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RFBSDot
January 26, 2021
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recording payments v matching transactions

  • January 26, 2021
  • 1 reply
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So I'm a total beginner and am struggling to get my head around logging payment and matching transactions. 

I have several hundred standing order payments going into my bank accounts in January and I need to set these payments against the invoices raised. 

 

So far, I've done a whole bundle by logging the payment manually, via the receive payment option. If I now go through and match the bank receipts to the invoices, will it record the payment twice? 

 

Alternatively, if I match a bank receipt to a raised invoice, will it automatically log the payment as received and adjust the customer's account accordingly.

 

Sorry to ask such rookie questions but I am stuggling to get a grip on this. 

    Best answer by Rubielyn_J

    I'd be glad to add some information about recording and matching transactions, @RFBSDot.

     

    After you connect your bank and credit card accounts, QuickBooks automatically downloads the latest transactions. It tries to match them with transactions you've already entered into QuickBooks. If it can't find a match, it creates a new transaction record for you. All you have to do is approve the newly created transaction. 

     

    Let's match the downloaded transaction with the one you already entered, so you don't get duplicates. Here's how: 

    1. Locate a downloaded transaction with the Match option in the Action column.
    2. Take note of the Date, Description, Payee, and amount spent or received.
    3. Select the downloaded transaction to expand the view.
    4. Review the Matching records found. 
    5. Select the link next to each match to get more details.
    6. Make sure this is the correct match. In particular, examine 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. Once done, click Match.

    You may also check this article for more information: Categorise and match online bank transactions in QuickBooks Online.

     

    Additionally, I'll be adding this to guide you to use bank rules: Setup bank rules to categorize online banking transactions in QuickBooks Online.

     

    Please don't hesitate to leave a comment down below if you have other concerns. I'll be happy to help you. Have a wonderful day.

    1 reply

    Rubielyn_J
    Rubielyn_JAnswer
    January 26, 2021

    I'd be glad to add some information about recording and matching transactions, @RFBSDot.

     

    After you connect your bank and credit card accounts, QuickBooks automatically downloads the latest transactions. It tries to match them with transactions you've already entered into QuickBooks. If it can't find a match, it creates a new transaction record for you. All you have to do is approve the newly created transaction. 

     

    Let's match the downloaded transaction with the one you already entered, so you don't get duplicates. Here's how: 

    1. Locate a downloaded transaction with the Match option in the Action column.
    2. Take note of the Date, Description, Payee, and amount spent or received.
    3. Select the downloaded transaction to expand the view.
    4. Review the Matching records found. 
    5. Select the link next to each match to get more details.
    6. Make sure this is the correct match. In particular, examine 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. Once done, click Match.

    You may also check this article for more information: Categorise and match online bank transactions in QuickBooks Online.

     

    Additionally, I'll be adding this to guide you to use bank rules: Setup bank rules to categorize online banking transactions in QuickBooks Online.

     

    Please don't hesitate to leave a comment down below if you have other concerns. I'll be happy to help you. Have a wonderful day.

    R
    RFBSDotAuthor
    January 27, 2021

    Many thanks for the reply - that's really helpful. 

    So I have a number fo payments that I've added manually rather than by matching on the banking list. Presumably, if I can't now match these payments otherwise they'll appear twice in my records. So how do I clear them from my "reveiw" list? 

    Do I exclude them? 

    Rose-A
    Rose-A
    January 27, 2021

    Yes, you can delete the transactions that are appearing twice on your QuickBooks Online records, RFBSDot.

     

    You can follow the step-by-step process below in excluding the transactions,

     

    1. Click Banking in the left panel and choose Banking.
    2. In the For Review tab, select the imported transactions that are appearing twice.
    3. Tap on the Exclude button.

    4. If you want to delete the transactions, go to the Excluded tab, select the transactions.
    5. Hit the Delete button.

     

    You can get more details about this process in this article: Exclude a bank transaction you downloaded into QuickBooks Online.

     

    Additionally, you can always visit our Banking Help Articles in QuickBooks Online for your reference. This will provide you links to help you with your account-related issues as well as steps in reconciling your statements. Doing so will help you ensure the accuracy of your financial records.

     

    Keep in touch if you have any other banking concerns or if you have other questions in mind about QuickBooks. I'll make sure to get back to you as quickly as I can. Have a nice day!

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