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Intuit
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Add and match Bank Feed transactions

 

This article is a part of a series that covers basic information about Bank Feeds in QuickBooks for Windows.

There are two Bank Feeds modes available in QuickBooks. How transactions are displayed (and handled) in the Bank Feeds depends on the selected mode. To learn more, see Switch between banking modes in QuickBooks Desktop.

To start adding and matching transactions, go to the Banking menu and select Bank Feeds then Bank Feeds Center.

How QuickBooks handles the downloaded transactions

When you download transactions, they are usually categorized as:

  • (Need Your Review) Unmatched: The downloaded transactions don’t match any transaction in this account in QuickBooks.
  • (Changed By Rules) Renamed: New transactions created using renaming rules. The downloaded transaction doesn’t match any transaction in this account in QuickBooks, but a renaming rule created a new transaction ready to be added to the register. They will be added when you click Finish Later.
  • (Auto) Matched: The downloaded transaction corresponds to the one you’ve entered into this account register in QuickBooks.

QuickBooks tries to match downloaded transactions to any entries in your Register automatically. If a match can’t be found, QuickBooks tries to create register transactions using renaming rules. You can review the matches before adding them to the register.

To make a match, QuickBooks looks at the following:

  • Check numbers: If these match, the transactions may match.
  • Amounts: If the amounts are the same, the transactions may match.
  • Dates: If the transaction was recorded in QuickBooks within a few days of it clearing the bank, the transactions may match.
  • Payees: If the payees are the same or if the payee in the downloaded transaction has a renaming rule to a name in QuickBooks, the transactions may match.

You need to match downloaded transactions to ones in QuickBooks so you can tell what transactions your FI has processed and which ones have not cleared the bank yet. You can also tell if the FI has processed any transactions that are not in QuickBooks, so you can add them to your records.

If you agree with the match QuickBooks made, you don't need to do anything else with these transactions. The matches will be added to your register when you click Finish Later. If you don’t agree with the match, unmatch the transactions. The status of the downloaded transaction changes to unmatched.

There are times when transactions simply won’t match. These are the possible scenario:

      • It’s brand new. The transaction does not exist in QuickBooks. If this is the case, enter the transactions for QuickBooks to change the status of the downloaded transaction to Matched.
      • It’s different. The transaction that exists in QuickBooks could have a different transaction number, amount, date, or payee from the downloaded transaction. If this is the case, find the specific QuickBooks transaction and change according to what cleared the bank. Doing this will change the status of the downloaded transaction to Matched.
    • It’s Reconciled. A downloaded transaction that matches a reconciled transaction will not be tagged as matched. The reconciled transaction has a checkmark in the CLR column.
    • It’s already downloaded. Although rare, there are occasions when duplicate statements or transactions may be imported and produce unexpected results. If these transactions have already been added to QuickBooks and have a lightning bolt in the CLR column, the transactions will not be matched again even if all four pieces of information (transaction number, amount, date and payee name) are exactly the same.

QuickBooks uses three distinct symbols to represent the three states of a transaction.

On screen:

  • Asterisk: Cleared, but not yet reconciled
  • Checkmark: Reconciled
  • Lightning bolt: Matched to an online bank statement

In the Printed Report:

  • Asterisk: Cleared, but not yet reconciled
  • Letter X: Reconciled
  • Letter M: Matched to an online bank statement

How you will handle the transactions

Are the transactions already entered in QuickBooks?

  1. Assign the payee and appropriate account(s) then save, add, or confirm to add to bank register in QuickBooks.
    • Payee: Name of the person or institution you paid.
    • Account: The offsetting account. For example, an expense account for bill payments and checks. Note: when a transaction has been downloaded into the Bank Feeds, it is not possible to use an item in place of an account. However, once the transaction has been recorded in QuickBooks, you can edit it and use an item instead of an account.
  2. Go to the Action drop-down, then select Quick Add to add a single transaction.
  3. Go to the Batch Action drop-down, then select Add/Approve if you want to work on multiple transactions and add them all at once.

Reminders

  • You may notice that when downloading and matching transactions from the bank, the memo field auto-fills on your check even if you leave it blank. This is a bank default and setup in its system.
  • If you are adding multiple transactions and you want to Pre-fill accounts based on your past entries, make sure that your preference for recalling transactions is selected.
    1. From the Home screen select Edit menu.
    2. Select Preferences.
    3. On the left pane, choose General.
    4. On the right pane, select the My Preferences tab.
    5. Put a checkmark in the box, Automatically remember account or transaction information.
    6. Select OK.

