I think this is one of the areas that cause so much grief with QuickBooks users. QuickBooks actually changed the way downloading your online transactions come through with the 2009 version and then had to release a "patch" to correct all of the issues that QuickBooks users were having with duplicate vendors, etc. Sometimes "when it ain't broke, don't fix it" may have been a better approach from QuickBooks, but at least they fixed it with the patch.
This is also an area of the program that I find works well, if you know how to use it. There are two ways your bank can download the transactions, directly or with a file called WebConnect (a .QBO file is generated for you to save and then open). Personally, it is a good feature because it saves my client my billable hours because I can download the transactions and not have to spend many hours doing data entry. If set up properly, online banking downloads do work. But, oh, have I seen the opposite when my client tries to use this. Especially if they do not match entries already entered, they can have duplicate checks or deposits. This can create a nightmare situation if you do not see a client but once a year at tax time and they tell you that they have NOT reconciled their bank statement. It can be a very expensive fix.
So, my recommendation is use download feature for online banking only if you know how to use it. If not, save it for a professional.
Lynda
Please visit my website at www.artesanibookkeeping.com
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