Quickbooks Mac Desktop Matching Transactions After Download

In this 4-part series, I’m reviewing some of my favorite tips for helping your clients work with bank and credit card feeds in QuickBooks® Online. This article is part four in the series. Here’s part one, part two and part three.

As mentioned in part three, after connecting your bank and credit card accounts, QuickBooks will scan your bank data looking for matches, rules and recognized transactions. As you review the data, you can match the bank feed transactions against existing transactions in QuickBooks.

Here are five tips for matching transactions and my advice for making sure you avoid duplicates.

Download the latest QuickBooks Update. For instructions to download an update, choose Help menu and use the Search bar available at the top. Search for Update QuickBooks, select Check for QuickBooks Updates and follow the instructions. Task 2: Optional task ‐ Complete a final download before 11/5/2019. QuickBooks for Mac Conversion Instructions Direct Connect to Direct Connect Introduction As Exchange Bank completes its system conversion, you will need to modify your QuickBooks settings to ensure the smooth transition of your data. Please reference the dates next. Once Vendor Records and Account are set, you can add transactions to the register. The rename rule creation dialog will show up after to use for the next time. Import created QBO file into Quickbooks for macOS. When the QBO file is created, switch to Quickbooks and import created QBO file.

Tip #1: Open your Register in another Window or Tab

Computers

It may be helpful to have the bank register open in another window or tab so that you can refer to transactions already in the books as you review the bank feed. If QuickBooks doesn’t recognize that a transaction has a match, you can easily research why not.

Be sure to refresh the page to reflect changes made in another window or tab. Transactions added or matched are automatically marked “cleared” in the register after you accept them in the bank feed.

Tip #2: View “Similar Records Found” to see potential matches

When QuickBooks looks for matches, it reviews the books for recorded transactions that might be a match. These transactions will show as “# similar records found.”

Quickbooks Online Download Transactions

Click to expand the details and click the link(s) to the transaction(s) in QuickBooks to take a closer look. If the match is correct, click Match to accept the transaction. If it’s not, you can change the selection to Add or Transfer or click the “find other records” button.

Tip #3: Use the Find Match Tool to Manually Match, as Needed

There are several reasons QuickBooks may not recognize a match. Often, it’s because the transaction is not in the books. But if it is in the books, you can typically use the Find Match tool to resolve manually.

Here are a few reasons the match may not have been recognized:

  • The transaction is older than 180 days
  • The dollar amount in QuickBooks is different than what cleared the bank.
  • The transaction type is different in QuickBooks than at the bank. QuickBooks wants to match a check with a check and an expense with an ACH or debit/credit card swipe.
  • The transaction was recorded in a different bank account (see Tip #4)
  • The transaction from the bank is a payment/ deposit of two or more open transactions in QuickBooks.

In the Find Match tool, turn on Suggested Matches to see options that might match. Or, you can use filters/ search to locate transactions.

Tip #4: Use Search to Find Transactions in QuickBooks

If you suspect a transaction is recorded in QuickBooks, but a match is still not found using the tool, use the search in the upper right corner of QuickBooks to help locate the transaction. Remember to use a dollar sign or decimal point when searching for dollar amounts.

Often, the transaction was recorded to the wrong bank account in QuickBooks. Sometimes, the match is not located with the Find Match tool because the dollar amount in QuickBooks is higher than the bank transaction. If this is the case, edit the original transaction and refresh the Bank feed window.

Tip #5: Exclude, as needed (and with caution!)

If you have transactions that cannot be matched and you are confident that they are recorded in the books, there is an option to exclude them in the bank feed. It’s located under Batch Actions.

Common reasons to exclude transactions:

  • Two transactions in the bank feed are a match against one transaction in the register (in this scenario, you would exclude both items).
  • The transaction(s) is already reconciled in QuickBooks.

Use Exclude with caution to avoid difficulty reconciling bank accounts, as these transactions will not record into QuickBooks. When in doubt, work with an expert to avoid missing or duplicated transactions.

Good luck!

April 23, 2020

How to match bank deposit transactions in QuickBooks Online

The most common error I see is duplicate transactions in QuickBooks. This week's video walks through the steps to record sales and invoices in QuickBooks, and then to match the deposits to invoices and bank transactions on the bank feed. If you follow through the steps your bank balance and sales will be accurate. If not, your sales will likely be overstated, and your bank balance incorrect!

