This tutorial is designed for those who are using or want to use QuickBooks Online, which we ranked as the best small clientele accounting software. You ’ ll get the most benefit from the tutorial by following along in your own QuickBooks report. If you don ’ triiodothyronine already subscribe to QuickBooks, you have the choice of a 30-day release trial or 50 % off for three months.
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This tutorial is one in our series of Free QuickBooks Tutorials. You can watch the video recording below or follow the bit-by-bit instructions that include illustrations .
Step 1: Prepare Your Credit Card Log-in Credentials
To connect your credit tease to QuickBooks, you need the username and password that ’ s used to sign in to your on-line credit card report. If you haven ’ deoxythymidine monophosphate set up on-line access to your credit wag account, you must do so before continuing with these steps. Visit your credit card company ’ s web site for information on how to activate your on-line entree .
Step 2: Locate Your Credit Card Company in QuickBooks Online
Select the Banking dropdown under Banking from the leave menu bar of your QuickBooks Online company splashboard, as shown below .
If this is the first bank or credit menu account you ’ ra connect to QuickBooks, you ’ ll see the following sieve and you should click the green Connect account button to add your credit batting order account .
If you ’ ve already connected another bank or recognition circuit board account, you ’ ll be taken to the Banking Center. Click the Link account button in the upper berth right corner of the screen to continue .
Enter your credit wag company ’ mho name to determine if it ’ s available to connect to QuickBooks Online. Our fabricated sample company, Paul ’ randomness Plumbing, has a business credit batting order with Capital One .
If your company international relations and security network ’ deoxythymidine monophosphate listed, you ’ ll have to import your recognition menu transactions with a QBO file or through Excel using a CSV file, which we ’ ll explain late .
After selecting your bank, click the park Continue push button to be taken to your bank ’ sulfur sign-in page mechanically .
Step 3: Log Into Your Credit Card Account
QuickBooks will open a new browser windowpane for you to sign in to your accredit card report .
After signing in, your bank might ask you to confirm that you want to partake your banking information with Intuit and provide a compendious of the information to be shared. If you agree, click the appropriate release on your trust ’ randomness confirmation page, and you ’ ll be taken bet on to QuickBooks .
Step 4: Link Credit Card Account to Chart of Accounts
Upon returning to QuickBooks, you ’ re provided a list of accounts you have with that credit menu ship’s company or savings bank :
Select all of the bank accounts you would like to link to QuickBooks Online. If you have a crack and credit batting order account at the same bank, you connect them both during this mistreat. After you click on an account, a drop-down box will list the bank accounts included in your Chart of Accounts. If your credit circuit board account is already included in your Chart of Accounts, select it .
Paul ’ s Plumbing needs to create a new explanation for their Bank of America recognition poster, so we ’ ll chatter Add new ( shown above ) at the top of the drop-down box .
Step 5: Create a New Credit Card Account in the Chart of Accounts
After clicking Add modern, you ’ re asked to provide information to add an account to your Chart of Accounts. You can glance ahead to How to Set Up the Chart of Accounts if you want to learn more but, for now, you can provide a few details .
The Account Type and Detail Type must be Credit Card. An score list is required, and we recommend including the credit rating card company mention for easy identification. If you have more than one credit card with the same company, you might besides include the death four digits of the recognition circuit board. When you have entered all the information, click the park Save and Close button, and you ’ ll be returned to the prior screen with the fresh account selected .
Step 7: Review Downloaded Transactions in the Banking Center
QuickBooks Online will take you to the Banking Center after connecting your savings bank account. The Banking Center includes the succeed options :
- Transactions for review: The orange number (not shown) in the Capital One box is the number of transactions that have been imported, but not yet reviewed and classified.
- Review tab: The tab labeled For Review lists all the transactions imported from your selected bank or credit card that are awaiting review.
- Add account: To connect another bank or credit card company to QuickBooks Online, click the green Add account button in the upper right-hand corner of the screen and repeat the process.
You can peek ahead at How to Manage QuickBooks Online Bank Feeds if you ’ d like to learn more about classifying transactions, but we recommend waiting until we complete a few more setup tutorials. It ’ second important to have your Chart of Accounts finalized before you start assigning transactions .
now that your citation card report is connected, newfangled transactions will be imported automatically into QuickBooks Online daily, or you can click Update in the upper right corner to import any new transactions immediately. You can visit the Banking Center anytime by clicking the Banking dropdown under Banking from the left menu bar ( as you did at the beginning of this tutorial ) .
How To Import Credit Card Transactions Manually Into QuickBooks Online With a CSV or Similar File
Step 1: Download a Transfer File From Your Credit Card Company
QuickBooks Online can import credit rating calling card transactions from the following types of files :
- CSV: These files are commonly used to export data for a multitude of purposes and can be opened and edited with Excel.
- QBO: QBO files are QuickBooks WebConnect files specifically designed for exporting information from bank or credit card accounts to QuickBooks.
- QFX: QFX files are financial exchange files created for exporting information to Quicken, but they’ll also work with QuickBooks Online.
- OFX: An OFX file is a text file specifically designed for exporting financial data.
- TXT: Text files can be imported but might require some editing first. You might want to open the TXT file with Excel and convert it to a CSV file for a smoother transfer.
To obtain a transfer file, log into your credit wag account, and locate the option to download your account transactions. You ’ ll likely have the choice to download your transactions in multiple formats. Choose the QBO or QFX format, if available, since they ’ re designed specifically for QuickBooks. The next good choice is an OFX file. If none of those file types are available, a CSV or TXT file will suffice but require a pair of extra steps .
