If you use QuickBooks Online, you know that the bank feed is the heart of your bookkeeping. It’s where you match up your real-life spending with your accounting records. But let’s be honest, sometimes it can feel like a lot of repetitive work.
Well, get ready for some good news! Intuit has been working hard behind the scenes, using AI (Artificial Intelligence) to give the bank feeds a major upgrade. These new features are all about saving you time and making your life easier.
Let’s break down the key improvements you’ll see.
A Fresh New Look & Feel
You might notice a few things look different right away. Don’t worry, it’s all for the better!
-
-
- Effortless Bank Statement Uploads: No bank connection? No problem. You can now upload your bank and credit card statements in common formats like PDF, JPG, PNG, and even HEIC (from your iPhone). QuickBooks will read the document for you, saving you the hassle of converting it to a CSV file first.
- A “Peek” at the Full Description: Ever see a short, cryptic description in your bank feed and have to open the transaction just to read the whole thing? Now, you can simply hover your mouse over the description to see the full details, saving you a click every time.
- Edit Right on the Line: Need to quickly change a vendor name or add a category? You can now edit the information right there in the bank feed table without opening up a new window. It’s a small change, but it really adds up.
- Matches and Categories are Now a Toggle Switch: When QuickBooks finds a matching transaction, you’ll see a simple toggle switch that says “Match.” If it can’t find one, it will default to “Categorize.” You’re always in control and can switch it if needed.
-
Your New AI-Powered Bookkeeping Assistant
This is where the real magic happens. QuickBooks is now smarter than ever and helps you with suggestions for payees, categories, and matches. And the best part? It tells you how it came up with the suggestion so you can trust it.
Here’s how it works:
AI Help with Payees (The “Who” you paid)
QuickBooks is now better at identifying who you paid.
-
-
- Instant Vendor Matching: If the bank description includes a name that matches a vendor on your list, QuickBooks will automatically fill it in for you.
- Smart Suggestions: For new vendors, QuickBooks can now look up the business and even suggest a website for you. This means less time spent searching on Google!
- Create Vendors on the Fly: You can add a new vendor right from the bank feed line without ever leaving the screen.
-
AI Help with Categories (The “What” you bought)
This is often the most time-consuming part, but AI makes it a breeze.
-
-
- Remembers Your Habits: If you’ve used a certain category for a specific vendor in the last 24 months, QuickBooks will suggest it for you. You can click on the transaction to see its history and confirm the suggestion.
- Finds Similar Businesses: QuickBooks can now find similar vendors and suggest a category. For example, if you always categorize “Office Depot” as “Office Supplies,” QuickBooks might suggest the same category for “Staples.”
- New Vendor Descriptions: If it’s a completely new business, QuickBooks will look up a description of what they do and suggest a category based on that.
-
AI Help with Matches (Connecting payments to invoices)
Matching payments to invoices can be tricky, but the AI is now a pro at it.
-
-
- Smarter Matching: QuickBooks looks at the dollar amount and the vendor/customer name to suggest a match. It will also explain why it thinks it’s a match.
- Handles Bank Fees: If a customer payment is a little short because of a bank fee, QuickBooks can now read that and suggest applying the payment to the invoice while also deducting the fee. You don’t have to manually edit the transaction anymore!
- Reads Invoice Numbers: If a customer pays multiple invoices and includes the invoice numbers in the deposit description, QuickBooks can now read that and suggest which invoices to apply the payment to. This is a huge time-saver!
-
One Last Thing: The Old Version Is Going Away Soon!
You still have the option to switch back to the old bank feed for a little while, but it will become permanent at the end of September 2025. Given all these new, helpful improvements, why would you want to go back anyway?
So, next time you’re in your QuickBooks Online bank feed, take a moment to explore these new features. You’ll be amazed at how much faster and easier your bookkeeping can be!