Follow these steps:

At the time of the sale

  • Is the customer paying me immediately?
    Use a sales receipt
  • Will the customer pay later?
    Use an invoice.

Entering a Sales Receipt

  • Enter the customer information, date and payment method.
  • Will the amount received appear separately in the bank? If so, select the account it will be deposited to.
  • If not, use undeposited funds.
  • Enter the items sold, price, any taxes
  • Save and close
  • Match the subsequent deposit on the bank feed to the sales receipt

Entering an Invoice

  • Enter the customer and product details, give or send the invoice to the customer.
  • Match the bank feed amount to the invoice in order to “close” the invoice
  • Or enter the payment using “Receive payment”
  • Match the deposit on the bank feed to the payment (not the invoice).

Bank feed amount not previously recorded

Quickbooks Mac Desktop Matching Transactions After Download
  • Be absolutely sure you have not recorded the sale or deposit any other way.
  • Click anywhere on the row in the bank feed to “open” it, enter the Customer name, and the category you would like the income to go to. Select Add

Reconcile your bank account

  • This is the ultimate check – if the bank is reconcilied, without unreconciled items carried over then your bank balance will be correct

Run your Accounts Receivable report

  • Ensure that all of the amounts showing on the report are accurate. If you think that someone has paid you – check, you may have added a sale, instead of matching to the invoice.

No more duplicated deposits!

If you have duplicated entries that still need to be cleaned up - check out my course: Finding and Fixing Duplicated Transactions in QuickBooks Online

Still need help?
Check this out.

Course: Finding and Fixing Duplicate Transactions in Quickbooks

If you have duplicated entries that still need to be cleaned up - check out my course: Finding and Fixing Duplicated Transactions in QuickBooks Online

Still need help?

We have what you need. Check out our courses and free resources to get more help managing your finances.

Video transcript:

Hi, Kerry here from My Cloud Bookkeeping.

The number one reason people are reaching out to me for help is still because they have duplicated transactions.

Desktop

They’ve entered things twice from the bank feed. The bank balance compared to QuickBooks is way off, and the results are completely wrong.I’ve addressed the matching of expenses from the bank feed in a previous video. The link is just there. So this time, I’m going to look at how to match deposits.

There will be checklist download. You can grab it now and follow through or download it for later and use it so you know what you’re doing when I’m not around.

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Because this is so common and so many of you have duplicated transactions, and it’s really messy to try to correct, I’m working on whether it’s going to be an eBook or a video course of something that I can provide so that you’ve got a way to step-by-step work through how to resolve it because it’s not always easy and it’s not always fun, quite frankly. But we’ll make it as fun as we can. So be sure to subscribe. Join Facebook group, maybe. I don’t have many people on there. I don’t do a lot there. But find a way to keep track.

And if you've got these duplicated transactions and you want to try to fix them by yourself, I'm going to try and find a way to help you to do that. So keep an eye out. Hopefully, in the next week or so. Right now, we're in the middle of the corona virus so hopefully you're watching this from the other end and thinking, oh, I’d forgotten about that but right now we're in the middle of it so I've got lots of time to make new content, new videos. I'm going to say it at the end as well.

Let me know if there's anything else you want to know, let’s go and match some transactions on the bank feed. Here we are in the sample company. I am going to walk through the sales process first, and show you what happens in your books when you record certain transactions.

Firstly, let’s consider if someone is paying here and now, or if you will be issuing an invoice and they will pay you later. If you are receiving funds now, you use a Sales Receipt. Enter your customer or choose your customer from the list. Check the date. Enter the payment method. So you pay by cheque. We’re putting it into the checking account and then we’ll sell them something. Let’s say he’s buying some entertainment for $480 with no tax. I don’t want to be messing around with tax right now. Okay? So now we save and close that.

Now, if we're selling something to somebody who'd be paying later, we prepare an invoice. So we’ll pop to the invoice. Make sure we've got our customer, which is a different customer this time. Who would I choose? Here we go. Once again, check the date, information. Choose what you're selling. Choose something different this time. I don't know, Platinum Party maybe. $1,800. No sales tax. And then save and send. Now, of course, this one’s not going to send because we’re in a sample company. So we’ll just save it.

