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I've been going through my imported bank transactions (for my chequing account), editing them, matching them, etc. I've now come to a long list of transactions that were e-transfers. These were from customers who paid their invoices by transferring money directly to my bank account. When I entered the payment in quickbooks, I entered it as an invoice payment and I set it to deposit to my chequing account.
I'm just not sure what to do with these imported bank transactions (from my chequing account) that are waiting to be added. Should I have done it differently? Like maybe selected deposited the funds to a different account, like "undeposited assets" and then done a bank deposit? I'd rather not go back and change AAAAALLLL of my invoice payments as I've already spent hours on this!
I hope you are having an awesome evening so far! I'm glad you reached out in the community so I can help you out with this one.
We will first want to receive payment on the invoice as shown below.
Then we will want to review the highlighted areas from the image, because this is an e transfer payment, we can choose the selections as shown in the image. Once we are done reviewing the highlighted areas we can save and close.
When we do the steps above it should trigger an automatic match in the Banking Tab under For Review, but in the case that it doesn't, we can click on the transaction and select Find Match, as shown in the image.
When we select Find Match we will see something similar to the image down below. We will want to link to the payment that we created from the steps above, then we can select SAVE.
That's it! We should now see a nicely matched transaction in our Bank Register. If you want to skip the payment step we can also "Find Match" and link it straight to the Invoice and this will mark the invoice as PAID.
I hope these steps help! I hope you have a great rest of the evening.
I'm glad to hear you're using Online Banking in QuickBooks Online to take advantage of the automatic download of your transactions. Properly categorizing these transactions ensures accuracy across your books. I'll be happy to assist you with this.
Once QuickBooks brings over your transactions in the For review tab, you have the option to either Match, Transfer, Record as credit payment, or Categorize. The Match option prevents you from having duplicates in your account and works by linking existing transactions you’ve already entered in the system to corresponding transactions in your For review tab. This feature works best for recent transactions, more specifically within 180 days. If your invoice payment transactions are above that period, that could explain why the system is unable to automatically recognize these for you to match. You could then either Find Match to manually match these or Exclude them from the For reviewtab since you've already recorded those invoice payments manually in QuickBooks. The procedure of selecting undeposited funds and doing a bank deposit doesn't affect the For review tab. This is simply another method of recording transactions in the software. If you prefer excluding your transactions from the For review tab, select the box beside each of those and hit Exclude. For more on how to match and categorize transactions in the program, here's a useful article: Categorize and match online bank transactions in QuickBooks Online
I hope this helps! Feel free to stop by if you need anything else.
In my case the customer posts receiving the payment to invoices. All I do as the bookkeeper is the "For review" items (ADD/Match) and reconcile the Bank. So when I match the transaction as it is, it goes to "uncatergorized assets"? As I see it I can either delete the payment posted already and complete the process of receiving the payment that way and matching or I can exclude the E-Transfers from the the bank feed?
Hello CL36. Thanks for chiming in on this thread. I'll be happy to point you in the right direction so you can achieve your QuickBooks goals. The decision is completely up to you. I'd be glad to show you how to navigate the program so you can record your transactions with ease. Depending on the method you choose to use, feel free to reach out in case you have questions on how to do that in QuickBooks.