I’ve written several posts about the problems with the new online banking feature in QuickBooks (here, here and here), and in this article I’m going to provide you with some resources to help you if you have to deal with these problems. (Note that on 3/17/2009 I published a followup article)
To summarize – the initial release of QuickBooks 2009 included a rewritten Online Banking feature that is quite different than what was used in prior versions. This new program feature is seriously flawed at best – I’ve been told by some very knowledgeable people that it can create major problems if you use it. Unfortunately, many people have to live with this update:
- It is getting harder to purchase older versions of QuickBooks.
- Once you have used the 2009 product it is hard to move back to an older version.
- Some people need the features only found in the 2009 product, such as multiple currencies
Please note that if you are NOT using online banking, I believe that the 2009 product is very good. Many people don’t use the online banking feature (that is something that we argue about a lot), the 2009 program works very well for those people.
If you have been using (or trying to use) the online banking feature, Kathy Ivens of CPA911 has some excellent articles that can help you. She has very graciously allowed me to post her PDF article Correcting Transactions Added in 2009 Online Banking, which will help you correct trnasactions that may have been posted incorrectly. In addition, see her article “Problem Adding Some Transaction Types“.
As an alternative to using the QuickBooks function, you can purchase a program from Zachary Systems that can be used to import information from your bank. Many banks provide you with files that contain banking information – these may be QIF, QBO or other file types. Zachary Systems has a relatively low cost addon product that can be used to import these files. Please note that I have not tested this, so I’ not necessarily endorsing it. I’ve been told by others that it works reasonably well – it could do more, but it does better than the current QuickBooks feature (and it won’t cause problems).
Once you have converted your older QuickBooks file to the 2009 format you can no longer open it with your older program. If you have a good backup, and you haven’t done a lot of work with the 2009 program, you can restore the old backup and continue with the old program (until Intuit fixes their problems). However, if you have a significant amount of transactions in the 2009 program, that might not be feasible.
One way to get around this is to use the Data Transfer Utility from Karl Irvin. This might not solve all your problems, but it is one way to move back to an older version. It works best, I believe, if you are going back just to the 2008 version. I wrote a review on this product last year. Karl’s programs are very reliable and useful – note that it might not move ALL of your updated data back to the prior year (no third party product can move everything due to limitations from Intuit).
What is Intuit Doing to Fix This
Intuit has been working on fixing the problem. There have been several updates (R4, R5) that have addressed some of the problems, but not all. Today they announced another revision (R7) which will tentatively be released later in March (it is unusual for them to pre-announce a release like this). They state that it will let you have access to multiple QuickBooks windows while users work in Online Banking, and that the feature will perform faster. There also are some other “minor changes” which haven’t (at this time) been explained.
Intuit has a Wiki page that will be used to post announcements.
You can also find an ongoing discussion in the Intuit Community Forum.
Also, I’ve written a followup article on 3/17/2009 that includes an interview with Greg Wright of Intuit.
If anyone has anything to add that will help people to fix problems, please let us know in a comment here. Note that I may limit the postings here, I’m hoping just for solutions, not diatribes. The Intuit Community Forum is a great place to vent steam.
About the Author (Author Profile)
Charlie Russell is the founder of CCRSoftware. He’s been involved with the small business software industry since the mid 70’s, focusing on inventory and accounting software for small businesses. Charlie is a Certified Advanced QuickBooks ProAdvisor. Look for Charlie’s articles in the Accountex Report blog, as well as his California Wildflower Hikes blog.