How to use Bank2QBO - ProperSoft

How to use Bank2QBO

This tutorial shows how to use Bank2QBO utility. IMPORTANT: Bank2QBO is now replaced with the Transactions app, which converts from more formats and converts to more formats.

Step by step instructions

You can download Bank2QBO at https://www.propersoft.net/products/bank2qbo

Click the ''Download'' button.

Bank2QBO Step 1: Download

Then select Windows or macOS version to download.

Bank2QBO Step 2: Windows or macOS version

Once downloaded and installed, start Bank2QBO. Read the welcome message that provides main points about the conversion process.

Bank2QBO Step 3: Welcome message

Select a file with transactions that you would like to convert. It could be PDF bank or credit card statement, QIF or QMTF file exported from Quicken or other accounting software, OFX, QFX, QBO, STA or MT940 file downloaded from online banking.

Bank2QBO Step 4: Select a file

Review transactions before converting, make sure dates are correct, expenses are negative, and payments to the account are positive.

Bank2QBO Step 5: Review transactions

Set the account ID and account type. The account ID must be digits only. You can enter the actual account number or credit card number, or a shortened number. It is important to use the same number when you convert multiple files for the same account and use a different number when you start converting for another account.

For example, let's start with the first file for a checking account. Convert the first file and use account ID as 10000001. Then you convert a second file for the same checking account, keep the same account ID 10000001.

Bank2QBO Step 6: account ID 10000001 and account type

Then you start with a credit card account. For the first file for the credit card account, change the account ID to another number, for example, 10000002. For the second file for this credit card account, keep the account ID as 10000002.

When you start working with another account, make sure to adjust the account type as well.

The account type is important to set as Quickbooks allows you to import created QBO file for a credit card account only into credit card account in Quickbooks and for a QBO file for a checking account, Quickbooks imports this file only in a bank account in Quickbooks.

Bank2QBO Step 7: account ID 10000002 and account type

For Quickbooks US edition, the currency must be US Dollar, for Quickbooks Canadian edition, the currency can be US Dollar or Canadian Dollar.

Bank2QBO Step 8: Currency

INTU.BID value is another important parameter to set. This value defines the bank label you see during QBO file import in Quickbooks. This value does not have to match your account name in Quickbooks, but it has to be from allowed by Quickbooks bank. Click the 'Lookup' button to see the list of banks.

Bank2QBO Step 9: Lookup

This list of banks is defined by Quickbooks. Search for your bank.

Bank2QBO Step 10: Capital One

Some users do want the name of the bank to match the bank name in Quickbooks, and you can do this by selecting the appropriate INTU.BID value. But if your bank is not listed as not allowed, you can easily use any other bank label, for example, you can use value 3000, which is Wells Fargo bank. INTU.BID value applies to the account type. Some INTU.BID values are allowed for certain account types only.

There are some other settings that discussed in another video, we would skip these for now as you need them only in specific situations and you know when you need to change these settings.

Bank2QBO Step 11: Other settings

Set the 'Open after save' checkbox if you would like the software installed on your computer to open the created QBO file. If you have Quickbooks desktop installed, it would be Quickbooks to open this QBO file. Click the 'Convert' button.

Bank2QBO Step 12: Open after save and convert

Confirm the filename and the file location.

Bank2QBO Step 13: Confirm the filename

To import the created QBO file manually, in Quickbooks, click File, Utilities, Import, Web Connect Files.

Bank2QBO Step 14: Quickbooks-Utilities-Import

Select the created QBO file.

Bank2QBO Step 15: Select created QBO file

And choose a new or existing account to import.

Bank2QBO Step 16: Use an existing Quickbooks account

If your account is not listed, make sure that online services are disabled for this account.

Bank2QBO Step 17: Create a new Quickbooks account

Web Connect data has been successfully read into Quickbooks.

Bank2QBO Step 18: Web connect successfully

Review imported transactions under the Bank Feeds in Quickbooks. Select imported bank statement and click on the 'Transaction List'.

Bank2QBO Step 19: Transaction List

Match payees to vendor records.

Bank2QBO Step 20: Assign Vendor Records

Assign expense/income accounts.

Bank2QBO Step 21: Assign expense/income accounts

And add transactions to the register.

Bank2QBO Step 22: Batch Actions

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