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Manually Adding and Matching Transactions or Adding from Banking Transactions

Good evening,

 

I seem unable to find an answer to this question elsewhere in the community so apologies if it has been asked and answered before.

 

I have connected all of my banking transactions and it has pulled through almost all of the data since we have been trading.

 

The big question is do I have to manually create every expense and then match the banking transactions to this. Or can I just use the "add" feature to create the expenses which match with the transactions?

 

I have manually gone through and created the invoices so I can match the incoming payments to these but for the outgoing payments we have made can I just use add or should I create the expenses and then match the transactions to them?

 

From what I can tell it has the same end result but the software is still new to me and I would rather get it right first time round. I am almost at a point of creating and matching as I know this will definitely work but obviously it would save me a lot of time if I can just "add" from the bank transactions.

 

I must say I think Quickbooks need to improve the beginners guides / the GUI because while it looks nice a page with all of the "accounts" would be nice.

 

Many thanks in advance to anybody who takes the time to read & reply.

 

KR

1 REPLY 1
Moderator

Manually Adding and Matching Transactions or Adding from Banking Transactions

Welcome aboard to the QuickBooks Community, @KR92.

 

Thank you for providing such detailed information it gives me a helpful overview of the issue.

 

When reviewing your transactions on the Banking page in QuickBooks Online (QBO), you'll be able to add or match your transactions to ensure the program matches what's in your real-life bank account. Doing so will make the reconciliation process go much smoother.

 

The difference between the add and match options is when the system didn’t find a matching transaction, then you can add the transaction. Thus, QuickBooks will start a brand new transaction for you using the info from your bank. While matching means that QuickBooks matched the downloaded transaction with the one you already entered. This links the two so there aren't any duplicates. All you have to do is make sure the match is correct.

 

For more information about adding and matching transactions in QBO, see this article: Add and match downloaded bank transactions [Video].

 

For additional reference, see below links which you may find helpful in the future:

If there's anything else you need, let me know by adding a comment. I'm here to help. Have a great day.