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Waverunner95
July 26, 2024
Question

Bank Transactions

  • July 26, 2024
  • 1 reply
  • 0 views

For my downloaded bank transactions, I have the option to either confirm or review. What's the difference? 

 

My sales numbers for various categories flow from my POS system to QB online. 

 

I have my credit cards and bank account linked to QB as well.  No issues with the credit card details.

But, since my sales numbers come from the POS data, what do I do with the bank data?  I don't want to duplicate income.

 

Do I exclude certain bank transactions?  Confirm?  Review?

 

Thank you!

1 reply

A
Accracy Accounting
July 26, 2024

Confirm is when QBO has identified a category/match
Review is when QBO has not identified a category/match

In either case you should not be excluding any of these transactions.

 

Let's first look at POS transaction:

If your POS is integrated correctly, you should have two records daily (assuming POS posts daily)

1) Sales Receipt (With daily aggregate sales by category)

2) Payment Journal (Payment you expect to receive in your bank account from POS merchant)

Most/all of the POS transactions should have "Confirm" in front of them. QBO should have already correctly identified those (i.e. match daily payment journal to bank transaction using date/amount). If you feel that they are correctly attached to POS transactions, you can click "Confirm". Since you are doing a payment journal match to transaction, you are not duplicating the income.

** Once in a while due to round issue your payment journal may not match the amount in the bank.

 

Now for rest of the transactions, you can either "Confirm" if you feel QBO has correctly identified the category OR for "Review" transactions assign category manually and it should automatically change to "Confirm"

A
AbegailS_
July 26, 2024

Welcome to the Community space, @Waverunner95. 

 

I'd be glad to share additional insights as to what @Accracy Accounting provided what's the difference between confirming and reviewing bank transactions and how you can handle your data from your POS system to avoid duplicating income. 

 

When it comes to managing your bank transactions in QuickBooks Online, the options to confirm or review transactions provide different actions you can take:

 

Confirming transactions marks them as verified and accepted for categorization and reconciliation, while reviewing transactions allows for careful examination to ensure alignment with business activities and accurate categorization in QuickBooks Online.

 

As for your sales numbers flowing from your POS system into QuickBooks Online, it's essential to avoid duplicating income when reconciling your bank transactions. Here are some steps you can take to manage this effectively:

 

  1. We can match your sales transactions imported from your POS system with the corresponding bank deposits in QuickBooks Online. By linking your sales data with bank deposits, you can ensure that income is not duplicated.
  2. If you spot any duplicate or overlapping transactions in your bank feed, you can exclude them to prevent double-counting of income.
 

Furthermore, you can also check out this article to learn how to reconcile your accounts so they match your bank and credit card statements in QBO: Reconcile an account in QuickBooks Online.

 

Return to this post if you have other concerns about uploading your bank transactions in QBO. I'll be here to lend a hand.

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