The QuickBooks desktop feature in QuickBooks has turned out to be a boon for millions of users across the globe, as QuickBooks Desktop provides the user with benefits like automation of bank records, managing suppliers and customers, and all the bank transactions.QuickBooks Desktop is a part of the most powerful accounting software QuickBooks that is designed as well as developed by Intuit. If you are using QB desktop and you have already set up a bank account and downloaded the bank feed transactions then the next step for you will be to add and match the bank feed transactions in QuickBooks Desktop which is a crucial step to do. This step needs to be done without making any mistake, don’t worry at QuickBooks we understand that not all of us are a tech-savvy person and we tend to make mistakes. However to avoid that it is recommended that you read this article carefully and perform the procedure step by step.
Important- This article belongs to the article series that helps you with providing all the important information related to Bank Feeds in QuickBooks Desktop.
- Open Bank feeds
- Now set up an account for bank feeds
- Then download the bank feed transactions
- Now add and match the bank feed transactions
- Then edit the bank feed in the settings for bank or credit card accounts
- Now deactivate your bank feeds for an account.
QuickBooks has two bank feeds modes and the transactions that reflect in the bank feeds depend on the modes that you have chosen. You can get more information on visiting: Switch between banking modes in the QuickBooks Desktop tab.
You need to first locate the Banking, then go to Bank feeds and click on the bank feeds center, to do the adding and matching transactions.
How QuickBooks Manages The Downloaded Transactions?
You can categorize the downloaded transactions as below:
- Unmatched (Need Your Review): in this account, no transactions were matched with the downloaded transactions.
- Renamed (Changed By Rules)- By using the renaming option you can create new transactions. The transactions that are downloaded will not be matched with the existing transactions but you can add a new transaction to the register because of the remaining rule. It will automatically be added once you have click on it.
- Auto matched- the downloaded transactions will automatically get matched with the registered account in QuickBooks.
- Making a Match- QuickBooks has a feature that automatically matches the transactions that are downloaded with the entries in the register. In case the QuickBooks is not able to identify any match then it will try to register with the help of renaming rules. You also have the option to check the matches before adding them to the register.
- QuickBooks needs the following points to create a match:
- Cheque the numbers- if the cheque number is matching then there are chances that the transactions will also match.
- Amounts- transactions might also match in case the amounts are the same.
- Dates- If the transactions are recorded in QuickBooks within the days of it clearing the bank then the transactions may get matched.
- Payees- the same payee also has the option to match the downloaded transactions.
In order to identify which transactions in your FI have been processed and which have not been processed, you will have to manually match the downloaded transactions with ones already in QuickBooks.
If the matches are correct then it will automatically get added in the QuickBooks then you can click on the finish option. In case you are not agreed with the matched then you will have to unmatch transactions.
You might sometimes notice that the transactions are not matching, this can occur because of the following reasons:
- It is a brand new- The transactions do not exist in QuickBooks, if you are facing such a situation then you will have to enter the transactions for QuickBooks to change or modify the downloaded status or transactions to match.
- It’s different- The transactions that are already existing in QuickBooks will have a different transaction number, amount, date, or payee in the downloaded transactions. In such situations, you will have to find the particular QB transactions and then you can modify or change it according to the clearance of the bank. This will also modify the downloaded status of transactions that has to be matched.
- Its Reconciled- in case the downloaded transactions are not getting matched and the transactions are matched with the reconciled transactions then you will notice that the reconciled transaction has already a checkmark on the CLR section.
- If Its already downloaded- However this situation is seldom and you may notice that sometimes the duplicate statements or transactions are added in the QuickBooks and while trying to import them again it may show some unexpected results. You won’t be able to match the transactions again in case the transactions are already being added in the QuickBooks. You will also notice that the CLR field has a lighting bolt.
How To Understand The Status Symbols In The Check Register:
QuickBooks uses three different symbols to display the three states of transactions.
- Asterisk has been cleared but is not reconciled
- Checkmark: Put a checkmark on the reconciled
- Lighting Bolt: Matching an online bank statement.
- In the printed Report:
- Asterisk has been cleared but is not reconciled
- Letter X: has been Reconciled
- Letter M: Matching an online bank statement.
How Will You Manage The Transactions? Have The Transactions Already Entered In The QB?
If the answer is No:
- Allot the payee and accounts and then save it, now add and confirm to add it in the bank register in QuickBooks.
- Payee- mention the name of the person or institution to which you have made the paid.
- Account- if it is the offset account, such as the expense account for bill payments and cheques. If the QuickBooks has recorded the transaction once you are allowed to use the item instead of an account, but it is not possible to use an item in place of an account.
- Go to the Action drop-down list and then click on the QuickAdd if you want to add a single transaction.
- Go to the Batch Action in the drop-down list and then click on the Add or Approve option in case you are working on more than one transaction at a time and then add them all of them at the same time.
Points to keep in mind:
- Please check the memo section and it automatically gets filled on your cheque when you have left it as blank during the downloading process and matching transactions from the bank.
- You will have to check your preferences to recall the transactions chosen if you wish to add more than one transaction and want the fields to get filled automatically.
- Open the edit and then choose preferences
- Now click on the general option in the left pane.
- Now click on the My preferences
- Now Mark the Automatically remember account or transaction information
- Click on Ok option.
