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Level 2

Adding a bank feed to an account that was manually input?

Hi,  

 

I have 2 accounts that have been manually input in the past.  I'd like to either add the bank feed or start uploading from CSV from 1/7/19.  

 

My question is regarding the transactions that are already input ie. all of the bills that have been input and paid from these bank accounts.  Will these be doubled up?  Or will they now be able to be reconciled as normal when the bank feed is connected or the CSV uploaded?  

 

Any other issues I may need to be aware of?  

 

Thanks

Chris  

Solved
Best answer September 04, 2019

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QuickBooks Team

Adding a bank feed to an account that was manually input?

Hi ChrisD55,

 

If you connect a bank account or upload a CSV file, the transactions will show up in the For Review section of Banking. Since you have been manually adding payments and bill payments in QuickBooks, these bank transactions will likely show a Match to a current QuickBooks transaction. You will have to ensure that the transactions are matched up correctly. 

 

The transactions will only double up if you select Add instead of Match for the transaction on the For Review section, while that specific transaction has a manual QuickBooks transaction. In case you don't see the Match link under the Actions column, simply click on the transaction and select Find Match, which will bring up manually entered QuickBooks transactions that you can match to. 

 

Connecting the bank account or uploading a CSV file will also make reconciliation much simpler, as matched transactions will automatically be opted in as 'partially reconciled' to the specific period's reconciliation. In the reconciliation screen, you will also be able to see manually added transactions that aren't matched to a bank transaction, and use this information to figure out if this manual transaction is a duplicate, or to figure out if you've missed creating a manual transaction.

 

Hope this helps!

 

Bonny

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Highlighted
QuickBooks Team

Adding a bank feed to an account that was manually input?

Hi ChrisD55,

 

If you connect a bank account or upload a CSV file, the transactions will show up in the For Review section of Banking. Since you have been manually adding payments and bill payments in QuickBooks, these bank transactions will likely show a Match to a current QuickBooks transaction. You will have to ensure that the transactions are matched up correctly. 

 

The transactions will only double up if you select Add instead of Match for the transaction on the For Review section, while that specific transaction has a manual QuickBooks transaction. In case you don't see the Match link under the Actions column, simply click on the transaction and select Find Match, which will bring up manually entered QuickBooks transactions that you can match to. 

 

Connecting the bank account or uploading a CSV file will also make reconciliation much simpler, as matched transactions will automatically be opted in as 'partially reconciled' to the specific period's reconciliation. In the reconciliation screen, you will also be able to see manually added transactions that aren't matched to a bank transaction, and use this information to figure out if this manual transaction is a duplicate, or to figure out if you've missed creating a manual transaction.

 

Hope this helps!

 

Bonny

View solution in original post

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Level 2

Adding a bank feed to an account that was manually input?

Awesome.  That was what I was hoping :)  

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Level 1

Adding a bank feed to an account that was manually input?

I don't understand "bank feeds".  I understand reconciling your books to the bank.  But reconciliation does not "add" any transactions to your accounting system.

 

Bank Feeds on the other hand enable you to "add" transactions.  Can someone give me a few examples of when, as a disciplined business you would have a transaction coming from the bank that's not already in your QB system?  And I'm not talking bank fees and interest.  

 

As a businessman, I want to originate all transaction in my business - not from the bank.  I am confused on the reason why anyone would let a bank feed create a transaction in their accounting system.

Please enlighten me.  Thanks.

Highlighted
QuickBooks Team

Adding a bank feed to an account that was manually input?

Hi jrm2atl,

 

I wanted to give you a little detailed break down of how bank feeds and reconciliation in Quickbooks Online works to see if it might enlighten you.

 

We use bank feeds to connect to your bank or financial institution where the primary goal is bringing in your banking transactions.

 

The next steps would be to either ADD or MATCH each transaction that comes through the bank feed.

 

This step is NOT reconciliation, when we ADD - we are confirming that the transaction is true and adding it to the rest of our transactions in the bank feed.

 

When we MATCH, we are saying (for example) - this money that has come through belongs to an open invoice that we already have in Quickbooks, so the system will automatically create the Receive Transaction and link it with the invoice.

 

Reconciliation is the very last step where we go through each transaction one by one, checking them against our bank statement to verify everything matches and balances correctly.

 

I am simply explaining how the system works in terms of bank feeds and reconciliation.

If you think it could be done better, I encourage you to leave some feedback in-product by going to Settings > Feedback.

 

Kristian, 

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Level 1

Adding a bank feed to an account that was manually input?

Kristian_S maybe you misunderstand what I was asking.  I understand matching and I understand bank reconciliations.  I asked for examples of situations where there is a "transaction" that is NOT in QB but is in the bank feed so the user would choose to ADD the transaction to QB. 

 

Matching is one thing, Adding is something completely different.  So please provide examples of when a diligent company would NOT have a transaction in QB but would have a transaction in the  bank feed.

 

And again, I'm not talking bank interest or fees.  Thank You.

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QuickBooks Team

Adding a bank feed to an account that was manually input?

Let me share an example, @jrm2atl.


Use "Add" if you've made purchases on the go, or if you have unintended charges that you haven't recorded yet.

 

The Add will automatically record the transaction in your Quickbooks account.

 

You can visit our help articles page to learn and read some great articles for future reference.

 

I’m always here to help.

Highlighted
Level 1

Adding a bank feed to an account that was manually input?

"you made purchases on the go...." The point I'm trying to make is, if you're sitting at your computer ready to run a bank feed then you should have kept your receipts and entered the "on the go" transaction into QB prior to running the bank feed. Old school. Diligent. Conscientious.

I just find the bank feed ADD feature dangerous...and sloppy and lazy bookkeeping.

Accounting is a system based on “controls”. Things just don’t happen in accounting willy-nilly. It’s all about controls. If you lose control, you’re done.

It alarms me that someone can just click ADD and any old transaction can be created. Is there a way to deactivate this feature?

Highlighted
QuickBooks Team

Adding a bank feed to an account that was manually input?

Hi jrm2atl-

 

Thank you for the feedback. We understand that the Add feature is meant to be used sparingly. The Match feature is typically our recommendation as the feature will close the loop and balance the transaction. For example, after you input an invoice, when the funds appear in the bank feed you will be able to Match to the open invoice, and in turn the invoice becomes paid and closed. The received funds that have been matched are then converted into a payment connected to that invoice.

 

The bank feed does allow complete oversight, if you do not wish to Add the transaction, if you've already recorded the transaction manually; you can Exclude the transaction when it appears and delete it. There is no requirement to connect to the bank feed as well. You can continue recording each transaction manually. Some business owners simply prefer to utilize the bank feed as their businesses can be completely mobile, making it more difficult to maintain the records manually on the go. 

 

We do not have the function to remove the Add feature, as it's a global feature available for all of our product regions, I would however encourage you to record this feedback so that our local team can review and adjust the local product of QuickBooks Online for greater oversight. Please select the Settings Icon and choose Feedback. Again, this goes directly to our product team here in the APAC region and they take customer recommendations under high priority. 

 

Hope you have a lovely rest of your week. 

 

-Christine

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Level 1

Adding a bank feed to an account that was manually input?

Agree with jrm.....it seems to be a sloppy system. Quickbooks desktop is so much better. 

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QuickBooks Team

Adding a bank feed to an account that was manually input?

Hi Dexterity, 

 

Thank you for the feedback and I'm sorry that the system isn't working the way you want it to. We are always looking at ways to improve so if you have any other feedback please don't hesitate to reach out. 

 

-Rebecca