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C
Cosh
October 2, 2021
Question

HMRC liabilities

  • October 2, 2021
  • 1 reply
  • 0 views

With monthly wages I can easily MATCH my bank transaction with the journal entry automatically created from payroll. Im struggling however with the HMRC liabilities. Each month I have various HMRC liabilities for two employees (PAYE, NI etc). We make a single QUARTERLY HMRC payments to cover these liabilities thus I have multiple journal entries which Im trying to match to a single bank transaction. Is this possible?  

1 reply

M
Mark_R
October 2, 2021

Yes, it is possible, @Cosh.

 

You can match multiple journal entries to a single bank transaction. You'll just have to click the Match radio button so QuickBooks will locate the journal entries. Let me guide you through the process.

 

  1. Sign in to your QuickBooks Online (QBO) account.
  2. Click Transactions/Banking from the left menu.
  3. Select the appropriate bank account, then go to the For Review tab.
  4. Choose the downloaded transaction to expand the view.
  5. Tick the Match radio button.
  6. In the Select transactions to match section, put a checkmark on the journal entries you want to match.
  7. Click Match once done.

 

I'm adding this article for more guidance: Categorise and match online bank transactions in QuickBooks Online.

 

After matching all your journal entries, you may proceed with reconciling accounts. This is to ensure your balance matches your real-life bank account.

 

Should you need any additional assistance matching your bank transactions, you can leave a comment below. I'll be sure to get back to you.

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