QuickBooks Online has the capability to download bank transaction. It analyses them against your data based on the rules you have setup. If you haven't set up any rules, you'll get suggestions based on how it was categorised.
QuickBooks Online uses the amount and the transaction date when matching. It considers it a match if the amount is the same and it's within 90 days of the transaction date.
Example: The record of the check is on July 15,2018 with the amount of $500. The bank then clears the transaction on September 26, 2018. QuickBooks Online sees this as a possible match since it's within 90 days of the transaction date.
QuickBooks Online doesn't attempt to match transactions beyond the 90 day period. You need to manually match the transactions.
QuickBooks Online also looks for different matches. Other than the amount and transaction date, it also follows the types of transaction like:
Bank deposits and credit
- Payment received against invoices (as on the Receive Payment page, not the invoices themselves.)
- Sales receipts
- Deposits or payments you entered in the bank or credit card register
- Deposits you entered from the Bank Deposit page.
- Journal entries and other positive or credit transactions you created in QuickBooks Online.
- Open in invoices and partially-paid invoices.
Checkques, expenses, and debits
- Payments you entered for a supplier on the Pay Bills page (not the bill itself)
- Expenses you entered for a supplier on the Supplier Expense or Cheque page
- Expenses or debits you entered directly into the bank or credit card register
- Journal entries and other negative or debit transactions you created in QuickBooks Online.