Clearing Online Bank Transactions - Imported as Totals, Cleared as Individual Items - No Match

kvngrffn · ‎September 09, 2020

The problem(s):

We have transaction totals with no details showing on the QBO ledger for a bank account.

We have detail level transactions imported through the bank connection.

We can not make them match/clear properly.

The situation:

We are a staffing/recruiting company. Our operational software processes all payroll and invoicing for the company but has no G/L or A/P capabilities. So we use QBO for all other accounting tasks. We import a feed each week into QBO for maintaining our books using the SaasAnt importer. This import pulls in data at a group level and individual items are not available for import. A sample imported Journal Entry is:

Journal Date	Memo	Amount (Credit or Debit)	Account
8/23/2020	--Net Check Amount	-9273.90	1007-00
8/23/2020	Federal Income Tax--Withheld Taxes Payable	-549.96	2049-00
8/23/2020	NC: NC WH--Withheld Taxes Payable	-333.00	2061-00
8/23/2020	FICA EE--Withheld Taxes Payable	-723.72	2150-00
8/23/2020	MED EE--Withheld Taxes Payable	-169.29	2151-00
8/23/2020	Child Support--Withheld Adjustments Payable	-342.55	2200-00
8/23/2020	Reimbursement--Withheld Adjustments Payable	88.37	2201-00
8/23/2020	ESC Medical Emp--Withheld Adjustments Payable	-99.90	2201-00
8/23/2020	ESC Dental Emp--Withheld Adjustments Payable	-27.00	2201-00
8/23/2020	ESC Life Emp--Withheld Adjustments Payable	-1.80	2201-00
8/23/2020	ESC Standard Employee--Withheld Adjustments Payable	-16.80	2201-00
8/23/2020	ESC MEC PLAN--Withheld Adjustments Payable	-174.57	2201-00
8/23/2020	ESC Dental EMP+Child(ren)--Withheld Adjustments Payable	-14.58	2201-00
8/23/2020	ESC Life EMP+Child(ren)--Withheld Adjustments Payable	-0.90	2201-00
8/23/2020	ESC Medical EMP+Child(ren--Withheld Adjustments Payable	-33.17	2201-00
8/23/2020	Clerical - Temp to Hire--Wages Expense	757.94	5510-10
8/23/2020	Light Industrial - Payrolling--Wages Expense	640.44	5510-40
8/23/2020	Light Industrial - Temp to Hire--Wages Expense	6144.90	5510-40
8/23/2020	Light Industrial - Temporary--Wages Expense	3367.74	5510-40
8/23/2020	TEMP--Wages Expense	761.75	5510-40

So we only have total net wages written to the G/L Account for the paychecks. However, the paychecks are clearing the bank individually and there is no matching transaction to correlate.

So the bank is generating transactions like:

Name	Ck.#	Net Check	Ck.Date	ACCT
Employee	40373	$596.01	08/28/20	1007-00
Employee	40374	$465.84	08/28/20	1007-00
Employee	40375	$499.49	08/28/20	1007-00
Employee	40376	$592.57	08/28/20	1007-00
Employee	40377	$480.12	08/28/20	1007-00
Employee	40378	$253.87	08/28/20	1007-00
Employee	40379	$448.70	08/28/20	1007-00
Employee	40380	$554.09	08/28/20	1007-00
Employee	40381	$427.38	08/28/20	1007-00
Employee	40382	$45.71	08/28/20	1007-00
Employee	40383	$369.14	08/28/20	1007-00
Employee	40384	$81.04	08/28/20	1007-00
Employee	40385	$481.92	08/28/20	1007-00
Employee	40386	$549.09	08/28/20	1007-00
Employee	40387	$59.22	08/28/20	1007-00
Employee	40388	$695.42	08/28/20	1007-00
Employee	40389	$52.99	08/28/20	1007-00
Employee	40390	$982.70	08/28/20	1007-00
Employee	40391	$765.36	08/28/20	1007-00
Employee	40392	$576.12	08/28/20	1007-00
Employee	40393	$40.52	08/28/20	1007-00
Employee	40394	$256.60	08/28/20	1007-00

But in order to clear the checks I have to associate the entry with a Category/Account. But the charges for these checks have already been allocated through the Journal Entry import. So this would seem to create a duplicate charge.

I have tried to import a journal entry that offsets the net wages amount with the check detail, as a method for creating entries that QBO could match the bank transactions against. But, the system did not recognize those transactions as a potential match for the bank line generated line items.

So, how do I clear the checks without creating new(duplicate) expenses?

Thank you for any help you can give

Tori B · ‎September 09, 2020

Hey there, kvngrffn.

Thanks for your detailed post. This helps to sort things out. Let's get back to business.

From reading over your post here, it seems that the journal entry accounts for all the bank transactions. If this is the case, you'll need to do the manual find match option and find the journal entry with each transaction to match.

Please note: It is important to remember that you can match multiple bank transactions to one transaction created in QBO, but you can't match one bank transaction to numerous transactions in QBO.

I recommend checking if the journal entry is already reconciled. Bank transactions can't match with reconciled transactions. You can also exclude the bank transactions as an option since the journal entry is already accounting for the transaction. For further details, check out the links below.

Please let me know if you have additional questions or concerns. You can reach out to the Community any time. Take care!

View solution in original post

Tori B · ‎September 09, 2020

Hey there, kvngrffn.

Thanks for your detailed post. This helps to sort things out. Let's get back to business.

From reading over your post here, it seems that the journal entry accounts for all the bank transactions. If this is the case, you'll need to do the manual find match option and find the journal entry with each transaction to match.

Please note: It is important to remember that you can match multiple bank transactions to one transaction created in QBO, but you can't match one bank transaction to numerous transactions in QBO.

I recommend checking if the journal entry is already reconciled. Bank transactions can't match with reconciled transactions. You can also exclude the bank transactions as an option since the journal entry is already accounting for the transaction. For further details, check out the links below.

Please let me know if you have additional questions or concerns. You can reach out to the Community any time. Take care!

Vinyard · ‎September 20, 2023

I have a credit card payment that appeared in my bank transactions and did not match it because the next day i refunded the credit card for the exact amount because the customer had authorised the incorrect amount amount that was not as per bill. How do I clear the both debit and credit in QBs under the bank transactions

JanbonN · ‎September 20, 2023

Hello there, @Vinyard.

I appreciate your time in posting your concern. I'm here to provide information on how we can correctly match your transactions in QuickBooks

It's necessary to track these entries in the system with the same information you have on your bank statement. Doing so helps avoid discrepancies in reconciliation.

First, you'll want to track the unauthorized payments by recording them as deposits. Here's how:

Go to + New.
Select Bank Deposit.
From the Account ▼ dropdown, choose the account the payment was added.
Under Add funds to this deposit, enter the correct information.
Select Save and close.

Then, let's write a check to record the refund:

From the + New, select Check.
Enter the correct information needed.
Click Save and close.

Otherwise, you can also enter the transactions directly in the Bank Register. Then, match the details on the Banking page.

I've also attached an article to help you review downloaded bank and credit card transactions to ensure you put them in the correct accounts: Categorize Bank Data.

Once everything is all set, you can reconcile your account to match them with your bank and credit card statements.

Keep us posted if you have more questions regarding bank transactions and other concerns. We are just one post away.

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Clearing Online Bank Transactions - Imported as Totals, Cleared as Individual Items - No Match