{"id":773,"date":"2017-03-13T10:48:17","date_gmt":"2017-03-13T10:48:17","guid":{"rendered":"http:\/\/magnetgroupng.com\/Blog\/?p=773"},"modified":"2017-07-18T15:10:13","modified_gmt":"2017-07-18T15:10:13","slug":"importing-your-bank-statement-into-quickbooks","status":"publish","type":"post","link":"https:\/\/magnetgroupng.com\/Blog\/blog\/importing-your-bank-statement-into-quickbooks\/","title":{"rendered":"Importing your bank statement into QuickBooks"},"content":{"rendered":"<p>Reconciling your bank statement at the end of the month is a task every business owner must carry out if they truly want to understand the state of their cash flow in QuickBooks. But a major challenge is when you have several banks with a large volume of transactions available for manual review before reconciliations, how do you intend to carry this out?<\/p>\n<p>This review highlights a financial solution\u00a0that will help imports bank statement into your QuickBooks financial software.<\/p>\n<p>Though we are still expanding the application to accommodate all bank extension but for now, you can only import bank transaction statement using GTB format. What this means is that any time you want to import a bank statement that is not from GTB, you need to re-format your excel column to correspond with the standard format built into the application.<\/p>\n<p><!--more--><\/p>\n<h3>Importing your banking statement into QuickBooks:<\/h3>\n<p><strong>I: This guide contains basic pictorial steps to import your bank statement into QuickBooks.<\/strong><\/p>\n<p>When you launch the application, here is how the window looks like with relevant label and their respective descriptions.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/magnetgroupng.com\/Blog\/blog\/importing-your-bank-statement-into-quickbooks\/bank-statement-5\/\" rel=\"attachment wp-att-776\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-776 size-full\" src=\"http:\/\/magnetgroupng.com\/Blog\/wp-content\/uploads\/2017\/03\/bank-statement-4.png\" alt=\"bank statement\" width=\"601\" height=\"156\" srcset=\"https:\/\/magnetgroupng.com\/Blog\/wp-content\/uploads\/2017\/03\/bank-statement-4.png 601w, https:\/\/magnetgroupng.com\/Blog\/wp-content\/uploads\/2017\/03\/bank-statement-4-300x78.png 300w\" sizes=\"auto, (max-width: 601px) 100vw, 601px\" \/><\/a><\/p>\n<p>A: This label shows all the banks from which you select the bank account you want to import your statement.<\/p>\n<p>B:\u00a0 Here you select the period within which all transactions in your statement falls in.<\/p>\n<p>C: Bank Statement: This is the button that lets you upload bank statement from your computer.<\/p>\n<p>You need to follow the pre-built format acceptable by the application before it can successful import your bank statement in QuickBooks.<\/p>\n<p>D:\u00a0 The \u201c<strong>Get Template\u201d<\/strong> explains how the format of the bank statement is expected to be, in columns, before you can easily import into QuickBooks.<\/p>\n<p>E: This is where you check all transactions fields imported for accuracy.<\/p>\n<p>F: The <strong>\u201cGreen\u201d and \u201cRed\u201d<\/strong> colour signify any error or show that your column is valid after importing the bank statement.<\/p>\n<p><strong>II: How to import your bank statement.<\/strong><\/p>\n<ul>\n<li>On the home screen, click label A, B and use C to load the statement as shown in the snapshot above.<\/li>\n<li>Follow the guide on the snapshot below:\n<ul>\n<li>A: Select the sheet name \u201cBank Statement Import\u201d. On your spreadsheet, you will see the name at the footer section.<\/li>\n<li>B: Load data lets you import the statement shown below in excel format.<\/li>\n<li>C: Use the \u201cCheck Data\u201d to verify your import for error.<\/li>\n<li>D: This indicates successful transactions<\/li>\n<li>E: This indicate areas you should correct<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><a href=\"http:\/\/magnetgroupng.com\/Blog\/blog\/importing-your-bank-statement-into-quickbooks\/bank-statement-6\/\" rel=\"attachment wp-att-777\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-777 size-full\" src=\"http:\/\/magnetgroupng.com\/Blog\/wp-content\/uploads\/2017\/03\/bank-statement-5.png\" alt=\"bank statement\" width=\"602\" height=\"296\" srcset=\"https:\/\/magnetgroupng.com\/Blog\/wp-content\/uploads\/2017\/03\/bank-statement-5.png 602w, https:\/\/magnetgroupng.com\/Blog\/wp-content\/uploads\/2017\/03\/bank-statement-5-300x148.png 300w\" sizes=\"auto, (max-width: 602px) 100vw, 602px\" \/><\/a><\/p>\n<p>Once all errors are resolved, the save button appears for you to click and run the import.<\/p>\n<p><a href=\"http:\/\/magnetgroupng.com\/Blog\/blog\/importing-your-bank-statement-into-quickbooks\/bank-statement-7\/\" rel=\"attachment wp-att-778\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-778\" src=\"http:\/\/magnetgroupng.com\/Blog\/wp-content\/uploads\/2017\/03\/bank-statement-6.png\" alt=\"bank statement\" width=\"601\" height=\"166\" srcset=\"https:\/\/magnetgroupng.com\/Blog\/wp-content\/uploads\/2017\/03\/bank-statement-6.png 601w, https:\/\/magnetgroupng.com\/Blog\/wp-content\/uploads\/2017\/03\/bank-statement-6-300x83.png 300w\" sizes=\"auto, (max-width: 601px) 100vw, 601px\" \/><\/a><\/p>\n<p><strong>Note: If there is any payment on the statement without a corresponding invoice, QuickBooks will give the customer a credit which can only be cleared by either a refund or subsequent invoice issued to the customer.<\/strong><\/p>\n<p><strong>III \u2013 Check your bank register to see the transaction imported<\/strong><\/p>\n<ul>\n<li>Go to Banking &gt; Use Register<\/li>\n<li>Select GTB<\/li>\n<\/ul>\n<p><a href=\"http:\/\/magnetgroupng.com\/Blog\/blog\/importing-your-bank-statement-into-quickbooks\/bank-statement-8\/\" rel=\"attachment wp-att-779\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-779\" src=\"http:\/\/magnetgroupng.com\/Blog\/wp-content\/uploads\/2017\/03\/bank-statement-7.png\" alt=\"bank statement\" width=\"601\" height=\"180\" srcset=\"https:\/\/magnetgroupng.com\/Blog\/wp-content\/uploads\/2017\/03\/bank-statement-7.png 601w, https:\/\/magnetgroupng.com\/Blog\/wp-content\/uploads\/2017\/03\/bank-statement-7-300x90.png 300w\" sizes=\"auto, (max-width: 601px) 100vw, 601px\" \/><\/a><\/p>\n<p>While this is the first product available, we are still working on extending the application to work with other bank&#8217;s statement file.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reconciling your bank statement at the end of the month is a task every business owner must carry out if they truly want to understand the state of their cash flow in QuickBooks. But a major challenge is when you have several banks with a large volume of transactions available [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":782,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quickbooks"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/posts\/773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/comments?post=773"}],"version-history":[{"count":4,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/posts\/773\/revisions"}],"predecessor-version":[{"id":784,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/posts\/773\/revisions\/784"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/media\/782"}],"wp:attachment":[{"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/media?parent=773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/categories?post=773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/tags?post=773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}