks desktop has taken it upon itself to provide this all-in-one application. You can track and effortlessly manage your entire business accountancy. QuickBooks desktop has built-in functions and features that allow you to monitor and manage your financial transactions.
These features allow you to import bank transactions CSV file into your QuickBooks desktop. You might want to use the repository for your financial data when you manage your business finances. This could be from your bank statements, statements from vendors, and other important documents you might want to import into QuickBooks desktop. It is easy to import these files, if they are in the CSV format, into QuickBooks desktop. Following a proper procedure for importing these CSV files allows you to track your expenses and other financial transactions.
What is a CSV file?
CSV is an abbreviation for comma-separated values. This is a file format that is used in storing information in rows and columns. This type of file is flexible for many users as it can carry any information, such as inventory lists, email addresses, and phone numbers. They are used to import data into databases, applications, and spreadsheets. You can also import bank transactions CSV files into your QuickBooks desktop. Types of transactions you can import into QuickBooks desktop from a CSV file include;
- Expenses
- Payments
- Invoices
- Bills
- Credit card charges
- Deposits
- Money transfers
- Checks
- Journal Entries
What to know when importing a CSV file into your QuickBooks Desktop?
- Make sure your files are formatted correctly and have no mapping errors. In the case of a mapping error, QuickBooks cannot be able to read the CSV file and will give you an error message. Some errors that you can commonly encounter are;
- () symbol cannot be used for values that are negative
- 0 cannot be used in the file, and if it is needed, then you should keep it blank
- You should avoid the word amount
- Commas for numbers in the thousands should be avoided
- You should use the standard date format, which is DD/MM/YYYY
- You cannot use Rs. Or $ symbols or any other special characters such as #, % and @
- You can only import files that are in the acceptable format into QuickBooks desktop. In the case of pre-specified rules, QuickBooks Desktop automatically fills in the data as per those rules.
- In case a file is in a different format, such as.QBO or.QBX, the import can be done for a 90-day interval period via the Web Connect method.
- You should know that credit card transactions are seen in the reverse format on QuickBooks desktop. This is because when you make a deposit in your credit card account, it lowers your balance. You can ensure that the credit card transaction is posted correctly on QuickBooks desktop by mentioning credit card transactions against the transaction instead of the bank transaction.
How to Import Bank Transactions CVS into your QuickBooks Desktop?
It is important to install a toolkit before you can import a CSV file into your QuickBooks desktop. This toolkit consists of;
- A manual – this is a PDF document that consists of instructions, notes related to importing CSV into QuickBooks desktop, and best practices.
- CSV Files Folder – it has 4 sample CSV files
- XLS Files Folder – this one has one Excel file with 4 worksheets
- Allowed Fields – this is a user guide that aids you with the files that can be used for CSV and Excel importing.
Installing the QuickBooks desktop CSV and Excel toolkit
- Open the window by clicking on ‘File Download’ and then download the kit
- Hit the ‘save’ button and double-click on the ‘QuickBooks_Import_Excel_and_CSV.exe.’ on the Windows desktop
- The ‘WinZip Self-Extractor window’ will open; now tap on ‘Browse’ and select the location where you want the toolkit you installed to be saved
- Hit on ‘OK’ after you have selected the location and select ‘Unzip’ to take the contents out of the folder
- Tap on ‘Close’ and then the ‘WinZip Self-Extractor window’ will close
- To finish, navigate to the location where you saved the toolkit and start the CSV folder simultaneously with the QuickBooks Import Excel.
You can now import bank transaction CVS files into your QuickBooks desktop following a simple procedure. Follow these steps to easily import your bank transactions CVS file into QuickBooks desktop;
- First, navigate to ‘Banking’ at the left menu and then select it
- Now select ‘Update’ from the drop-down menu
- Next, click on ‘File upload’ to choose the file you want to upload
- Then, search and click on the saved. CSV file
- Tap on the ‘Next’ button, you will see a drop-down menu
- Choose the account from the QuickBooks account that you want to import
- Click on the ‘Next’ button again and map the fields according to the format of the CSV file
- Tap on the ‘Next’ button once more, and when you are done with the mapping, you can select the transaction to import
- Again, click on the ‘Next’ button
- Click on ‘Yes’ after receiving a notification
- You will receive an import confirmation, then tap on ‘Finish.’
- You will be directed to the ‘Downloaded Transactions’ window, where you can find the transactions you have imported under the ‘New Transaction’ tab.
Conclusion
Importing CSV files is a wonderful way of getting your data into your accounting system. QuickBooks desktop allows you to easily and confidently import bank transactions in CSV file format to track and manage your financial transactions and make decisions. You should also ensure the QuickBooks PDF converter tool is up to date and compatible with the latest QuickBooks edition to avoid issues during email invoices and importing transactions. Using the steps explained above, you can effortlessly import transactions in .CSV file into your QuickBooks. You can save you time and money by importing information to and from QuickBooks instead of starting from scratch. It enables you to convert, upgrade, and/ or create new company files when you need to.
