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Level 1

Bank Feed and Accrual Payments - Dates Mismatch

I pay many invoices 30 and 45 days and many are direct debits from my bank account. Most of these payments include GST.

 

These payments appear on the day of payment in my Bank Feed.

 

How can I have these match the date the payment was due so the GST collected is in the prior reporting quarter or period and not in the current reporting period.

 

In other words hows do you make the bank feed be accrual based and not cash based? 

Solved
Best answer August 21, 2020

Best Answers
QuickBooks Team

Bank Feed and Accrual Payments - Dates Mismatch

Hi there, 

 

The bank feeds are designed to solely display the information received from the bank. When transactions are updated into the For Review tab they do not necessarily have to be categorised and added/match straight away, they can stay in this tab until the invoice or bill is created. That being said, you can put any date you would like on the invoice or expense but the bank feed will always be predicated on the bank statement. Thus the settings of a cash or accrual basis cannot be applied. 

 

On a side note, we kindly recommend changing your username as we can see you have chosen to use your Company ID. To keep your QuickBooks data private and secure please make sure you don't use any sensitive info as your username in the future. 

 

Thanks, 

 

-Steven

 

View solution in original post

1 Comment
QuickBooks Team

Bank Feed and Accrual Payments - Dates Mismatch

Hi there, 

 

The bank feeds are designed to solely display the information received from the bank. When transactions are updated into the For Review tab they do not necessarily have to be categorised and added/match straight away, they can stay in this tab until the invoice or bill is created. That being said, you can put any date you would like on the invoice or expense but the bank feed will always be predicated on the bank statement. Thus the settings of a cash or accrual basis cannot be applied. 

 

On a side note, we kindly recommend changing your username as we can see you have chosen to use your Company ID. To keep your QuickBooks data private and secure please make sure you don't use any sensitive info as your username in the future. 

 

Thanks, 

 

-Steven

 

View solution in original post