What are Bank Feeds?
I am so glad you asked. I've discovered there are many business owners who don't know what the bank feed is all about or that they can connect their bank or credit card to their QuickBooks Online account.
Here is Intuit's (QuickBooks) definition of a bank feed:
"Bank Feeds is the online banking feature in QuickBooks Desktop [or Online] that lets you connect to your financial institution so you can download transactions and use other online services. Through Bank Feeds, you can process bank and credit card transactions efficiently giving you extra time for your other business needs."
In plain English, It means you can connect your bank account to your QuickBooks account so they talk to each other. QuickBooks will pull your transactions from your bank account right into your QuickBooks account so you don't have to manually enter them. This will save you a tremendous amount of time and will cut down on a great deal of errors. The same goes for your credit cards.
I'm sure you're wondering exactly what information about the transactions are downloaded.
1. The date the transaction cleared the bank.
2. To whom the money went to...debit or check (if it was money going out)
3. From whom the money was received from (if it was a deposit-credit)
4. The amount of the credit or debit
5. If it was an automatic payment or bank check it will include a transactions number.
Once you do this, you will see your recently added transactions under the "For Review" tab under your banking section. Then you can easily go in a add those transactions to your QuickBooks account.
If you have QuickBooks Desktop, this feature is also available.
Of course, we can do all of this for you so you can spend your time doing more important things like growing your business.
If you'd like to learn more on how H&R Bookkeeping can automate and simply your bookkeeping, schedule a FREE "Discovery Call" or call us at 251-206-0256.
Best of Bookkeeping to ya,