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A
alex51
November 22, 2022
Question

Matching Bank Transactions

  • November 22, 2022
  • 1 reply
  • 0 views

So every thousand or so downloaded bank transactions, I get one that just won't match.  Say it's a bill payment that I sent to a vendor via ACH.  I've created the bill, and I've created a payment.  They are linked.  The transaction gets downloaded from my bank, the dates and the amounts are identical to the bill payment I've created.  The bill payment has not been matched to anything else.  And yet the system simply will not recognize the downloaded transaction as a match for anything.  I click on "find other matches", and the system brings up a bunch of other transactions.  Transactions from other vendors, and other dates, with other amounts, but not the one I'm looking for.  WHY NOT?  Why won't it show me every transaction in a date range that hasn't been matched to a downloaded transaction?  How is it that I can search for the vendor and the system will return bills for that vendor with other amounts or open balances, but not the one where theoretically everything matches?  When will Quickbooks allow me to open a recorded transaction and search for a matching downloaded bank transaction?  Thanks for listening community. 

1 reply

Q
QueenC
November 23, 2022

Hello, @alex51.

 

I wish you didn't have to go through all that just to match your bank transactions. Allow me to assist you in sorting this out.

 

In QuickBooks Online (QBO), we can create rules that automatically categorize transactions. When you set up a bank rule, you no longer have to look for a match on your bank feed transactions manually. The more we utilize bank rules, the better it gets at categorizing. Here's how:

 

  1. From the Banking menu, choose Rules. 
  2. In the upper-right corner, click on New Rule.
  3. Fill in the required fields of the form.
  4. Set the rule conditions. You can set a single rule with up to 5 conditions. Set and include the following, then select + Add a condition.
  5. In the Conditions fields, specify whether the rule applies to Description, Bank text, or Amount. Then select Contains, Doesn't contain or Is exactly to decide how QuickBooks applies the rules.
  6. At the bottom, ensure that Automatically confirm transactions this rule applies to is turned on. 
  7. Select the settings for the rule. Select the Transaction type, Category, Tags, and the Payee to apply.
  8. Click on Save.

 

QuickBooks automatically applies your rules to transactions in the For review tab. These are the ones you need to review every day.

 

Also, in QBO, there are cases where some of the transactions can't find their match from existing records. You may click on this article to know the possible reasons: Find out why there are transactions that don’t have a match.

 

Additionally, I've included an article that will guide you in case you want to categorize your banking transactions in the future: Assign, Categorize, Edit, and Add your Downloaded Banking Transactions.

 

Should you need any additional assistance in matching your bank transactions, I'm just a reply away. Have a great day!

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