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bugg2844
July 5, 2024
Question

Bank transaction 'find match' does not find expense with higher amount.

  • July 5, 2024
  • 1 reply
  • 0 views
What is the proper way to record these two items, so I can later match the bank transaction?
On 6/19, a vendor sends me a refund invoice for $200
On 6/26, a vendor send me an invoice for $1400 of purchases
On 7/3, the bank transaction comes in as a $1200 withdrawal that I want to match to these.
It's important we keep the refund and expense separate, as they occur in separate weeks which matters for our reporting.  But the $1200 'find match' does not find the $1400 expense, presumably because it's too high.  What is the proper way to handle this, without merging the refund into the unrelated expense?

1 reply

JenoP
JenoP
July 5, 2024

QuickBooks uses the transaction amount as a primary factor when matching transactions, bugg2844.

 

Since the downloaded data and expense transaction contained different amounts, QBO will not consider it a match. I'd like to recommend two options to resolve this.

 

First, you can exclude the downloaded transaction. Then, record the refund and expense transactions separately. Second, you can use the Resolve difference feature to force a match.

 

Follow these steps on how to exclude a transaction:

 

  1. Go back to the Banking section and proceed to the For review tab.
  2. Look for the downloaded transaction and check the box before it.
  3. Click the Exclude button.

 

You can read more details about this option here: Exclude A Bank Transaction You Downloaded Into QuickBooks Online.

 

Alternatively, you can use the Resolve difference function. This is applicable if you haven't made a record of the refund yet.

 

Here's how:

 

  1. Go back to the Banking section and proceed to the For review tab.
  2. Look for the downloaded transaction and click on it.
  3. Select the expense transaction.
  4. Scroll down to the bottom of the screen and look for Resolve.
  5. Slide the bar to the right and select Difference.
  6. Add the refund in the Add resolving transactions section.
  7. Click Match.

 

Here are some additional resources you can find helpful when managing online banking transactions in QuickBooks:

 

 

Please feel free to reach out if you have any other questions or need additional help resolving banking transactions or other bookkeeping issues. We're committed to helping our customers succeed with QuickBooks.

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bugg2844Author
July 6, 2024

I was able to work around it by splitting the $1400 expense into two expenses:

 

6/26 $1200

6/26 $200

 

Then I'm able to match the $1200 bank transaction to both expenses, and add a resolving transaction on 6/19 for -$200.

 

But why won't QB allow me to just force-match the $1400 expense in the first place?  Strange behavior.

A
Aldren18
July 6, 2024

Thanks for getting back, bugg2844. I'm glad you found a workaround. Let me explain why QuickBooks (QB) behaves this way.

 

QuickBooks is designed to be cautious with matching to prevent errors. The system typically looks for exact matches or amounts within a small threshold of around 1-2% to avoid incorrect associations. In your case, the difference between $1400 and $1200 is outside the typical range.

 

This behavior is intended to:

 

  • Prevent accidental mismatches
  • Ensure accurate bookkeeping
  • Flag potential discrepancies for review

 

Here are some articles you can refer to managing bank transactions moving forward:

 

 

Comment below if you have additional questions about handling bank transactions in QBO. Have a good one.

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