Now, the next step would be the payment from the customer. And here’s where it gets a little interesting. You can wait for the deposit to come into the bank and match it, which is what we're going to do now. So now let's go to the bank feed. We can see here our sales receipt from Benjamin Yeung has matched perfectly with the amount that's coming from the bank feed. So we're going to match this right now. Now, this amount here, the invoice for $1800 has come in. We can match this. That's the payment for the invoice. So let's go ahead and we'll click match.

There’s also another way to do it. What we can do is we can unmatch this. Pop it back onto the bank feed. Here it is. And actually go and receive the payment from the customer first. So we’ll pop up to here. And we’ll say receive payment. Choose our customer. I’ve changed the date to coincide with bank feed dates. So if you're noticing a date change, that's what's going on here. We’re going to select this invoice and we're going to save and close.

So now we come back to the bank feed. Notice that this is matched to the payment and not to the invoice as it did before and this is correct. Now, occasionally, this is something that goes wrong. I think QuickBooks has fixed it now. But if you haven't recorded a payment, it's okay to match it to the invoice. If you have recorded a payment, you need to always match it to the payment. So because we know that this is the amount of the payment, it's from the same customer, it’s correct, we’re just going to hit match.

Now, here we have a transaction deposit that doesn't have a suggested match. And a common error I see is that somebody will look at this and they’ll go, “Oh I know who this is from.” And they'll go, “Okay yeah, this was some sale.”

Let's have a look in here. Sales. Here it is and this is the right customer and they click add and they record the sale into their books. That's fine if you hadn't already recorded the sale somewhere else. So if you hadn't recorded a sales receipt or an invoice. Various reasons why things might not match that I’ll go over later, but occasionally this is what happens. So before we add anything, we're going to pop in here and we're going to go find match. And we’re going to see perhaps if we have already recorded it. But you know what? Perhaps, we know that this $8,760 here relates to a partial payment for this $15,000 for Chadha’s Consultants. If that's the case, we can apply this $8,760 as a part payment and save it. So by doing this, we've allocated that payment to the correct invoice. If we had added the $8,760 and not apply it to the invoice, we would have increased our sales by 8,760. And we would have thought that Chadha still owed us $15,000 and this is what goes wrong when you're not really careful working with the bank feed.

Now, if you're absolutely certain that a transaction on the bank feed has not been entered before, go ahead choose the category and add away. Some of the reasons transactions may not match or if the amount is slightly different. Perhaps your customer didn't pay the correct amount due to a sales tax error or a rounding error, maybe you recorded the transaction to the wrong bank account, and which is really easy to fix if you catch it. Also, if you have a backlog of transactions, sometimes I find the matching function doesn't work so well. A really good reason to keep on top of your bank feed and your bookkeeping.

Now, if you have multiple transactions in one deposit, it doesn't always correctly match them all and sometimes foreign currency amounts won’t much properly. So here’s where the importance of regular bank reconciliations really does come in. If you're reconciling regularly, you'll be able to catch this quickly.

So download the checklist, walk through it when you're recording your transactions. I might make another video about combining multiple payments into one deposit using the Undeposited funds account. It seems to be another thing that people are having some challenges with. If that will be useful, let me know. Comment below. Join the Facebook group, whatever works for you.Be sure to subscribe to my channel so I can keep you in the loop when I find a way to show you how to fix those duplicated transactions. It's a little more work than a simple how-to video I'm afraid, but we'll get there. If you have any questions, there is anything else you’d like to know, just reach out. Don't hesitate to contact me. Comment below. My next video could be for you. Cheers!

Video transcript:

Hi, Kerry here from My Cloud Bookkeeping.

Quickbooks Mac Desktop Matching Transactions After Download

The number one reason people are reaching out to me for help is still because they have duplicated transactions.

They’ve entered things twice from the bank feed. The bank balance compared to QuickBooks is way off, and the results are completely wrong.I’ve addressed the matching of expenses from the bank feed in a previous video. The link is just there. So this time, I’m going to look at how to match deposits.

Matching

There will be checklist download. You can grab it now and follow through or download it for later and use it so you know what you’re doing when I’m not around.

Because this is so common and so many of you have duplicated transactions, and it’s really messy to try to correct, I’m working on whether it’s going to be an eBook or a video course of something that I can provide so that you’ve got a way to step-by-step work through how to resolve it because it’s not always easy and it’s not always fun, quite frankly. But we’ll make it as fun as we can. So be sure to subscribe. Join Facebook group, maybe. I don’t have many people on there. I don’t do a lot there. But find a way to keep track.

