Just because you can, doesn’t mean you should.
Business owners are often under the impression that bank downloads are essential to QuickBooks. Nothing could be further from the truth.
While there may be unusual situations where bank downloads make sense, most businesses would be better off steering clear of this rocky shoal. One issue is that bank download mechanics can be buggy. But even when they work smoothly, the big problem is determining which downloaded transactions match what was already entered and which ones should be accepted as new transactions:
If deposits are downloaded, that means the functionality for recording sales and receipts in QuickBooks is not being used.
If expenses are downloaded, QuickBooks assumes the cost account used previously with that vendor is the same account to be used again and again.
When it is time to reconcile the account, sorting out duplicate entries and other issues is comparable to untangling a child’s fishing line. Following the allure of quick and easy data entry, the business owner is instead stuck with a time-consuming mess and gives up considerable control over the company’s finances.
Unless you have a special circumstance where it makes sense, just say NO to bank downloads.
If you’re not sure about your set up with QuickBooks, or if you are just getting started with QuickBooks in your business, Bookkeepers Plus can help you untangle the mess and get started with a reliable, tailored solution for your needs. Give Tony at call at 888.239.5855.