Tips

Know How Bank Account & Credit Card Can be Merged

Here’s how you can connect your bank account & credit cards

One of the most notable and helpful features of QuickBooks is online banking.The same is familiar with the name of bank feeds also. Once an account is connected (Bank Account & Credit Card Can be Merged) , QuickBooks automatically uploads/downloads and categorizes credit card transactions and bank details. Here, there is no requirement to manually enter transactions. Also, it downloads the most recent transactions, when you establish connection between bank and credit card accounts.  It tries to match up with the transactions that you have filled already into QuickBooks. 

Again, if you can’t locate a match, it creates a new transaction for you. Now, your role is to approve the transaction or match that has been created. Here, you will know how you can connect your bank account & credit cards , Bank Account & Credit Card Can be Merged. 

Tip-: Unlink or Link Merchant Account with QuickBooks

Follow this step by step instruction to connect your credit card and bank account 

Step 1: Connect as many accounts as you want. 

For both personal and business purposes, you can link your account. Keep a note on your personal transactions.

  • Go to the transaction or banking menu
  • Choose the tab called “Banking” 
  • Choose Connect Account on the landing page
  • In case, if you have already created one, select the “Add Account” or “Link Account”
  • You can connect even small credit unions
  • Hit on continue button 
  • Fill the username and password that you may use for this bank’s website
  • Follow on-screen instructions as directed
  • It may take few minutes to connect or you need to provide some security verifications
  • Select a bank or credit card account that you wish shall be connected. This may be savings, current, or credit card. 
  • Look on all available accounts
  • Now, you need to pick the matching account type from the available dropdowns.
  • In your QuickBooks chart of accounts, these are the accounts
  • Select the time period for transactions download
  • For few banks, you can download the transactions for past 3 months and for some you can download it for last 2 years
  • Click on the “connect” tab

Step 2: Download the last transactions – 

There is no need to manually enter the transaction details because QuickBooks download transactions for you. And it does the same for many banks at around 10 PM. Along with that; you can also get up-to-date transactions in the following way –

 Visit the transaction or banking menu

Select “Banking Tab”>>>”Update”

Step 3: Categorizing the transactions –

Here, QuickBooks categorizes the transactions. Approve it.

  • Visit the banking menu
  • Select the title that corresponds to the account that you have aimed for review
  • Before initiating a review, go to the For Review tab

You can choose to add, match, or view multiple matches. 

Similarity with an existing transaction 

It means there is a match between QuickBooks downloaded transactions and previously typed transactions. Double check the match. 

Add a new transaction – 

If there is no matching transaction, it creates a new transaction for you. This newly created transaction is based on bank and credit card. Double-check for duplicates.

Cross-check Multiple Matches

  • If QuickBooks detected more than 1 possible match, choose the right one.
  • In the action column, you will note the ‘view’ option. From here you can find a downloaded transaction.
  • Choose the view tab and then review the “matching records found” within QuickBooks
  • Get more details
  • Deposit>Payment method>Bank Account Fields
  • Compare possible matches
  • Close the open transactions
  • Choose the correct match and then click on the “match” option

Step 4: Update the Accounts

  • Go to the banking menu
  • Choose the banking tab
  • Select the edit icon in title
  • Select the option “Edit sign in for”
  • Update the account information
  • Select the “Save and Connect” option

How to review added or matched transactions after linking credit cards & bank accounts. How can you download some of the recent transactions in QuickBooks?

  • Visit transaction or banking menu
  • Choose the tile for the account that you wish to review 
  • Visit Reviewed or categorized tab 
  • For transaction review, Click on the link in the matched or added column

Once you complete the match or add transactions, downloaded transactions are recorded into QuickBooks

Related Articles

The comment has been closed!
Back to top button