Learn what to do after you download bank and credit card transactions in QuickBooks Online.
Once you connect your bank and credit card accounts, QuickBooks automatically downloads your recent transactions. Then it shows you if they match any records you’ve already entered in QuickBooks. And if it can’t find a match, QuickBooks will start a new record for you.
All you have to do is approve the match or select Add to create a new record. Here’s how to get started.
QuickBooks sends downloaded bank transactions to the For Review tab. This is sometimes called your “bank feed.”
Review each transaction one-by-one. For each downloaded transaction, you’ll have the option to match, add, or view multiple matches.
Follow the steps in the section when you see these options:
Match means QuickBooks matched the downloaded transaction with one you already entered. This links the two so there aren't any duplicates. All you have to do is make sure the match is correct.
QuickBooks now knows the record from your bank is the same one you already entered and won’t create a duplicate. Your work is done.
Add means QuickBooks didn’t find a matching transaction. Instead of matching, QuickBooks will start a brand new transaction for you using the info from your bank.
|Note: QuickBooks sometimes recommends categorising transactions into the Uncategorised Income or Uncategorised Expense accounts. These are temporary accounts.
It’s best to put transactions in one of your other accounts. If you need a specific account, create a new one in your chart of accounts.
View means QuickBooks found more than one potential match. All you have to do is pick the right one.
After you match or add, downloaded transactions are recorded to your accounts in QuickBooks. The record reviewed from your bank goes to the Reviewed tab.
Do a quick review after you’ve matched or added a few transactions, just in case you need to make changes:
If you need to re-categorise a transaction and move it to a different account, select Undo and go back to the For Review tab.
Make your changes before you do your monthly reconciliations.
You can split transactions, such as a large business travel expense, between multiple accounts for better tracking.
You can exclude personal or duplicate transactions to keep your accounts accurate.
Excluded transactions move to the Excluded tab. They won’t be added to QuickBooks or downloaded again.