I'm here to share how Bank Feeds work, HaPhung.
Yes, you're correct. Bank Feeds is an online banking feature in QuickBooks Desktop that lets you connect to your financial institution. Through this feature, you can automatically download transactions, so you don't have to record them manually. Also, you can process bank and credit card transactions efficiently.
If you'd like to use this feature, there are two primary requirements needed:
If you already have these, please ensure your bank supports online services for QuickBooks. You can check this by going to the Banking menu, select Bank Feeds and then choose Participating Financial Institutions.
Aside from that, it's also best to coordinate with your bank. This way, you’ll know what connection method they support, what fees are (if any), and what information you need to set up before using the feature.
Please note that you can't add online services to a QuickBooks account until you have received all the information required by your FI.
Once everything is all set, you can now set up your bank account for Bank Feeds in QuickBooks.
After setting it up, you can now download your bank transactions. Then, add and match them to ensure your books are accurate.
I suggest getting back to this thread if you need help managing your bank transactions. It's always my pleasure to assist you again.
