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nonyanon
Level 3

Understanding Bank Feed's Reviewing 'Action' choices - Credit Card Payment, Transfer, Match, Add.

Hi there,

 

Can I have in-depth info of each function in the Bank Feed's, Review, "Action" choices:

 

Add [yes I know this one]

Match

Credit Card Payment

Transfer

 

Also, what is the purpose of Exclude? All transactions need to be accounted for.  I understand excluding a duplicate, but excluding a personal transaction??

Solved
Best answer December 12, 2020

Best Answers
Rasa-LilaM
QuickBooks Team

Understanding Bank Feed's Reviewing 'Action' choices - Credit Card Payment, Transfer, Match, Add.

It’s nice to see you in the Community, nonyanon.


Let me share some insights on the function of the following options in your bank feeds: Match, Credit Card Payment, and Transfer.


Match means QuickBooks matched the downloaded transaction with the one you already entered. This is to link them together to avoid duplication. The Record as credit payment option is selected when you move money from a bank account to a credit card account. If you mean by credit card payment, it's the use of a credit or debit card to pay for a sale of goods or services.


For Transfer, select this action when you move funds between checking, savings, and money market accounts in your chart of accounts. For example, you wish to transfer funds from your checking account to the petty cash account.


If you have transactions that can’t be matched and you’re confident they’re recorded in the books, use the Exclude feature to remove them from the bank feed. When the downloaded transaction is a personal expense, add it to QuickBooks. This way, you can easily match the transaction to your bank statement and reconcile it seamlessly.


For additional resources, the following guides provide an overview of the online banking processes in the program.

 

Don’t hesitate to post a comment below if you have any clarifications or questions about QuickBooks. I’ll be around to assist further. Have a great rest of the day.

View solution in original post

4 Comments
Rasa-LilaM
QuickBooks Team

Understanding Bank Feed's Reviewing 'Action' choices - Credit Card Payment, Transfer, Match, Add.

It’s nice to see you in the Community, nonyanon.


Let me share some insights on the function of the following options in your bank feeds: Match, Credit Card Payment, and Transfer.


Match means QuickBooks matched the downloaded transaction with the one you already entered. This is to link them together to avoid duplication. The Record as credit payment option is selected when you move money from a bank account to a credit card account. If you mean by credit card payment, it's the use of a credit or debit card to pay for a sale of goods or services.


For Transfer, select this action when you move funds between checking, savings, and money market accounts in your chart of accounts. For example, you wish to transfer funds from your checking account to the petty cash account.


If you have transactions that can’t be matched and you’re confident they’re recorded in the books, use the Exclude feature to remove them from the bank feed. When the downloaded transaction is a personal expense, add it to QuickBooks. This way, you can easily match the transaction to your bank statement and reconcile it seamlessly.


For additional resources, the following guides provide an overview of the online banking processes in the program.

 

Don’t hesitate to post a comment below if you have any clarifications or questions about QuickBooks. I’ll be around to assist further. Have a great rest of the day.

View solution in original post

Rasa-LilaM
QuickBooks Team

Understanding Bank Feed's Reviewing 'Action' choices - Credit Card Payment, Transfer, Match, Add.

I’m here to make sure everything is clear for you, nonyanon.


May I know if the information I shared answered your concerns? If you still need further assistance with this, feel free to leave a reply below. I’ll be around to help.


Wishing you and your business continued success.

Bdole0139
Level 1

Understanding Bank Feed's Reviewing 'Action' choices - Credit Card Payment, Transfer, Match, Add.

Hi Rasa-LilaM,

 

I have a follow-up question to your posted solution.  It looks like QBO has recently added a 2nd option for recording credit card payments/transfers.  Previously I had just recorded the transaction as a transfer from my business checking to the credit card.  Now it looks like I can still do that or I can check the new Action: "Record as credit card payment".  See attached.  What is the difference and which option should I be using?

Many thanks!

QBO record as credit card payment.JPG

dvrbooks
Level 1

Understanding Bank Feed's Reviewing 'Action' choices - Credit Card Payment, Transfer, Match, Add.

I am also curious about this. Did you get an answer?

Thanks!

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