1. Home
  2. QuickBooks Discussions
  3. Online banking with payee info for Auto Payment?

Online banking with payee info for Auto Payment?

Hello, Can someone recommend a bank with a good online interface that provides the payer/payee info for automatic payments?

This is proving to be a nightmare for downloading acct activity into QB because the transactions are all named "automated paymen".

I use Chase. The online banking interface shows very little information for each transaction. and it is maddening.

I use automatic payments for several bills and my paycheck comes in via direct deposit. Hence, my online banking account is nearly indeciperable, because it is practically nothing but one line transactions that all say "AUTOMATED PAYMEN" (they don't even include the blasted T).

Any automatic payment, debit or credit, has no details on who is the payer or the payee. These transactions end up as one liners on the Chase online interface like this

02/15/2006 AUTOMATED PAYMEN $90.00

Whereas on the monthly banking statement, full info is available. For the $90 transaction listed above, the statement lists the payee: "YMCA of NY Membership Dues". Now THAT can help me!

If it's on the monthly statement, then the bank knows full well whether the payment was to the YMCA or to the Banana Republic. And it drives me berserk that they do not include this info in their online banking.

Can someone recommend a bank with a better online interface? One that provides the payer/payee info for automatic payments?

Thanks!

Reply to
rogue_petunia
Loading thread data ...

I use many banks due to the number of clients I have but my own bank and my personal favorite is Bank of America for its online banking.

You name your scheduled bill payments and the ones that come out at the vendor's initiation give the merchant's name and, depending on how they've set their system up, sometimes your account number.

The only drawback is that they haven't yet made .qbo (download to Quickbooks) an option on personal checking accounts. Its only availabe if your account is a business checking. So you'll get better interface and information but you won't be able to download to Quickbooks if the account you setup with BoA is a personal one.

Reply to
Tee

hi Tara, so you say that with BoA downloading a personal checking acct to quickbooks is not possible, hmm... but maybe that doesn't matter to much because based on my first downloading experience with QB it was too much trouble going through all the matching. Probably easier to enter all transactions manually anyway. (I posted about this in another thread titled "matching bank activity download is evil", to which you also responded).

so maybe I will switch to Bank of America. thanks

Reply to
rogue_petunia

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.