a sale in QB is done with an invoice or sales receipt, and the items from the products & services list that you are selling. Then you receive payment and deposit to the QB bank account. Banking download is then used to match the real bank transaction to the QB transaction.
Thanks for your reply. Is there no way to do that with one step in the download transaction section?
We have a lot of transactions and that would create a lot of extra work.
Hi there again, info403.
I appreciate you getting back to the Community and doing a follow up. I'm here to help share some information with you about how matching transactions works in QuickBooks Online (QBO).
Once your bank account is connected into your QBO account, it downloads your recent transactions automatically. If you have any records entered manually that match your download transactions, then you have the option to match it in which you'll need to do it one at a time to verify and check your transactions. However, if it can't find a match, QuickBooks will start a new record for you.
As for adding transactions, you have the option to accept multiple transactions at the same time. All you have to do are the following:
To give you more of an idea about this process, I'm attaching some articles that you may find helpful in the future:
As always, you can get back to me if you need further assistance. I'm always here to answer any questions you may have. Have a wonderful day ahead!
I know how to accept downloaded transactions, but I don't want to create a bill first. I'd like that downloaded transaction to be it. Is that possible?
Yes, it's possible, info403.
You only need to select the right category for your bank transactions, and then Add them to QuickBooks. After that, you can run a Profit and Loss report to see that they increase your expense and income accounts. I got samples in my screenshots.
If you've incorrectly categorized your transactions, you can go to the Reviewed tab on the Banking page. Then, select the transactions you want to redo, and click Undo. This will bring them back to the For Review tab where you can re-categorize them.
Lastly, please be sure to select the right income and expense accounts when categorizing transactions. Some users named an account as Income, but when we check it in the Chart of Accounts, we found out that its account TYPE is not really income.
You can always go back to this thread if you have more questions.
Thank you for that detail. The transactions in question do show in the P&L since they are going to the "income" from the COA. What I'm looking at is the dashboard however that shows zero "sales". The P&L even on the Dashboard does show "income", but zero sales. I guess that's all that it can do since I'm not entering any bill. Thanks for your time!