Question

Matching transactions

Forum|Forum|3 years ago
December 23, 2022
1 reply
1 view

I am new to QBO. Our account is set up to receive manual feeds from our bank. A deposit was posted to our bank account on Nov 4th for $540. At the time, there was no matching receivable. I have now created an invoice with more detail than the manual feed has but I can't match it to the deposit that has already been entered automatically by the bank feed. Should I just delete the bank feed from the bank register and use receive payment?

QuickBooks Online

MaryLandT

Level 10

Thank you for choosing QuickBooks as your accounting software, JP141.

Yes, you can delete the deposit posted on the Banking page. Then, manually record the payment.

I'll show you the steps for deleting a deposit.

Go to Bookkeeping or Accounting, then select Chart of accounts.
Find the bank account you put the deposit into, then click View register.
Look for the bank deposit and select it to get more details.
Click Delete.

This entry is posted back to the Banking page. You can exclude the deposit so it won't show up. Simply mark the transaction and select Exclude. Here's a sample screenshot below.

I'll also share some insights why there are transactions that don’t have a match. Here are the possible reasons why.

The payees don’t match
The amounts don't match
The dates don't match or aren't close
The transaction is older than 6 months.
The bank account on the payment is not the same as the bank where the match is located
The payment has been reconciled
The transaction is already matched to something else.

For a detailed explanation and how to match transactions moving forward, check out this article: Learn how to review downloaded bank transactions and put them in the correct accounts.

To ensure QuickBooks matches transactions with what's in the real-bank account, I recommend reconciling the bank every month. Check out this complete reconciliation guide.

Get back to me whenever you have additional questions about matching bank transactions. I'll be right here to help you.

M

MollyN

I need help understanding why transactions don't clear in the banking transactions for the following:

1. Created an invoice. Assume the book entries are Dr. A/R and Cr. Revenue

2. Posted the received cash payment and selected the bank account as the deposit category. Each deposit is for the exact amount. Assume the book entry would be Dr. Cash and Cr. A/R.

3. Why is the A/R transaction still in my reconcile detail? How do I clear it? It has nothing to do with my cash at this point.

HELPPPP!

Nicole_N

QuickBooks Team

Hi there, Molly. Let me clear things up for you.

In QuickBooks Online (QBO), you just have to match the downloaded transaction to the invoice payment. You don't need to manually create the payment. We can utilize the Find Match feature to show all potentially matched transactions. Then, review the list of possible matches and select one if you find it.

Here's how:

Go to the Banking menu and select Banking.
From the For Review tab, click on the transactions you think have a match.
Select the Find match circle to view the list of possible match transactions.
Tick the check box if you see one that match.
Then select Save to save changes.

For more information, refer to this article: Categorize and match online bank transactions in QuickBooks Online.

In case you would like to reconcile your account, here are a few additional articles to help you accomplish a successful reconciliation:

The Community is always here to help if you have other questions about matching transactions in QBO. Have a good one!

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