Save the transfer file to a location on your calculator that you can remember easily to import the file .
Step 2: Select the Transfer File to Upload in QuickBooks
From the Banking Center, open the drop-down menu next to Update in the upper berth right corner, and then select Upload from file.
Drag and drop your file of transactions or click Select files to browse your file on your calculator, as shown below. Click the green Continue button to proceed .
Step 3: Select a QuickBooks Account
future, you must select an report from your Chart of Accounts to record the import trust transactions .
If needed, you can click Add new to set up a new credit card account as demonstrated earlier. Paul ’ randomness Plumbing created a new QuickBooks history named Local Credit Card. After you have selected a QuickBooks bill to record the import transactions, click the green Next button in the lower right-hand recess .
If your transportation file is a QBO, QBX, or OFX file, you ’ re done and can skip to step 6 .
If your transfer file is a CSV or TXT file, you have a copulate more steps to complete .
Step 4: Map Columns to QuickBooks Fields (CSV and TXT files only)
Before completing this step, you should open your CSV or TXT file in Excel to determine precisely what data your bank exported and how it ’ sulfur formatted. Paul ’ s Plumbing exported the succeed CSV charge from their local credit union history .
When you open a CSV file in Excel, you may be asked to save the file as an Excel file to preserve features. Don ’ triiodothyronine do this because the file must remain a CSV file to be imported into QuickBooks .
Notice that transaction amounts are shown in column C with credit circuit board charges shown as cocksure numbers and payments to reduce the credit card balance as negative numbers. Some credit menu companies might include charges in one column and payments in another column. Either direction is fine, but you ’ ll need to know how the amounts are organized in the future footfall .
After completing step 3, if you ’ re importing a CSV or TXT file, QuickBooks will take you to the Map Columns screen ( not shown ), where you ’ ll need to provide data, including :
- First row in the file is a header row: Place a checkmark in this box if the first row in your transfer spreadsheet provides the title for each column.
- Date: Click the drop-down arrow and select the column in your transfer spreadsheet that contains the date. In the next field, select how your spreadsheet formats the date.
- Description: Select the column that contains a description of the transaction. I recommend selecting whichever column is going to provide you with the most information to help classify the transaction without doing further research. Paul’s Plumbing chose the “Appears On Your Statement As” column instead of the “Description” column because of the more detailed information.
- Amount: First, choose whether your spreadsheet has all amounts in one column or if charges and payments are in separate columns. As we saw above, Paul’s Plumbing’s spreadsheet has all the amounts in one column and are located in column C. If you indicate amounts are shown in two columns, you’ll need to specify one column for money spent (charges) and another for money received (payments).
When you ’ re satisfy with your mapping, click the green Next button in the bottom right corner of the screen .
Step 5: Select Transactions for Import (CSV and TXT files only)
You can select which transactions from your file to import. We highly recommend importing all transactions into the file. even personal transactions on your commercial enterprise credit menu account need to be imported. Reconciling your credit batting order account from QuickBooks to your credit card instruction is an crucial step to make surely your books are accurate. The reconciliation international relations and security network ’ deoxythymidine monophosphate possible if you don ’ deoxythymidine monophosphate import all transactions .
Make indisputable all transactions are selected and then click the green Next button in the bottom right corner of the screen to complete the significance of your transactions .
If there are no transactions listed on this screen door, make the following changes to your file :
- Remove all formatting from the amount column, including dollar signs
- Remove blank rows so that everything begins at row 1, column 1 of the spreadsheet
If you make changes to your spreadsheet, you must save it and then binding up to step 2 and reselect the file to import .
Step 6: Return to the Banking Center
Go binding to the Banking Center. Your trust bill is now shown in the upper left corner with the number of transactions awaiting review. You may have to refresh your browser for your bank center to reflect your newly imported transactions .
We ’ ll learn how to review the transactions and accept, exclude, or match them to an existing transaction in How to Manage QuickBooks Online Bank Feeds, but I recommend completing the tutorials in decree .
The Importance of Connecting Your Credit Card to QuickBooks
Connecting your credit wag explanation to download transactions mechanically is one of the biggest time-savers offered by QuickBooks Online. once connected, all you need to do is sign in to QuickBooks and classify the transactions that will transfer daily automatically. Most accredit card companies allow you to connect to QuickBooks using your on-line sign-in credentials. If your credit card doesn ’ triiodothyronine allow a connection to QuickBooks, you can still import your recognition calling card transactions using a QBO charge or a CSV file with the help of Excel .
Read more: Average Credit Card Debt in America: 2021
Combining personal and business action on the like credit circuit board makes for messy bookkeeping, wastes your time, and will likely drive up your accountancy fees at tax time. We highly recommend that you get a occupation credit wag and use it strictly for business. You can check out our list of the small business best credit cards on the market .
You ’ ve nowadays learned to connect your credit rating menu to QuickBooks Online and significance credit rating wag transactions manually when necessity. We ’ ll return to managing savings bank feeds in a belated tutorial. First, however, we must finish setting up your QuickBooks Online company. The adjacent tutorial in our QuickBooks Online Training Course is QuickBooks Online Multiple Users Setup, where you ’ ll learn how to allow your external accountant and vitamin a well as other employees entire access to your QuickBooks Online .