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edenwillow
Level 3

Matching Journal Entries to Multiple Bank Transactions

We have multiple bank accounts and I often have to transfer funds between them for specific reasons. I would like to be able to create a JE for each transfer so that I can include details about it (our bank does not allow us to record any notes about transfers). The JE simply debits one bank account and credits the other. I would like to be able to match the debit and credit from the bank feed to the same JE. Is that possible?

Solved
Best answer August 25, 2020

Best Answers
jamespaul
QuickBooks Team

Matching Journal Entries to Multiple Bank Transactions

Hello, edenwillow.

 

I'm here to give you the steps on how to match a bank feed transaction to a journal entry in QuickBooks Online. 

 

Yes, it's possible to match a journal entry with a bank transaction. However, the system only lets you match a single bank feed entry with multiple journal entries. 

 

Here are the steps: 

 

  1. After creating a journal entry, go to the Banking page.
  2. In the For review, tab, find the Transfer record. 
  3. QuickBooks will automatically find the match for the record. Simply select it, then click on Match
  4. If not, select it then tick the Find match button. 

 

jematch1.PNG

 

jematch2.PNG

 

If you have multiple bank feed transactions but a single journal entry, then you'll want to skip the matching part. Instead, exclude those transactions and manually clear the journal entries in the register. 

 

To exclude the transactions: 

 

  1. Go to the Banking page again, then click the For review tab. 
  2. Find the bank feed transaction and check it. 
  3. Click the Exclude button.

 

jematch3.PNG

 

Clear the journal entries:

 

  1. Go to your Chart of Accounts.
  2. Find the bank, and click View register.
  3. Locate the Journal transaction, and click the "check mark" column until a "C" appears.
  4. Click Save

 

jematch4.PNG

 

Do the steps until all of the transactions and records are accounted for in all bank accounts. 

 

Ready to reconcile your bank accounts? Check out this guide on how to do it in QuickBooks Online: Reconcile an account in QuickBooks Online.

 

also, browse our articles if you need help navigating around the program or if you're simply looking for a guide: QuickBooks Online general support page

 

Post your replies here if you have any other questions with QuickBooks Online. I'll be around to help you out again. Take care out there. 

View solution in original post

4 Comments
jamespaul
QuickBooks Team

Matching Journal Entries to Multiple Bank Transactions

Hello, edenwillow.

 

I'm here to give you the steps on how to match a bank feed transaction to a journal entry in QuickBooks Online. 

 

Yes, it's possible to match a journal entry with a bank transaction. However, the system only lets you match a single bank feed entry with multiple journal entries. 

 

Here are the steps: 

 

  1. After creating a journal entry, go to the Banking page.
  2. In the For review, tab, find the Transfer record. 
  3. QuickBooks will automatically find the match for the record. Simply select it, then click on Match
  4. If not, select it then tick the Find match button. 

 

jematch1.PNG

 

jematch2.PNG

 

If you have multiple bank feed transactions but a single journal entry, then you'll want to skip the matching part. Instead, exclude those transactions and manually clear the journal entries in the register. 

 

To exclude the transactions: 

 

  1. Go to the Banking page again, then click the For review tab. 
  2. Find the bank feed transaction and check it. 
  3. Click the Exclude button.

 

jematch3.PNG

 

Clear the journal entries:

 

  1. Go to your Chart of Accounts.
  2. Find the bank, and click View register.
  3. Locate the Journal transaction, and click the "check mark" column until a "C" appears.
  4. Click Save

 

jematch4.PNG

 

Do the steps until all of the transactions and records are accounted for in all bank accounts. 

 

Ready to reconcile your bank accounts? Check out this guide on how to do it in QuickBooks Online: Reconcile an account in QuickBooks Online.

 

also, browse our articles if you need help navigating around the program or if you're simply looking for a guide: QuickBooks Online general support page

 

Post your replies here if you have any other questions with QuickBooks Online. I'll be around to help you out again. Take care out there. 

View solution in original post

edenwillow
Level 3

Matching Journal Entries to Multiple Bank Transactions

Thank you - if I were to make two JEs instead, using a virtual clearing account so that there was only a single bank feed transaction in each JE, would that work? I tried setting it up that way but the JEs don't appear as potential matches. I'm attaching a screenshot so you can see what I mean.

ZackE
QuickBooks Team

Matching Journal Entries to Multiple Bank Transactions

Thanks for the screenshot, edenwillow.
 

When creating a journal entry using a virtual clearing account, you'll still want to follow along with the first set of steps provided by jamespaul. They go over how to match a bank transaction with entries.
 

If you have multiple transactions that need to be linked with one entry, you'll want to skip the matching process and instead exclude each record, then manually clear your journal entries. A walkthrough for this was also provided in my colleague's response.
 

You'll be able to find many resources about using QuickBooks Online in our help article archives.
 

If there's any additional questions, feel more than welcome to send a reply anytime. Enjoy the rest of your day!

edenwillow
Level 3

Matching Journal Entries to Multiple Bank Transactions

Thank you - yes I tried following those steps, but QB would not show the JE I created as a possible match. So I'm not quite sure what I'm doing wrong? 

 

UPDATE I think I figured it out. Thanks for your help!

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