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K
KC20
January 30, 2021
Question

Bank transactions not matching payroll or tax set up

  • January 30, 2021
  • 1 reply
  • 0 views

When I download bank transactions and begin categorizing them I have issues with both the payroll checks and the payroll tax payments.  When I match them up I end up having two entries in my bank register for the payroll taxes.  
The payroll checks are an issue because when I categorize them sometimes they don't end up showing on my 941 report.  I know I must be choosing the wrong category but I can't figure it out and it is so frustrating.  

Any help is soooo appreciated.

1 reply

R
Rea_M
January 30, 2021

Hello there, @KC20.

 

I'm here to ensure you're able to match your payroll tax payments to the downloaded bank transactions in QuickBooks Online (QBO). This way, you can keep your financial data accurate and payroll reports updated.

 

Based on your description of the issue above, it seems that you've recorded the downloaded payroll tax payment by adding it through the Banking page. To avoid having two entries in your bank register, you'll first need to make sure you've recorded the payment accordingly. Then, find its match from the Banking page.

 

Let's start resolving this issue by undoing the categorized payment. Then, once its transferred back to the For Review tab, you can match it to the existing payroll tax entry in QuickBooks. Let me guide you how.

  1. Go to the Banking menu.
  2. Select the tile for the account you want to review.
  3. Go to the Categorized or Reviewed tab.
  4. Locate the payment, then click Undo under the Action column.
  5. Go back to the For review tab.
  6. Find the transaction, then make sure it has the Match option in the Action column.
  7. Select the downloaded transaction to expand the view. Then, review the Matching records found. 
  8. If this is the correct match, close the open transaction.
  9. Select Match.

 

To learn more about reviewing downloaded bank transactions and put them in the correct accounts, you can refer to this article for the detailed steps: Categorize online bank transactions in QuickBooks Online. It also includes details about excluding personal or duplicate transactions.

 

Also, I'd recommend reconciling your accounts every month. This is to effectively monitor your income, expenses, and make sure they match with your real-life transactions. You can check out this article for the step-by-step guide: Reconcile an account in QuickBooks Online. It also contains details about reviewing past reconciliations.

 

Let me know if you have other concerns about categorizing and matching bank transactions in QuickBooks. I'm just around to help. Take care always.

S
shamashsolutions
March 11, 2021

I'm having an issue matching the automatically generated tax payments to those in my banking register. I have left them in In Review, but when I click Match, the tax payments they should match with are not there. What could be the problem?

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