Solved

Reconciling metadata from e-commerce transactions with bank funds

Forum|Forum|3 years ago
November 3, 2022
2 replies
0 views

How should QB users reconcile the funds they receive in their bank accounts from ecommerce transactions with the transaction metadata they receive from payment gateways (i.e. make sure that transactions reported by the gateway provider match actual funds received, etc.)?

Would we expect to be able to sync transaction metadata passed to bank account memos into QB? Or must we do it manually by comparing each transaction reported by a gateway to an individual bank transaction (which is quite tedious if you've got '000s of transactions per month)?

QuickBooks Online

Best answer by JamesAndrewM

Hello there, @phaedrus.

I can clear things up for you. Transactions from e-commerce that sync in QuickBooks Online (QBO) can be matched in Banking. That's possible if their bank account is already connected to QBO. Metadata entries from the payments gateway post to QBO depending on the set up.

For transactions that didn't directly match in banking, we'll have to use the Find Match tool to manually locate them.

Here's how:

Go to the Banking menu, and select For review tab.
Click the transaction and select Find match.
Look for the match transactions and put check in their boxes.
Select Save.

Once done, we can proceed to reconcile the account. Let's just make sure all the information matches the bank statement. You may visit this article for detailed steps: Reconcile an account in QuickBooks Online.

I'm adding this article to know how to use bank rules to automatically categorize transactions from your bank: Set up bank rules to categorize online banking transactions in QuickBooks Online.

Feel free to drop by the Community whenever you have further concerns regarding your transactions. Have a great day ahead!

J

JamesAndrewMAnswer