Web Connect is a technology used by Wells Fargo. This technology launches QuickBooks automatically, downloads account data into your check register, and matches any transaction you’ve already entered into your register. When you need more than 90 days of transactions or if QB has not yet connected to your financial institutions, WebConnect (or Bank Transaction Upload instead of WebConnect as it is often known to the outside of the US) is required. Quickbooks web connect is the method for bringing bank transactions into QB. If your bank provides legitimate WebConnect file downloads. QuickBooks Online (.qbo), Comma-Separated Values (.csv), and Microsoft Money are all supported file formats (.ofx).
In this post, we will how you can set up and use Wells Fargo Quickbooks Web Connect. So, stick till the end to get enlightened about this very topic.
How to Setup Quickbooks Web Connect?
Things to Remember
- Convert your transaction files to the file format required by your accounting program using the Transactions app.
- “.QBO” does not imply “QuickBooks online,” rather it is the format used to import transactions into QuickBooks.
- To import, QuickBooks Desktop must be less than three years old.
- Files in the QBO format. If the current year is 2021, the oldest desktop version that can import QBO files in QuickBooks 2018.
- For previous QuickBooks versions, the IIF format should be used. Look for converters that can convert to QBO.
- QBO files are imported into QuickBooks Desktop (PC or Mac) via the File-Utilities-Import-Web Connect format.
Steps for Setting Up Web Connect for QuickBooks
- Select an account for which you’d want to receive transaction activity notifications.
- Select the option from the drop-down menu. In the Date Range area, this will fill a From and To date.
- This is the time frame during which transaction activity may be downloaded. To modify, select the date and remove it.
- Now, the proper date has to be entered.
- Confirm that the data you want to download has a From and To date.
- Select QuickBooks (Web Connect) from the drop-down menu and press the Download button.
Then, depending on your program, follow the steps below.
- If a Windows dialog box appears asking if you want to Save or Open the file, choose Open.
- A dialog box will display indicating, “You are going to download transactions for the following account,” if this is your first time downloading using Web Connect for this account. Account information, such as the Account Number and Account Type, will be included in the box.
- You will see a prompt asking whether you want to “Create a new QuickBooks account” or “Use an existing QuickBooks account.”
- QuickBooks certifies that the Web Connect data has been downloaded successfully to QuickBooks.
- Reiterate the instructions above for each account you want to import into QuickBooks.
Use a QuickBooks account that you already have:
You have to use the option if you already have the account set up in QuickBooks and want to add to the existing transaction activity.
Create a new QuickBooks account by following these steps:
You should choose this option if you haven’t set up this account in QuickBooks or if you want to establish a new file for an existing account. After you’ve chosen this option, go through the procedures to create a new account. All transactions that fall between the From and To dates you set in Step 2 will be sent to you.
- The file will automatically be downloaded to your Downloads folder.
- Go to the File menu in QuickBooks, then Import, and then From Web Connect. Click the file you just downloaded from the Downloads folder and select Open. The transactions have been imported into QuickBooks. You just have to match or add to your bank register.
- Follow the instructions above for each account you want to import into QuickBooks.
How to Upload Bank Transactions in Quickbooks Online?
- You’ll begin by visiting your bank’s website and obtaining a valid WebConnect file. WebConnect files that are valid are:
- .qbo (QuickBooks)
- .csv (MS Excel)
- .qfx (Quicken)
- .ofx (MS Money)
- Then SAVE it to a spot where you can find it on your computer.
- Now go to QuickBooks Online and enter the following information:
- Go to the left navigation bar from the home page screen.
- Go to Banking > Transactions.
- Select your bank account on the Banking tab, then click the File Upload option.
- Click Next after selecting the Web Connect file from their PC via Browse.
- Select the bank (or credit card) account to upload the transactions from the drop-down box under QuickBooks Account and click Next.
- If you don’t already have an account, click Add New in the drop-down box and create one.
- Now, you have to click Next.
- Return to the Banking page and begin analyzing your bank transactions before accepting them into QuickBooks by clicking Finish.
The opening balance and date in QuickBooks Online will alter if the oldest transaction in your upload file is dated before the opening balance date in the register. It’s possible that this will result in a duplicate opening balance entry.
Filesize of Web Connect Quickbooks Desktop
The file size limit is 350 KB. Right-click the file and choose Properties; the General tab will display the file’s size.
Reconcile Period of Bank
Once you’ve accepted bank transactions in QuickBooks Online, now is a good time to reconcile bank accounts. (The first one runs through September 30th, while the second one runs until December 31st.) OR, if necessary, on a monthly basis).
Check Out, Convert Xero to Quickbooks
So, that’s it! We hope you were able to learn from this blog post. If so, do not forget to read more. Leave a comment below as well.