A single bank transaction has been matched to 2 Quickbooks Transactions

Barheys · ‎August 17, 2022

Hi,

I don't know if I am the only one that has had this issue but ...... in reconciling a clients bank account, I have discovered that they have matched two Quickbooks transactions (identical receipts for two different invoices) to one single bank transaction - this is an error and the bank rec has confirmed this (although it took me ages to find). Whilst I can see that there are legitimate reasons why multiple QBO entries may on occasion need to be matched to a single bank entry, you'd think there would be a way in which QBO could report back (when it happens) that the total of the matched transactions is more than the bank transaction itself and either flag this up as a potential error or otherwise something that should be noted in a bank rec (in this case the QBO matched transactions had twice the value of the bank transaction).

Can anyone out there please offer any solutions to either finding these sorts of things easily and/or fixing them ?

DivinaMercy_N · ‎August 17, 2022

Hi there, @Barheys. I'd be glad to share with you some information about your banking concern.

In QuickBooks Online (QBO), transactions you see in the bank feeds depend on your bank connected to it. Also, the option to have an audit process to spot transactions matched more than once is unavailable. To ensure the entries are correctly categorised, feel free to visit this article for guidance: Categorise and match online bank transactions in QuickBooks Online.

To fix this, I recommend checking the two entries if they are the same transactions in the bank feeds or if they are two separate transactions having the same amount. This is to determine if they are duplicates. If so, you can simply undo or delete the transaction.

The program also provides you with the option to use bank rules to speed up the review process of the transactions from your bank. It will also automatically categorise transactions so they go into the right accounts.

When everything is fine, you're now ready to reconcile your bank again.

Please let me know how this goes. I'd appreciate any details that you can add. If you have any other concerns about managing your transactions, feel free to get back in this thread. I'm always ready to lend a hand. Keep safe and have a good one.

View solution in original post

GeorgiaC · ‎August 17, 2022

Hi Barheys, thanks for your detailed post - this does sound unusual, and it should not be possible to allocate transactions above the value of the single entry. Is the bank transaction matched to two manual transactions in QB, or to a manual transaction and receipt uploaded on the receipt page of the banking/transaction tab?

Barheys · ‎August 17, 2022

Hi,

Both transactions have been manually created - the invoice that they related to was uploaded to Quickbooks by me. The client has had the money but seems to have processed the receipt twice - both by processing a deposit and also by matching to a receipt in the bank feed. I cannot understand how you would do that as the initial matching process should remove the receipt from the banking feed and it shouldn't be available to be matched again. However I note that this wasn't the first time she had done this and I have seen this elsewhere before ... so its clearly a thing. If there isn't a way to stop this then maybe an audit process to spot transactions matched more than once would help - we could run this during the reconciliation process to identify potential problems ??

DivinaMercy_N · ‎August 17, 2022

Hi there, @Barheys. I'd be glad to share with you some information about your banking concern.

In QuickBooks Online (QBO), transactions you see in the bank feeds depend on your bank connected to it. Also, the option to have an audit process to spot transactions matched more than once is unavailable. To ensure the entries are correctly categorised, feel free to visit this article for guidance: Categorise and match online bank transactions in QuickBooks Online.

To fix this, I recommend checking the two entries if they are the same transactions in the bank feeds or if they are two separate transactions having the same amount. This is to determine if they are duplicates. If so, you can simply undo or delete the transaction.

The program also provides you with the option to use bank rules to speed up the review process of the transactions from your bank. It will also automatically categorise transactions so they go into the right accounts.

When everything is fine, you're now ready to reconcile your bank again.

Please let me know how this goes. I'd appreciate any details that you can add. If you have any other concerns about managing your transactions, feel free to get back in this thread. I'm always ready to lend a hand. Keep safe and have a good one.

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A single bank transaction has been matched to 2 Quickbooks Transactions