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jtdavis
February 15, 2021
Question

Bank Transactions

  • February 15, 2021
  • 1 reply
  • 0 views

I have a bank transaction that has an overall 'spent' amount, but this transaction does have both an expense and revenue items in it.  Just wondering what is the best method for matching a transaction to this type of transaction?  When I've entered the expense as a bill, I can find that match, but I'm struggling to find the sales receipt that I did up for the revenue portion.  Just wondering if I should be doing this differently?

 

Thanks!

1 reply

J
JamesM4
February 15, 2021

Hello jtdavis,

 

Making sure you're accurately matching your transactions is an essential step towards maintaining clean books. I'm glad you're using QuickBooks to streamline your business and bring your financials into focus. I'd be happy to share more info on this. 

 

It's important you're able to find the transactions you need to successfully match them together. Here's how to match transactions in QuickBooks: 

  1. Locate the transaction in question with the Match option in the Action column.
  2. Note the Date, Description, Payee, and amount spent or received.
  3. Click on the downloaded transaction to expand the view.
  4. From here, review the Matching records found in QuickBooks.
  5. Click on the link next to each match to get more information.
  6. I'd recommend checking to make sure you've got the correct match. This includes reviewing the Deposit to, Payment method, and Bank account fields on forms for the existing transaction in QuickBooks.
  7. If this is the correct match, close the open transaction.
  8. Select Match.

If you can't find a match, here are some reasons why that could be: 

  • The transaction has not been reconciled.
  • The transaction was entered using the same bank account.
  • The transaction has not been previously matched to another bank downloaded transaction.
  • If it is a deposit or payment received, make sure it is not on the Bank Deposit page (undeposited).

I encourage you to check out this helpful article with more info on how to: Categorize and match online bank transactions in QuickBooks Online. Feel free to ask other questions, I'm here to help.

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