Import bank statements into QuickBooks

Background

You can import bank statements into QuickBooks (or credit card statements) from QIF, QBO, QFX or OFX file formats using Zed Axis (v7 and up). A great way to speed up the bank reconciliation process and categorize statement lines easily.  

Demonstration of how to import QIF and QBO statement files into QuickBooks desktop

Steps to import bank statements in QuickBooks Desktop

1. Open Zed Axis and connect to the QuickBooks company file you want to import the statement file into.
2. In the import tab select the statement file by clicking on Browse and selecting the location of the statement file, the file formats should be either QIF, QBO, OFX, QFX XLS template.
   1. CreditCardStatement Template (xls)
3. In the Statement Import Options goup the names of the bank or credit account that are in your QuickBooks company file will be displayed, select the account that you would like the transactions to be added to.
4. In the Coding template drop down listselect the coding template that you wish to apply to the statement file, the first time you import a statement will need to create a new coding template, To create a new coding template follow these steps:
   1. From the coding template drop down list select the option <Add new coding template>, the Edit Coding Template form will appear, give the template a name and start to add Keywords to the template.
      Keywords are used to in the coding process to identify categories of transactions and automatically assign Vendors that the services or goods were purchase from or Customers that the goods or services were sold to, the items or services that were purchase or sold and billable details  Enter Keywords that appear within the description of the statement file that you would like coded. For Example Verizon would refer a payment for a telelphone bill, so you might then choose the Vendor record for Verizon Inc, the Expense Account would be Utilities:Telephone etc...
   2. Enter the keyword you wish to search for followed by criteria whether the keyword should match or contain. 
   3. Then select the Name, Account or Item and whether the transaction should be Billable or not and the corresponding Customer:job and Tax Code that should be applied.
   4. Once you have finished click Save and then continue entering keywords or click Close to quit editing the template.  You will then be returned to the Statement Preview.
5. In the statement preview, the coding template will be applied and where keywords are matched rows will be automatically categorised, you can preview the rows in the statement file and edit the transaction data prior to import or deselect rows that you do not wish to import. When importing the statement data will be imported as follows:
6. Credit Card Statements
   • Negative amounts will be imported as Credit Card Charges
   • Positive amounts will be imported as Credit Card Credits
7. Bank Account Statements
   • Negative amounts will be imported as Checks
   • Positive amounts will be imported as Sales Receipts
8. Back in the import module click on the Import button and Axis will import bank transactions into QuickBooks.