Qbo File Cannot See the Bank in the Bank Feeds
Objective
While QuickBooks Desktop is quite restrictive on the acceptable file types for importing Bank Statement data as bank transactions, we've used the QuickBooks Web Connect File type that allows you to get your captured Bank Data files from AutoEntry into QuickBooks Desktop in bulk.
Applies To
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QuickBooks Desktop users uploading Bank Statements.
Procedure
When the extraction is completed by AutoEntry simply use the QuickBooks option to download your statement data. To do this go to the relevant bank account, click Download and select the option: QBD - Web Connect File (.qbo).
AutoEntry pre-populates the following fields for you using default Bank ID and INTU.BID numbers.
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Account Number: So long as the Account Number is visible, AutoEntry will capture it and it will appear by default here. If not you should enter the unique Account Number for this account as QuickBooks Desktop will recognise it for future imports (if you decided to use a fake generic number on two separate accounts this will cause you issues as the data may merge into the wrong account automatically - so make sure this number is unique per Bank Account even if you don't use the true number).
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Account Type: Choose the most appropriate Account Type from the drop-down.
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Currency: Currently USD is the only supported currency.
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Bank ID: This is the bank's routing number - if you have it you should enter it but the default zeros '000000000' is fine.
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INTU.BID: We mentioned earlier that we mimic a Bank Feed in order to make this Bank Data import and as such we need to include a recognised Intuit Bank ID for it to be accepted by QuickBooks Desktop. In this case we've used a common Bank ID for Wells Fargo Bank (03000). If you know the INTU.BID of your own bank you can enter it here. Using the Wells Fargo default will make no difference in getting the data into QuickBooks Desktop except that you will have a Wells Fargo logo associated with it. See below if you receive an error that QuickBooks cannot verify the institution details.
Generally you can just cast your eyes over the above fields before clicking Download, but do make sure the Account Number is captured and, if not, at least that it's unique.
Next, import the data to QuickBooks Desktop as follows:
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If you are looking to import Statement data to an account that is already connected to a Bank Feed, you will need to disconnect the Bank Feed first.
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In QuickBooks Desktop, go to: File > Utilities > Import > Web Connect Files.
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Once selected, and assuming it's the first time you've imported a .qbo file for this Bank Account (i.e. the combination is not recognised by QuickBooks Desktop from a prior import), then you'll be presented with the following pop-up.
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Now you can choose from an existing Bank Account already in your Chart of Accounts or create a new Bank Account.
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Hit Continue and that's it - you should be redirected to the Bank Feeds Center with all your transactions available to view for that Bank Account.
If an error occurs that "QuickBooks is unable to verify the Financial Institution information for this download", please download the file again but use the default Bank ID and INTU.BID numbers. The file will import as normal. The only difference is that the account will appear in QuickBooks as a Wells Fargo account. As there are over 100,000 BID codes on Intuits' systems, it can be very difficult to ascertain if you have the correct code for your bank. The defaults for Wells Fargo (03000) will always work.
And that's it! Do let us know below if this article was helpful.
Additional Information
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As of March 2020, importing statement data is not possible for users of QuickBooks Desktop 2017 (all) versions or older.
Source: https://help.autoentry.com/en/articles/2132768-importing-bank-statement-data-to-quickbooks-desktop
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