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Bdonahue
March 19, 2024
Question

Matching transactions from 6+ months ago

  • March 19, 2024
  • 1 reply
  • 0 views

I have two separate bank accounts in my client's QB - PayPal and a normal banking account. The bank account funds the PayPal account via bank transfers and PayPal uses those funds to pay contractors. My question is how do I match 6+ month-old transfers from the bank account to the PayPal account? I was told by the QB support team that anything over 6 months old would not match due to the age of the transaction. If I go into each account and select "transfer" to record the transaction in each bank account, I will see a double entry on my balance sheet thus throwing it off drastically. 

Instead of recording double entries and then going back into the balance sheet to correct the error (zeroing out or voiding), is there a better way to go about this and essentially not have to do double the work? 
 
Thanks in advance! 

1 reply

JaeAnnC
JaeAnnC
March 19, 2024

Welcome to the QuickBooks Community, @Bdonahue. Let me assist you in matching or excluding your bank transaction in QuickBooks Online (QBO) to avoid recording duplicate entries.

 

If QBO is unable to find a matching transaction from existing records, you can select the Find other matches option to view the list of other possible matches. Here's how:

 

  1. Go to Transactions and select Bank Transactions.
  2. Click the blue tile of the bank account, then go to the For Review tab.
  3. Select the transaction to expand the view. Then, click the Match radio button to show the list of possible matches.
  4. Set the date range. Select the checkbox of the transaction.
  5. Click Match.

 

If it's not showing, you can exclude the transaction so it won't show as a duplicate in your books. 

 

Moreover, we recommend reconciling your accounts monthly to ensure your bank transactions match those on your bank statements.

 

Feel free to reach out to us whenever you have further questions about matching bank transactions. We're always here to assist. Stay safe, and have a great day ahead.

B
BdonahueAuthor
March 26, 2024

Thank you for the reply!

 

Is there any way to bypass this 6-month rule? I'm still having this issue even on some transactions that are not 6 months old. Additionally, when I search for potential matches the system will bring up "potential" matches that are almost a year old and nowhere near the same dollar amount. 

 

It just doesn't make sense as to why QB wouldn't allow for matches to be over 6 months old yet they will attempt to match transactions that are even older and have no correlation whatsoever. 

 

Thanks! 

A
AdonL
March 26, 2024

Thanks for getting back on the thread, Bdonahue.Allow me to provide additional insights about matching transactions in QuickBooks Online.

 

If you have manually entered transfers in QBO, be sure to match them with your downloaded transactions. Categorizing them as transfers can lead to duplicates.

 

Furthermore, QBO does not enforce a 6-month rule for categorizing transactions. You can choose the date range within the system when searching for a match. If the transaction is not visible, you can exclude it to prevent a duplicate in your records. 

 

We also suggest that you reconcile your accounts on a monthly basis to verify that your bank transactions align with those on your bank statements.

 

Finally, I'm adding these articles as guides if you encounter reconciliation issues in QBO: 

 

 

Please let me know if you have further questions about managing your bank transactions. I'm always here to help. Have a great day ahead.

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