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Add and match Bank Feed transactions in QuickBooks Desktop

Learn how to add and match transactions you downloaded into QuickBooks.

This article is a part of a series about Bank Feeds in QuickBooks for Desktop.

After you download your electronic bank statement, you need to match the transactions to the ones in QuickBooks. That way, you can tell what transactions your financial institution has processed and which ones haven’t cleared the bank yet. Here’s how.

Step 1: Get downloaded transactions

  1. Go to the Banking menu.
  2. Select Bank Feeds and then Bank Feeds Centre.
  3. Open the Match Transactions window and from the Financial Institution dropdown, make sure the correct bank account is showing.
    1. Select Review Statement.
    2. Download and view the electronic statement.
    3. From the Match Transactions window, make sure the Show QuickBooks Transactions checkbox is selected.
  4. When QuickBooks finishes matching your transactions, you’ll see the results. Select OK to close the window.
  5. Review the status that QuickBooks assigned to each statement and decide what to do.

Step 2: Match downloaded transactions: The transaction in the electronic statement matches the one you’ve entered in QuickBooks.

  1. If you agree with the match, there’s nothing you need to do.
  2. If you don’t agree with the match, unmatch the transactions.

Unmatched transactions: The transaction in the electronic statement doesn’t match any transaction in the account for QuickBooks. A few reasons this can happen:

  1. The transaction hasn’t been entered in QuickBooks yet. If this is the case, you’ll need to add the transaction to QuickBooks.
  2. The transaction has been entered in QuickBooks, but it has a typo or was entered into the wrong account.
    1. If this happens, correct the transaction in QuickBooks so it matches the one in the electronic statement.
    2. If they don’t match because of the payee, create an alias for the name in the electronic statement to a name in QuickBooks.
    3. You can also manually match the transaction.
  3. The financial institution made a mistake and the transaction in the statement is wrong.

When all the transactions in the electronic statement have been matched or added to QuickBooks, the statement is deleted from the Items Received section of the Bank Feeds Centre.

Manually match transactions in electronic statements to ones in QuickBooks

Sometimes QuickBooks may not match a transaction in an electronic statement with the transaction in QuickBooks. If this happens, you can manually match the two. Here’s how.

  1. Go to the Banking menu.
  2. Select Bank Feeds and then Bank Feeds Centre.
  3. Open the Match Transactions window and from the Financial Institution dropdown, make sure the correct bank account is showing.
    1. Select Review Statement.
    2. Download and view the electronic statement.
    3. In the Match Transactions window, make sure the Show QuickBooks Transactions checkbox is selected.
  4. Select the transaction in the statement that you need to match to a transaction in the QuickBooks Transactions.
  5. Select the transaction in the QuickBooks Transactions to match to. Make sure the amounts match.
  6. Select Match.

 

QuickBooks uses three distinct symbols to represent the three states of a transaction.

On-screen:

  • Asterisk: Cleared, but not yet reconciled
  • Checkmark: Reconciled
  • Lightning bolt: Matched to an online bank statement

In the Printed Report:

  • Asterisk: Cleared, but not yet reconciled
  • Letter X: Reconciled
  • Letter M: Matched to an online bank statement

How to review downloaded transactions

Are the transactions already entered in QuickBooks?

  1. Assign the payee and appropriate account(s). Then save, add, or confirm to add to bank register in QuickBooks.
    • Payee: Name of the person or institution you paid.
    • Account: The offsetting account. For example, an expense account for bill payments and cheques. Note: When QuickBooks downloads a transaction into the Bank Feeds, it's not possible to use an item in place of an account. However, once the transaction has been recorded in QuickBooks, you can edit it and use an item instead of an account.
  2. Select the transaction in the Bank Feeds that you want to match, and then select Add one to QuickBooks to add a single transaction.
  3. Select Add Multiple to open the list of all the transactions. Select the multiple transactions that you want to match. Make sure that the selected transactions show the correct bank account.
  4. Select Record.
Note:
  • You may notice that when downloading and matching transactions from the bank, the memo field auto-fills on your cheque even if you leave it blank. This is a bank default and setup in its system.
  • If you're adding multiple transactions and you want to Pre-fill accounts based on your past entries, turn on the preference.
    1. From the Home screen select the Edit menu.
    2. Select Preferences.
    3. Select the General tab.
    4. On the right pane, select the My Preferences tab.
    5. Select the Automatically remember account or transaction information checkbox.
    6. Select OK.

Continue.

How were the transactions entered?

To enter a bill and a corresponding payment:

  1. Select the payment transaction from the Bank feed.
  2. Select Add One to QuickBooks.
  3. On the Add Unmatched Transaction window, select the As a payment for a previously created bill, using Pay Bills window option.
  4. Select OK.
  5. On the Pay Bills window, select the matching bill. Match the amount if there is a difference.
  6. Select Pay Selected Bills.

Note: Cheques (CHQ) and deposits (DEP) may also match if the amount, date, or cheque numbers match an existing transaction in QuickBooks.

  1. Select the appropriate transaction (CHQ/DPT). Then select Add One to QuickBooks.
  2. On the Add Unmatched Transaction window, select the As a payment made by cheque, direct debit, or bank feeds option.
  3. Select OK.

  • Add More Details: If you need to add the Payee, Account, and other info like Customer Job if you're tracking billable expense.

  • Match to an existing transaction: Match the downloaded transaction with the cheque you know you previously entered in QuickBooks.

  1. Select the appropriate transaction (DPT). Then select Add One to QuickBooks.
  2. On the Add Unmatched Transaction window, select the As a payment on an invoice, using the Receive Payments window option.
  3. Select OK.

On the Customer Payment screen:

  • Add More Details: Find the matching transaction. If you need to look for the invoice that goes with the downloaded deposit, select Lookup Customer/Invoice. QuickBooks will link the invoice and the payment to show the invoice was paid.

  • Match to an existing transaction: Match the downloaded transaction with the cheque you know you previously entered in QuickBooks.

Do you need to undo incorrectly renamed transactions?

No action needed.

You can restore a backup prior to the downloaded transactions being entered or you can manually edit each transaction.

Do you need to delete unmatched transactions from your Bank Feeds?

No action needed.

Delete unmatched transactions

There's no option to delete a single unmatched transaction if you are using the Canada or UK version of QuickBooks.

  1. From the Bank Feeds, go to the Items Received From Financial Institution section.
  2. Highlight the statement you want to delete.
  3. Select the Delete button.
  4. On the Delete Statement window that appears, select Yes.

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