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Level 1

Banking Not Matching Transactions

Hello All,

 

I am transitioning from QuickBooks desktop to QuickBooks online.  I connected my checking and credit card accounts and have downloaded data from all of 2018.  I have been able to add most transactions from the For Review section of the checking account to the In QuickBooks section.  However, I am having trouble matching merchant services income (batch deposits from Intuit Merchant Services) with the appropriate invoices.  When I choose Find Match from the specific merchant services deposit transaction, the program does not identify the constituent customers for that batch deposit.  Further, there are no options presented to choose from (i.e., there is no list presented when I choose Find Match).  I know which invoices are represented by each batch payment, but I do not know how to match them in the program.

 

Any insights, tips, or recommendations will be greatly appreciated.

 

Thank you!

1 Comment
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QuickBooks Team

Banking Not Matching Transactions

Good day, DC2018.


Welcome aboard in the Online Community. I want to ensure you're able to match the merchant service deposits, so records are in tiptop-shape.


Since these transactions migrated from the desktop version, we’ll need to find where the payments are deposited in your chart of accounts first. This way, you’ll be able to match them smoothly.


If the deposits are recorded as cash on hand, transferring funds via Transfer is the easiest method to use and is easily recognizable in the bank register. I’ll walk you through the step by step process:

 

  1. Click on the Plus icon (+) at the top.
  2. Then choose Transfer.
  3. From the Transfer Funds From drop-down, select the bank account where the funds are coming out of.
  4. From the Transfer Funds To drop-down, choose the bank account that the funds are being deposited into.
  5. In the Transfer Amount box, enter the amount being transferred.
  6. Edit the date and enter a memo.
  7. Click on Save and new or Save and close.

To give more insights about the process, check out this article: Handle a bank transfer.


However, if the transactions are posted in the Asset account, create a journal entry so you’ll be able to match them in the For Review section. Since every business structure is unique, I recommend consulting with your accountant to determine the correct debit and credit account to use.


After performing these steps, you’ll be able to match the transactions in the For Review section. You can refer to the How to add and match downloaded banking transactions article for the detailed instructions.

 

By following these steps, your deposits are already matched in your QBO company. To help get started with the online version, I'm including a link to our online tutorials: Training Videos.

 

If you have additional questions about working in QBO, drop me a comment. I'll be happy to help. Have a great day ahead.

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