Transaction Pro Blog

Importing Bank Statements into QuickBooks

Supply and demand are at the core of every business. The supply side entails purchases from vendors, but you must also decide how best to organize and manage this side of the business. Many use a third-party application to manage vendor invoices and payments; however, this only handles part of the process. Getting that information into QuickBooks presents another problem, which is where Transaction Pro comes in.

Most third-party expense applications export data into a flat-file format, such as Excel or CSV. Once in this format, Transaction Pro Importer can import the data into QuickBooks in just a few clicks (once the initial map is defined) with no manual data entry, eliminating data entry mistakes.

If your supplier sends invoices in an Excel worksheet, the same process applies. There’s no need to manually enter the information into QuickBooks to pay for purchases. Simply import the data using Transaction Pro and then print checks.

Expense data can be imported into QuickBooks in several different transaction formats. See our Knowledge Base articles for both QuickBooks Online and QuickBooks Desktop to see the different options and decide which transaction type is best for your specific needs.

Depending on the transaction format selected, minimal required data is needed to import the information into QuickBooks. Typically, it’s just Vendor Invoice Number (Reference Number), Vendor Name, Invoice Date, Expense Account, and Expense Amount. If any of this data is missing from your import file, the information can be entered as a default value in Transaction Pro. For example, if the Vendor’s Name is not in the file because the entire file is from one specific supplier, the Vendor’s Name can be entered as a default value when mapping it in Transaction Pro. Read more about using default values for QuickBooks Online and QuickBooks Desktop.

If you have any questions about importing expenses into QuickBooks with Transaction Pro, please email support@transactionpro.com. You can also post your questions in our Transaction Pro Forum.