Recommended banks for automation

The following banks can share bank statements with Cycle CPA automatically through Quickbooks Online. As a result, we recommend using one of the following banks in order to remove the step of having to provide bank and credit card statements on a monthly basis.

Banks that automate statements via QBO

(last updated from here on August 5, 2021)

  • The big 5 banks in Canada
  • CIBC
  • TD Canada Trust
  • Scotiabank
  • Bank of Montreal
  • RBC (Royal Bank of Canada)
  • The connection between RBC and QBO is not as stable as the other big banks
  • Other banks
  • ATB Financial
  • Desjardins AccesD Affaires
  • RBC Banque Royale (Canada)
  • Canadian Tire Bank
  • American Express Credit Card (Canada)

If you use one of these banks and connect your account to QBO, Cycle CPA will be able to automatically pull statements, which we use to reconcile your accounts during monthly bookkeeping

Other considerations

  • Certain security settings can negatively affect the connection between your bank and QBO
  • Disabling 2-factor or multi-factor authentication can help keep your bank connected to QBO, but please be aware that this reduces bank account security