Transaction Maching/Categorizing

CaitPHG · ‎February 15, 2022

On my Banking Transactions, and QBO Auto just says "Find Match", but instead should I click the "Categorize" option so I can properly assign it to a Project? Do I do both? Or one then the other?

Kevin_C · ‎February 15, 2022

Great to see you here in the Community forum, @CaitPHG. I'm here to ensure you can categorize your bank transactions in QuickBooks Online (QBO).

QuickBooks automatically detects if the transactions are related to something you've already entered. If the matched transactions are match correctly to what you have entered in QuickBooks, then you can Match it to avoid duplicates.

If it doesn't match the correct transactions you've entered in QBO, you can select Find Match to look for the accurate transactions. However, if QuickBooks didn't find the correct match, then you can select Categorize to add it as a brand new transaction.

For more information about categorizing and matching your bank transactions in QBO, please refer to this article: Categorize and match online bank transactions in QuickBooks Online.

Also, I'd recommend reconciling your accounts every month. This will help you manage your expenses and detect any possible errors accordingly. For the step-by-step guide, kindly visit this article: Reconcile an account in QuickBooks Online.

Please keep me posted if you have other banking concerns in QBO. You can leave a comment below, and I'll gladly help. Take care, and I wish you continued success!

View solution in original post

Kevin_C · ‎February 15, 2022

Great to see you here in the Community forum, @CaitPHG. I'm here to ensure you can categorize your bank transactions in QuickBooks Online (QBO).

QuickBooks automatically detects if the transactions are related to something you've already entered. If the matched transactions are match correctly to what you have entered in QuickBooks, then you can Match it to avoid duplicates.

If it doesn't match the correct transactions you've entered in QBO, you can select Find Match to look for the accurate transactions. However, if QuickBooks didn't find the correct match, then you can select Categorize to add it as a brand new transaction.

For more information about categorizing and matching your bank transactions in QBO, please refer to this article: Categorize and match online bank transactions in QuickBooks Online.

Also, I'd recommend reconciling your accounts every month. This will help you manage your expenses and detect any possible errors accordingly. For the step-by-step guide, kindly visit this article: Reconcile an account in QuickBooks Online.

Please keep me posted if you have other banking concerns in QBO. You can leave a comment below, and I'll gladly help. Take care, and I wish you continued success!

Michellyt · ‎February 02, 2024

I own a bicycle shop and often have customers bring in used bikes for me to sell for them. There has been a few times that I will write a check for the sale to the original owner once the bike sells. How do I categorize that in QB online? I am not making money from it, or spending money on it.

M A J · ‎February 02, 2024

Thanks for joining the thread, @Michellyt.

We will be able to record your transactions in QuickBooks Online (QBO). However, we'll need to set-up your customers (consignors) as vendors and should make sure to turn on the Class tracking feature.

Here's how to enable Class tracking feature:

1. Click the gear icon ⚙.
2. Choose Account and settings and then Advanced.
3. In the Categories section, then edit ✎ to open the fields.
4. Select Track classes.
5. Select Save, then select Done.

Also, to set up the consignors as vendors, we'll need to follow these steps:

1. Click the gear icon ⚙ under Lists, select All lists.
2. Choose the Classes item to open the Classes page and press New.
3. Enter the consignor's Name, then Save.

In addition, I've added this article for you to check on how to add, delete, or restore a class in QBO: Create and manage classes in QuickBooks Online.

Come back to this thread should you need additional assistance in QBO related matters. Keep safe.

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