If the option is Yes:
You don’t have to perform any extra steps and you can easily continue with your process.
How did the Transaction enter?
This has happened if you have entered a bill and a corresponding payment for entering the transactions.
You will notice that the BILLPMT will get auto-matched and you can now visit the Transaction List window and choose from the options given below:
- Approve- you can select this option once you have agreed with the match and then you can move the transactions from the auto to add a list. When you will see the transactions in the register you will notice a thunderbolt symbol.
- View the details- if you want to view the bill information that you have entered in QuickBooks prior to downloading the transactions then click on this option. Now from the screen, you can validate if the transaction is a match or not and then click on the cancel option if you want to exit from the view details window.
- If it’s not a match- in case the transactions are not matching and you wish to add extra details or match the transactions for other tasks.
- Ignore- choose this option if you want to remove the transaction.
Important- when the existing transactions in QuickBooks are matching with the amount, date, cheque number, etc then the cheques and deposits can also be matched automatically.
If you have entered the bill but you have not recorded payment for it?
- Fist go to the transaction
- Then go to the Select Bills to Mark as Paid in the Action drop-down list
- Now choose the vendor name and date in the transaction details.
- Click on the Open Bill section for the vendors that you have selected and then select the bill. The QuickBooks will show you the matched and then the difference should be 00
- Click on the add to the QuickBooks option.
Important- you will only be able to use this feature with the downloaded transactions from the bank. You can not make a bill payment from the credit card charge that you have downloaded.
You must have a transaction cheque or deposit that you have entered in QuickBooks
Select the right transaction and then choose from the following options in the action drop-down:
Add more details- choose this option if you want to add the Payee, Account, and other details like Customer Job if you want to track a billable expense.
Match the existing transactions: choose this option if you want to match the entered cheque previously in QuickBooks with the downloaded transaction.
If You have entered an invoice and received payment for it
Select the transaction and then choose an option from the Action drop-down list:
- Add more details- go to the Undeposited funds if you have already received the payment and now want to link the transactions and also want to navigate the invoice which went with the downloaded deposit then you will have to open the invoice tab. QuickBooks will connect the invoice and payments that will display that the invoice has been paid.
- Match the existing transaction- choose this option if you want to match the downloaded transaction with the transaction that you have entered in the QuickBooks before.
Did you have the recurring transactions or multiple transactions with the same amount and date?
If the option is No- in such case, there is no action required
If the option is Yes- in such case you will manually have to match your online banking statements with transactions in QuickBooks desktop.
If you want to create Renaming Rules for commonly downloaded transactions?
If the option is No- then you do not need to perform any action
If Yes- In such case you will have to perform the steps mentioned below:
Solution 1- Create the renaming rules from starting:
- Go to the Rules icon in the bank feed center
- Now click on the Manage Rules option and then click on the New or Edit Rule in the drop-down list
- Then click on the Add rules detail window and give a name to the rule and set proper conditions of When and Do this field.
- In the When field, you will have to delete or remove the condition for description.
- In the Do this field you will have to change the name of payees and then insert the categories for accounts.
Solution 2- You can automatically create the renaming rules:
- To create renaming rules automatically you will have to configure the company checking preferences
- Go to the banking center and then insert the payee and account and then add the register in the transaction list.
You will receive a Rules creation notification that will suggest you ignore or edit the rules in case there are multiple transactions with similar criteria.
Important- ensure to check the transactions changed by rules before you select the add/approve option in batch transactions.
Do you wish to undo incorrectly renamed transactions?
If No- then you will not have to perform any action
If yes- then you will have to restore the backup before you enter the downloaded transaction or you will manually have to edit each transaction.
Are you looking to delete unmatched transactions from your Bank Feeds?
If No- then you will not have to perform any action if yes- you will have to perform the following steps:
- In the Express mode remove the unmatched transactions
- Click on the transaction and choose to ignore if you want to remove a single transaction in the transaction list window.
- If you want to remove multiple transactions at a time then you need to perform the following steps:
- Open the transaction list video and then mark the select all transactions
- Now go to the batch actions in the drop-down and then click on the Ignore option
- In the classic register, mode remove the unmatched transactions
- In the classic mode of QuickBooks, you do not have an option to remove a single unmatched transaction
- If you want to remove the multiple transactions in the statement refer to the below-mentioned image:
- Open the bank feeds, go-to items received from a financial institution
- Click on the statement you wish to remove and then click on the delete option.
- Now click on the Yes option to delete the Delete Statement window.
QuickBooks Technical Support Service:
We hope that with the help of the information and solutions provided above you have been able to understand how to add and match bank feeds transactions. But at times you might face some technical issues while using the online banking services of QuickBooks. This will prevent you from using these services effortlessly. So, if you are facing any trouble or have any doubt or confusion that needs to be cleared then you can directly contact the Intuit QuickBooks Proadvisors who are 24*7 available to assist you with resolving any kind of QuickBooks related problems, issues, or errors. The QuickBooks highly experienced technical support experts are known for resolving any kind of problems associated with QB instantly resulting in saving your time and energy that you can otherwise invest in attending other needs of your business. You can get in touch with the team at the QB toll-free errorsupportnumber +1800-366-1468 if you are not able to fix online banking issues manually.