QuickBooks bank feed feature is a beautiful thing when it works correctly. However, when it doesn't, you need to be able to make sure you are getting the right data from your bank. Here are three things I do to ensure things are running smoothly:
Make it a habit to update your bank feed every morning. This helps identify issues with the bank feed as soon as they happen. If you wait a few days or weeks, you will be left more data to sift through to figure out what is missing. I promise this will save you some of your sanity.
If you find any missing data, download the missing transactions from your bank and upload the file data into QuickBooks. Any banking website should allow you to do this, and I will go into more detail in a later post on exactly how to perform this process in QuickBooks. It's crucial when doing these file uploads to ensure they are pointing to all the right places within QuickBooks.
Perform some spot checks throughout each month. Pay attention to your bank dates, and look into any gaps you find that don't seem correct. Depending on how often you clear your bank feed, I would suggest comparing bank balances within your online bank site and QuickBooks. If you see a discrepancy here, you will know something needs to be reviewed.
In closing, consistency is key here. If you let QuickBooks sit dormant and then try to update your bank feed once a year before tax time, you are probably going to be missing some data. This will result in much more time spent chasing down transactions. Therefore, make it a habit to keep a constant pulse on your bank feed. I promise you'll be happier by doing so!
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