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Intuit
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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.

Get downloaded transactions

  1. To start go to the Banking menu.
  2. Select Bank Feeds and then Bank Feeds Centre.
  3. Review how QuickBooks categorized the transactions:
  • (Need Your Review) Unmatched: The downloaded transactions don’t match any transaction in the related account in QuickBooks.
  • (Changed By Rules) Renamed: QuickBooks created a new transaction using renaming rules. The downloaded transaction doesn’t match any transaction in the related account in QuickBooks. But one of the renaming rules created a new transaction ready to be added to the register.
  • (Auto) Matched: QuickBooks found a match between the downloaded transaction and one already in the related account in QuickBooks.

Match downloaded transactions

QuickBooks tries to match downloaded transactions to any entries that are already in the related account. If it can't find a match, QuickBooks tries to create a new transaction for you automatically. Review the matches before adding them to the register.

QuickBooks looks at the following when it tries to match:
  • Cheque numbers: If the numbers match.
  • Amounts: If the amounts are the same.
  • Dates: If the transaction was recorded in QuickBooks within a few days of the downloaded transaction clearing the bank.
  • Payees: If the payees are the same or if the payee in the downloaded transaction is identified by a renaming rule.

If you know there's a matching transaction in QuickBooks, make sure you make the connection.  Otherwise, the transactions downloaded from your bank won't have a match and will remain pending. You need to make the match, even if the payment been processed by your bank yet.

If you agree with the match QuickBooks made, you don't need to do anything else to the transaction. The matches will be made and added to the account register when you select Finish Later.

If you don’t agree with the match, unmatch the transactions. The status of the downloaded transaction will change to Unmatched.

Can't find a match

There are times when QuickBooks can't find a matching transaction for one downloaded from your bank. Here's what to do:

  • If transactions are too new, you may not have entered them into QuickBooks yet. If this is the case, enter the transactions into QuickBook. This should change the status of the downloaded transaction to Matched.
  • The transaction that exists in QuickBooks could have a different transaction number, amount, date, or payee from the downloaded transaction. If this is the case, find the transaction in QuickBooks. Make edits based on your bank records. Doing this will change the status of the downloaded transaction to Matched. Important: Only do this if you know you've found the exact match in QuickBooks.
  • If a downloaded transaction matches an already reconciled transaction, QuickBooks won't match them. The reconciled transaction has a checkmark in the CLR column.
  • Although rare, there are occasions when QuickBooks downloads duplicate statements or transactions. If transactions were downloaded to QuickBooks and have a lightning bolt in the CLR column, the transactions won't be matched again. Even if all the transaction number, amount, date and payee name are exactly the same, QuickBooks won't match them.

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. Go to the Action dropdown and select Quick Add to add a single transaction.
  3. Go to the Batch Action dropdown and select Add/Approve if you want to work on multiple transactions and add them all at once.
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?

The bill payment (labelled BILLPMT) should auto-match. You can choose from the following options in the Transaction List window.

  • If you agree with the match, select Approve. The transaction goes from Auto to the Add list. When you view the transaction in the Register, it has the thunderbolt symbol.
  • If you want to see the details of the bill entered in QuickBooks prior to downloading the transactions, select View Details. On this screen, you can confirm the match or you can tell QuickBooks it's not a match.If you don't agree with the match QuickBooks made and you want to add more details, match it to something else, select Not a match.
  • If you want to delete the transaction from the list so you don't see it again, select Ignore.

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 transaction.
  2. From the Action dropdown, select Select Bills to Mark as Paid.
  3. On the Transaction Details window, select the supplier name and the date.
  4. In the Open Bills for the selected supplier section, select the matching bill. When you select the match, QuickBooks shows the Matched and the Difference remaining as 0.00.
  5. When everything matches, select Add to QuickBooks.

Note: This feature only works with transactions downloaded from bank accounts. You can't create a bill payment from a downloaded credit card charge.

Select the appropriate transaction (CHQ/DPT). Then select one of the following from the Action dropdown:

  • 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.

Select the appropriate transaction (DPT). Then select one of the following from the Action dropdown:

  • Add More Details: If you need to add more details, select this option. If you already received payment and want to link the transaction, go to the Undeposited Funds tab.  Find the matching transaction.

    If you need to look for the invoice that goes with the downloaded deposit, go to the Open Invoices tab. 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 have recurring transactions or multiple transactions with the same amount and date?

No action needed.

You need to manually match downloaded transactions on your online banking statement with transactions in QuickBooks Desktop.

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