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bdental
Level 3

Quickbooks 2020 desktop bank feeds, matching, and reconciliation

I have a problem with the bank feed matching of transactions to reconcile bank statements.  The whole point of bank feeds is to simplify reconciliation of bank statements or to actually blow off data entry and use what the bank provides.  The second option is obviously not as accurate.

I have a problem in that despite that I have already matched transactions in transaction list window when I get to matching the transactions in the reconciliation window some transactions are missed as the balance is not reconciled.  Then I have to do the old school method of checking off all the entries with the statement until I find the missing ones.

Please confirm that the date of the downloaded bank feeds transaction does not change the date of the manually entered transaction.

Question:  What is the point of entering the end date of statement in the reconciliation window?  If there are manual transactions with dates after the statement date that match bank feed transaction except for the date it appears they will not match or may have trouble matching.   I don't understand the point of  limiting the date as you will be possibly limiting the match and creating more work.  If you change the date of the manual transaction to the bank feed transaction perhaps this could avoid confusion but it is more labor.

I'm about to do a statement with 135 transactions so I might be able to answer my own questions.

Also, somebody online posted that QuickBooks desktop 2021 has simplified in some way this process.  Is this true?

Thank you

3 Comments 3
RCV
QuickBooks Team
QuickBooks Team

Quickbooks 2020 desktop bank feeds, matching, and reconciliation

This is not the impression we want you to experience when matching bank transactions, bdental.

 

I appreciate you for performing some workaround to match the bank data and reconcile your account. There are times when QuickBooks can't find a matching transaction for one downloaded from your bank. If transactions are too new, you may not have entered them into QuickBooks yet. If this is the case, enter the transactions into QuickBook and this changes the status of the downloaded transaction to Matched.

 

The transaction that exists in QuickBooks Desktop could have a different transaction number, amount, date, or payee from the downloaded transaction. If this is the case, we can find the transaction in QuickBooks and make edits based on your bank records. This changes the status of the downloaded transaction to Matched. Only do this if you know you've found the exact match in QuickBooks.

 

Also, QuickBooks won't match the traction if a downloaded transaction matches an already reconciled transaction. The reconciled transaction has a checkmark in the CLR column. To learn more about this one, see the Add and match Bank Feed transactions in the QuickBooks Desktop article. 

 

On the other hand, QuickBooks Desktop 2021 follows the same process in matching and reconciling your accounts. We can create rules to automatically categorize bank transactions in QuickBooks. Just follow the steps in the Use renaming rules for QuickBooks Desktop article. Once everything's good, you can start reconciling your account to ensure the accuracy of your books.

 

Feel free to visit our Banking page for more insights about managing your bank feeds and reconciling accounts. 

 

You can count on me if you have additional questions about handling your banking in QuickBooks Desktop. I'll be here to ensure your success. You have a good one. 

bdental
Level 3

Quickbooks 2020 desktop bank feeds, matching, and reconciliation

Manually match transactions

Sometimes QuickBooks doesn’t match a transaction in an electronic statement with the transaction in QuickBooks. If this happens, you can manually match it to open or posted transactions.

Advanced Mode

In the Unrecognized tab, you can manually match your transactions to what’s in your books.

  1. From the transaction, select Match to existing transactions from the dropdown in the Action column.
  2. Find and select the matching transaction, then select Save and add to register.
    • If the amount doesn’t match, select Resolve to split entries to balance the remaining amount. You can also add resolving split entries in an existing posted transaction for deposits and payments.
    • If you’re matching a money-out transaction to a bill, edit the amount under the To Pay column to indicate a full or partial payment.

I know this is old but i now have quickbooks pro plus 2023 and the feature still doesn't work.

the above link data about matching shows no visual but I included a screen shot with blocked out data of a transaction.  This transaction is from the bankfeed downloaded data.  NOtice that below the transaction there is a toggle Last 30 days vs show all.  Below that there is text that is cutoff.  AFter clicking "show all" the text below goes away and nothing else is shown.  

 

I don't think this function has worked for years and years.  I spent hours with tech support last night as now with the increased fee subscription I get tech support.  It was a TOTAL FAILURE with tech support.  

Until evidence is presented by intuit or community users that this function does work and instructions for me to fix it I am convinced that it is a software bug that intuit can't or won't fix.  I don't need the feature but it is there and if it did work then I could use it.  I have a transaction that differs by date but otherwise it matches.  Quickbooks won't match it so i try to match it manually in the right action column to get my screen shot with the text cut off.  This is a clear sign of buggy action. The software shows no transactions to match.   Does anyone else get this that uses bank feeds? 

Thanks

bdental
Level 3

Quickbooks 2020 desktop bank feeds, matching, and reconciliation

Advanced banking mode in checking preferences fixed the problem.  Express mode should give a popup that says "you must use advanced  banking mode to match manually".

 

Learn how to switch between banking modes in QuickBooks Desktop.

There are three Bank Feed modes available in QuickBooks. Each mode displays and handles transactions in your Bank Feeds differently. You can change between modes as often as you need.

You might need to change modes because you can't rename rules in Classic Mode (Register Mode) if you made them in Advanced or Express Mode. You can't use aliases in Classic Mode if you made them in Advanced or Express Mode.

Switch between Bank Feeds modes:

Before you switch modes, make sure to update QuickBooks to the latest release and you're in single-user mode.

  1. Go to Edit, and then select Preferences.
  2. Select Checking then go to the Company Preferences.
  3. In the Bank Feeds section, select either
    1. Advanced Mode: This uses the Transactions List window to add or match transactions. You can quickly update transactions for future matches or create rules to automatically recognize and match transactions to your books.
    2. Express Mode: This uses the Transactions List window to add or match transactions. Renaming rules are created automatically.
    3. Classic Mode: This uses the account register to add or match transactions. Aliases match names exactly and you control when you want to create aliases.
  4. Select OK.

 

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