Bank Feeds is the online banking feature in QuickBooks® Desktop and Online that lets you connect to your financial institution so you can download transactions and use other potential online services such as Direct Deposit.
Bank Feeds can save you time, however they can also cause challenges. All users need to be aware of what Banks Feeds do and do not do. Bank Feeds will download banking activity only, it will not categorize the expenses/income that the check/cheque represents, inclusive or exclusive of taxes nor perform a bank reconciliation.
Once Bank Feeds have been configured, and transactions are downloaded from the bank, they will not all go directly into QuickBooks® without approval. In other words, you will need to complete any additional information that is provided by the bank that QuickBooks® needs (such as the correct expense account) and approve the banking information before it is included in the financial data in QuickBooks®.
Please note, if you are integrating with Commissions, all Real Estate Transaction data that is integrated to QuickBooks® should match the Bank Feeds each and every time whether you have a one, two or three bank account configuration.
Another good example is if your Agents are being paid commission via Direct Deposit, then there is no need to manually edit the “To Print” that Commissions integrates to your check/cheque registers – it will be recognized and “Matched” without it.