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ScubaPro
Level 3

Reconciling Bank statement

I apologize for the multiple questions but they are all related to the problem I am having.

 

I downloaded my bank statement so that I may reconcile. There were several unrecognized items so I am trying to address them. When I click on match to existing transactions, sometimes I can find the relevant transaction, but most times I cannot, even when selecting the "show all" button, not all transactions appear. How can I fix this and why can't I see all transactions when I select show all? 

 

As an example, I have two unrecognized transfers that were payments made to my credit card company. Why they are unrecognized is beyond me since the amounts downloaded from the bank match the amounts entered into QB. Regardless, when I try to match amounts, my QB entry for that payment is not there.

 

Related, to this is the problem of taking credit card payments. How do I record the credit card service fee so that when I reconcile, the amount deposited in the bank matches the amount I recorded with the service fee? The fee charged is somewhat complicated math so I won't know the exact fee amount for a day or two after the charge is made.

 

Which leads me back to problem one above. When I look for transactions to match, not all of them appear. 

 

Thank you. 

Solved
Best answer April 15, 2021

Best Answers
Rubielyn_J
QuickBooks Team

Reconciling Bank statement

It's a pleasure to have you here again, @ScubaPro. Let me provide some info about your missing transaction on your QuickBooks Desktop.

 

The transaction may have been linked to a different account thus causing it not to show in your records. To fix this, make sure to check the transaction and associate this to the correct account. 

 

You are also right to ignore the downloaded transactions in QuickBooks Desktop. 

 

I'm also adding this link to help you add and match Bank Feed transactions in QuickBooks Desktop.

 

After you categorize your transactions, you can reconcile your account. 

 

Keep me posted if you have other banking concerns with QuickBooks. I'll be around to help. you. Have a nice day.

View solution in original post

4 Comments 4
MirriamM
Moderator

Reconciling Bank statement

Hi there, ScubaPro.

 

When reconciling an account in QuickBooks Desktop (QBDT), you may need to compare the transactions showing in QBDT to your bank statement if it matches.

 

When matching transactions, there are times that QuickBooks doesn't match in an electronic statement with the transaction in QuickBooks. If this happens, you can manually match it to open or posted transactions. For more details about this process, see this article: Add and match Bank Feed transactions in QuickBooks Desktop.

 

As for recording the credit card fee, create a designated expense account. Once you received the payment, record the deposit and add the credit card fee using a negative number. As the system will automatically deduct the fee from the total payment. When done, you can now go back to the Banking screen and match your transactions. 

 

I've included an article that will help you in keeping your records accurate: Reconcile an account in QuickBooks Desktop.

 

In case your accounts in QBDT doesn't match your bank statements when reconciling, check this article for a guide on what to do: Fix issues when you're reconciling in QuickBooks Desktop.

 

Please keep me posted if you need anything else. I'll be around. Have a great day.

ScubaPro
Level 3

Reconciling Bank statement

First, thank you for the help.

 

All is fixed except for 2 unrecognized transactions. Both match to the penny with two payments I made to the credit card company as transfers. However, when I try to match them to existing transactions, my existing transactions are not on the list. My solution is to just ignore the amounts, but that shouldn't be the answer.

 

Both are listed as transfers in my register and the downloaded statement. Both amounts are accurate. Why can't I see the transaction I created when I made the payment?

Rubielyn_J
QuickBooks Team

Reconciling Bank statement

It's a pleasure to have you here again, @ScubaPro. Let me provide some info about your missing transaction on your QuickBooks Desktop.

 

The transaction may have been linked to a different account thus causing it not to show in your records. To fix this, make sure to check the transaction and associate this to the correct account. 

 

You are also right to ignore the downloaded transactions in QuickBooks Desktop. 

 

I'm also adding this link to help you add and match Bank Feed transactions in QuickBooks Desktop.

 

After you categorize your transactions, you can reconcile your account. 

 

Keep me posted if you have other banking concerns with QuickBooks. I'll be around to help. you. Have a nice day.

View solution in original post

bgmd
Level 1

Reconciling Bank statement

no

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