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A
Aengineering
March 12, 2019
Question

Matching Bank Transactions

  • March 12, 2019
  • 1 reply
  • 0 views

I am looking for some help with bank transactions.

Why are some of my deposits in excluded?

How can I know what deposit matches with what ?

How do I spot QB from matching stuff automatically?

 

1 reply

J
JamesM
March 12, 2019

Hi there,

 

I appreciate you posting your question in the Community. 

 

I'll be happy to share more info about the Bank Feed. The Excluded transactions are those that are not added to your QB bank account history. This happens when you delete the transaction in QuickBooks. If you remove the transaction from the Excluded tab, you won't see it in QB anymore.

 

To see which deposit matches with what, click on the transaction in question and you'll see the CATEGORY OR MATCH column. From here, you can start matching your transactions. Keep in mind that you must open the transaction to review possible matches. To stop the automatic matching of you bank transactions, I recommend you to take a look at the following article:

https://quickbooks.intuit.com/community/Help-Articles/How-to-set-and-use-banking-rules-for-downloaded-transactions/m-p/262188

The article will show you how to edit, create and set bank rules. Through this article you'll learn how to stop your transactions from automatically syncing. Give this a try and let me know how you make out. There's another article which I think you'll find very helpful https://quickbooks.intuit.com/community/Banking/Add-and-match-downloaded-banking-transactions/m-p/262536. This article goes over everything about bank transactions and the Bank Feed. Check it out and let me know if it's helpful. 

Should you need further assistance about features available in QuickBooks, let me know by leaving a comment below. I'm around if you need help.

    A
    AengineeringAuthor
    March 12, 2019

    I guess I am not totally wrapping my head around this concept.

    If I received a payment via cheque or EFT or visa I apply it to the invoice and it is marked as paid.

    A day or 2 later these show up in the banking screen... 

    We deposit cheque separately to be able to easily determine which transaction it needs to be matched to, and usually it will appear with the cheque number when I click on the drop down so I know it is accurate - however sometimes there is no cheque number and the only reference # is the deposit # which I don't have anything to x-reference to - and the option that it is suggesting is an invoice that hasn't been paid - which doesn't make sense because we would have already received the payment in QB before we even deposited the cheque.

    So if I had multiple cheques deposited around the same time for 262.50 or multiple visa transactions how do I differ between ?

    And what kind of rule would I want to create to make sure nothing automatically matches? 

    N
    Norman_C
    April 18, 2019

    So if I had multiple cheques deposited around the same time for 262.50 or multiple visa transactions how do I differ between ?

    There's a challenge - the bank statement (for that's what the bank feed equates to) doesn't label individual deposits other than by date and amount.  The same issue would apply if you were reconciling the bank from paper old-school style.

    One way that might help would you requiring to change your process:

    1. Record incoming cheques for deposit into  "undeposited funds" (create if necessary as a Current Asset)
    2. Record as a Transfer the total of these items that you take to the bank to deposit
    3. Reconcile the Undeposited Funds account frequently, as should clear to zero each deposit
    4. Match the total Bank deposit with the Transfer in your Bank feed

    For incoming EFT's, the bank feed will show the same reference code as the incoming EFT (unless perhaps you are automatically accepting these for credit) when you process it.  Print the acceptance, and enter the reference into QBO.  The Bank Feed should match up.

    For incoming VISA payments, I'm blank - for us, PayPal does it really neatly and their feed shows the gross payment separately from the commission.

    Good luck.

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