Importing bank statement transactions is straightforward when you set up bank feeds on your accounting software or if you can download a file directly from the bank’s website.
However, in many instances you may need to import bank statements into QuickBooks online from a few years ago or maybe you only have PDF or scanned copies of the statements with transactions.
As a busy professional, you don’t have the time to manually enter all this information. Thankfully, there’s a better way. You can use DocuClipper to automatically import the bank statements into Excel or your accounting software.
Additionally, if you are using QuickBooks Desktop, check out our guide on how to import bank statements into QuickBooks Desktop.
Step 1: Select the Statements
Click on “Bank and credit card statements”.
Drag and drop one or more statements. DocuClipper OCR Bank statement works with any text or scanned bank statement. It uses Optical character recognition technology to be able to read scanned statements. You can process multiple statements at the same time.
Click on convert.
Step 2: Transactions are Extracted Automatically
Step 3: Reconcile the Statements
DocuClipper bank statement OCR for bank statement reconciliation compares transaction totals to summary information on the statement. If everything checks out, the statement is identified as reconciled, saving you time and manual review. You can see the reconciliation status on the summary table (top right of the page).
Here’s a video showing how to reconcile the statements:
Step 4: Download a Web Connect File
Click on “Download Data”. Select QuickBooks Web Connect. Select the bank. Select if the statement is from a bank account or credit card. Optionally enter the routing, account numbers, and currency. Click on “Download QuickBooks Web Connect” and the file will be downloaded to your computer
Step 5: Import the Web Connect File Into QuickBooks Online
Login into QuickBooks Online to import a Web Connect file and click on ‘Banking’.
If you have the account already created, select that account. Click on the down arrow next to the “Link Account” button, look for the ‘Upload from file’ button and click on it.
Look for the ‘Browse’ button.
Click on it to browse for the QuickBooks Web Connect file. Then click ‘Open’ and ‘Next’.
Review that QuickBooks Web Connect file you are going to import: filename, Account ID, Account Type, and Date range.
If everything looks good and this is the correct QuickBooks Web Connect file, select the QuickBooks account you want to import your data into. Then click ‘Next’.
Then click ‘Let’s go!‘.
Click ‘For Review’. You can see four transactions are imported. The Description is actually the Payee name from the QuickBooks Web Connect file. The Payee column is empty because this is Vendor records in QuickBooks to match. Now you have to categorize the transactions and match them to Vendors or Payees. Click on the transaction.
And then select Vendor records and Category, which is expense or income account.
Click ‘Add’ to add the transaction to the register. Continue for all transactions.
Let’s say you realized, that it is an incorrect imported QuickBooks Web Connect file or something wrong with a file, and you don’t want those transactions to be here. So, select all transactions.
Then select ‘Batch actions’ and click ‘Exclude Selected’.
Go to ‘Excluded’.
Select all of them again and then select ‘Batch actions’ and click ‘Delete’.
And the transactions are deleted from QuickBooks Online.
Here’s a video version of this tutorial:
With DocuClipper, a proficient PDF to QBO converter, you can easily convert PDF bank statements to Excel and then import the bank transactions into QuickBooks or other accounting software like Xero or Sage as it is one of the best bank statement converter software.
Frequently Asked Questions about How to Import Bank Statements into QuickBooks Online
Can you Import PDF bank statements into QuickBooks Online?
Yes, you can import PDF bank statements into QuickBooks Online. This can be done using tools like DocuClipper, which can convert both digital and scanned PDF bank statements for import into QuickBooks.
Can QuickBooks Import a PDF bank statement?
No, QuickBooks Online does not have a direct feature to import a PDF bank statement. However, you can use DocuClipper to convert a PDF bank statement into a compatible format and then import it into QuickBooks Online. DocuClipper is specifically designed to automate the extraction of data from PDF bank statements and facilitate their import into QuickBooks Online. By leveraging DocuClipper, you can streamline the process and efficiently import PDF bank statements into QuickBooks Online, saving you time and effort.
Can DocuClipper import PDF bank statements into QuickBooks Online?
Yes, DocuClipper can import digital and scanned statements from any bank into QuickBooks Online.
Can DocuClipper import credit card statements into QuickBooks Online?
Yes, DocuClipper can import any bank or credit card statement into QuickBooks Online.
Can DocuClipper import scanned bank statements?
Yes, DocuClipper uses Optical Character Recognition (OCR) technology to import any scanned bank statement into QuickBooks Online.
Can DocuClipper convert several statements at the same time?
Yes, DocuClipper can convert as many statements as you want in a single job.