Continue.

How were the transactions entered?

The BILLPMT should auto-match and you can choose from the following options in the Transaction List window.

  • Approve: If you agree with the match. The transaction will go from Auto to the Add list. When you view the transaction in the Register, it has the thunderbolt symbol.
  • View Details: If you want to see the details of the bill entered in QuickBooks prior to downloading the transactions. On this screen, you can confirm the match or you can tell QuickBooks that it is Not a Match. To go out of the View Details screen, select Cancel.
  • Not a Match: If you do not agree with the match and you want to add more details or match the transaction to something else.
  • Ignore: If you want to delete the transaction from the list.

Note: Checks and Deposit may also automatch if the amount, date, check number, etc… matched the existing transaction in QuickBooks.

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  • Select the appropriate transaction.
  • From the Action drop-down, choose Select Bills to Mark as Paid.
  • On the Transaction Details window, choose the vendor name and the date.
  • In the Open Bills for the selected vendor section, choose the appropriate bill. Note that when you select the bill, QuickBooks displays Matched and the Difference remaining is 0.00.
  • Select Add to QuickBooks.

Note: This feature only works with downloaded transactions from bank accounts. You cannot create a bill payment from a downloaded credit card charge.

Select the appropriate transaction (CHK/DPT) and from the Action dropdown, choose any of the following options:

  • Add More Details: If you need to add the Payee, Account and other information like Customer Job if you are tracking billable expense.

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  • Match to an existing transaction: to match the downloaded transaction with the check previously entered in QuickBooks.

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Select the appropriate transaction (DPT) and from the Action drop-down, choose any of the following options:

  • Add More Details: If you have already received payment and wants to link the transaction to it, go to the Undeposited Funds tab. If you need to look for the invoice that goes with the downloaded deposit, go to the Open Invoices tab. QuickBooks links the invoice and the payment to show the invoice was paid.

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  • Match to an existing transaction: if you need to match the downloaded transaction with the transaction previously entered in QuickBooks.

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Do you have recurring transactions or multiple transactions with the same amount and date?

No Action needed.

You need to manually match your online banking statement with transactions in QuickBooks Desktop.

Do you want to create Renaming Rules for commonly downloaded transactions?

No Action needed.

Option 1: Create renaming rules from scratch:

  1. In the Bank Feeds center, go to the Rules icon (upper left).
  2. Select the Manage Rules drop-down, then choose New or Edit Rule.
  3. On the Add Rules Details window, give the rule a name and set the conditions for the When and Do this sections.User-added image
    • Under the When section, add or remove conditions for descriptions.
    • Under the Do this section, rename payees and/or add categories for accounts.

Option 2: Create renaming rules automatically:

  1. Set the Company Checking preferences to create rules automatically and ask before creating rules.User-added image
  2. In the Banking Center from the transaction list, add a payee and account then add to register.
  3. If you have multiple transactions with the same criteria you’ll receive a (Rules Creation) pop-up to Ignore or Edit the rule.

Note: Be sure to review transactions changed by Rules before choosing Add/Approve from Batch transactions.

Do you need to undo incorrectly renamed transactions?

No Action needed.

You can restore a backup prior to the downloaded transactions being entered or you can manually edit each transaction.

Do you need to delete unmatched transactions from your Bank Feeds

No Action needed.

Delete unmatched transactions in Express mode

  • Select the appropriate transaction and from the Action drop-down, select Ignore to remove a single transaction from the Transaction list window.

To remove multiple transactions at one time:

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  • On the Transactions list window, put a checkmark in the box column to select all transactions.
  • Select the Batch Actions drop-down and choose Ignore.

Delete unmatched transactions in Classic (Register) mode

    • There is no option to delete a single unmatched transaction if you are in the Classic Mode, or using a Canadian version of QuickBooks.

To remove multiple transactions from a statement:User-added image

  • From the Bank Feeds, go to the Items Received From Financial Institution section.
  • Highlight the statement you want to delete.
  • Select the Delete button.
  • On the Delete Statement window that appears, select Yes.

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