The Intuit App Center for QuickBooks Online is a tremendous resource for many QuickBooks Online users. Unfortunately, as this is a newer platform Intuit has not yet made all fields and transaction types available to developers. However, Intuit continues to add to the Intuit App Center so over time we expect to see more fields and transactions.
A very common question that we get is how do we import bank statements. Unfortunately, Intuit has not yet added deposits to the Intuit App Center. However, below we describe a way that you can work around this limitation by importing these transactions as checks and sales receipts.
Step 1: Create two different tabs or two different workbooks. One that contains the deposit transactions and another that contains the check transactions. Also make sure that all amounts are expressed as positive numbers.
Step 2: Upload your file that contains the check transactions via Transaction Pro Importer and create a map. You can read more on how to import checks here.
Step 3: Upload your file that contains the deposit transactions via Transaction Pro Importer as a sales receipt. You can read more about this below.
A sales receipt in QuickBooks is a cash sale which increases your cash balance and most times an income account. However, the difference between a deposit and a sales receipt is that deposits use accounts and sales receipts use items.
So what you need to do in QuickBooks Online is to set up items that correspond to the income accounts that you want to post to. Lets say all your deposits need to be posted to the income account, Services, in QuickBooks Online. Access your product and services list and create a new service called, Services, and then map it to the income account, Services.
Then if all of your deposits will be going to the same income account on the Transaction Pro Importer mapping screen you can type in the word Services next to the QuickBooks field, Line Item and in the default value column.
If you have multiple income accounts you can either do separate imports for each income account or modify your import file and your product and services list to accomodate the multiple income accounts.
You can request a free trial of the Transaction Pro Importer for QuickBooks Online App here.
If you have any questions on this post or have any other transactions that are creating import challenges please post below or email us.