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RAJD_7
Level 1

Bank Reconciliation

If i manually record all bank transactions like deposit, payment received, bill payments etc. and exclude bank feeds and dont match it or add it to avoid duplicates, Will i have problem while doing Bank reconciliation or reconciliation with quickbooks?

4 Comments
Pete_Mc
Community Champion

Bank Reconciliation

The purpose of Bank Feed was not to auto enter transactions, but to confirm the entries. 

 

So entering the transactions manually is the way I believe is the correct way.  I actually run BF pretty often to make sure the transactions I'm expecting to happen did AND to make sure there are no unexpected ones (like bogus charges to my Credit Card).

 

In theory, all of your transactions should match when you run the BF.  But if not, then you need to find out why before you go on.  It is much easier to fix thing when there are only a few items since the last time you ran BF than if the issue was at the first of the month and it's now weeks later when you're Reconciling and you're not sure what happened.

 

You mentioned Duplicates, so I'm not sure if that was from the first time you ran BF or if you're always getting them.  You should not be getting duplicates every time you run BF, if you are, there is something wrong. 

 

If it was the first time you ran BF you got all the duplicates, that does happen sometimes.  You should have been able to delete all the extra entries and Reconciled correctly at the end of the month. 

 

If you are still getting Duplicates after the initial setup, the question is why?  Or, maybe the question is if they are really Duplicates or UNMATCHED entries.  QBs generally does a pretty good job of matching things, but if the names are off, QBs may present them to you as Unmatched.  At that point you simply need to Manually match the items.  (In QBO, I believe it's a drop down at the end of the line.)

 

You can also teach QBs that certain names from the Bank = the names you have in your Bank Acct.  So in the future QBs will automatically match the items.

RAJD_7
Level 1

Bank Reconciliation

Thank you for your reply. Got to know the true feature of bank feeds. 

However, let me explain you my situation here. My client has a foreign banks. As you know we don't get option of matching with foreign banks. So, I was suggested to manually do all the entries of that bank like deposits, payments, receipts etc and exclude the transactions on bank feeds. Except entries those are not required to me matched like bank monthly charges. I was just making sure that these dont affect while doing reconciliation. 

Joesem M
QuickBooks Team

Bank Reconciliation

Hello there, @RAJD_7.

 

I appreciate you reaching back to us and provide detailed information about your concern.

 

What you've suggested is correct. Make sure that the amount of the created transactions will match with the bank feeds. This way, the Auto find will locate the match and the reconciliation will be accurate.

 

For further info on how you can match the downloaded transaction with the one you already entered in QuickBooks, you can follow the steps in this article: How to match online bank transactions in QBO.

 

Also, I've added these articles about reconciliation that might help you in the future: 

 

 

If there's anything else that I can help you with, please let me know in the comment section down below. I'll be always around ready to help.

 

RAJD_7
Level 1

Bank Reconciliation

@Joesem M Thank you so much for your Help. Regards!!. 

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