And if you've got these duplicated transactions and you want to try to fix them by yourself, I'm going to try and find a way to help you to do that. So keep an eye out. Hopefully, in the next week or so. Right now, we're in the middle of the corona virus so hopefully you're watching this from the other end and thinking, oh, I’d forgotten about that but right now we're in the middle of it so I've got lots of time to make new content, new videos. I'm going to say it at the end as well.

Let me know if there's anything else you want to know, let’s go and match some transactions on the bank feed. Here we are in the sample company. I am going to walk through the sales process first, and show you what happens in your books when you record certain transactions.

Quickbooks Mac Desktop Matching Transactions After Download Windows 10

Firstly, let’s consider if someone is paying here and now, or if you will be issuing an invoice and they will pay you later. If you are receiving funds now, you use a Sales Receipt. Enter your customer or choose your customer from the list. Check the date. Enter the payment method. So you pay by cheque. We’re putting it into the checking account and then we’ll sell them something. Let’s say he’s buying some entertainment for $480 with no tax. I don’t want to be messing around with tax right now. Okay? So now we save and close that.

Quickbooks Mac Desktop Matching Transactions After Downloading

Now, if we're selling something to somebody who'd be paying later, we prepare an invoice. So we’ll pop to the invoice. Make sure we've got our customer, which is a different customer this time. Who would I choose? Here we go. Once again, check the date, information. Choose what you're selling. Choose something different this time. I don't know, Platinum Party maybe. $1,800. No sales tax. And then save and send. Now, of course, this one’s not going to send because we’re in a sample company. So we’ll just save it.

Now, the next step would be the payment from the customer. And here’s where it gets a little interesting. You can wait for the deposit to come into the bank and match it, which is what we're going to do now. So now let's go to the bank feed. We can see here our sales receipt from Benjamin Yeung has matched perfectly with the amount that's coming from the bank feed. So we're going to match this right now. Now, this amount here, the invoice for $1800 has come in. We can match this. That's the payment for the invoice. So let's go ahead and we'll click match.

There’s also another way to do it. What we can do is we can unmatch this. Pop it back onto the bank feed. Here it is. And actually go and receive the payment from the customer first. So we’ll pop up to here. And we’ll say receive payment. Choose our customer. I’ve changed the date to coincide with bank feed dates. So if you're noticing a date change, that's what's going on here. We’re going to select this invoice and we're going to save and close.

So now we come back to the bank feed. Notice that this is matched to the payment and not to the invoice as it did before and this is correct. Now, occasionally, this is something that goes wrong. I think QuickBooks has fixed it now. But if you haven't recorded a payment, it's okay to match it to the invoice. If you have recorded a payment, you need to always match it to the payment. So because we know that this is the amount of the payment, it's from the same customer, it’s correct, we’re just going to hit match.

Now, here we have a transaction deposit that doesn't have a suggested match. And a common error I see is that somebody will look at this and they’ll go, “Oh I know who this is from.” And they'll go, “Okay yeah, this was some sale.”

Let's have a look in here. Sales. Here it is and this is the right customer and they click add and they record the sale into their books. That's fine if you hadn't already recorded the sale somewhere else. So if you hadn't recorded a sales receipt or an invoice. Various reasons why things might not match that I’ll go over later, but occasionally this is what happens. So before we add anything, we're going to pop in here and we're going to go find match. And we’re going to see perhaps if we have already recorded it. But you know what? Perhaps, we know that this $8,760 here relates to a partial payment for this $15,000 for Chadha’s Consultants. If that's the case, we can apply this $8,760 as a part payment and save it. So by doing this, we've allocated that payment to the correct invoice. If we had added the $8,760 and not apply it to the invoice, we would have increased our sales by 8,760. And we would have thought that Chadha still owed us $15,000 and this is what goes wrong when you're not really careful working with the bank feed.

Now, if you're absolutely certain that a transaction on the bank feed has not been entered before, go ahead choose the category and add away. Some of the reasons transactions may not match or if the amount is slightly different. Perhaps your customer didn't pay the correct amount due to a sales tax error or a rounding error, maybe you recorded the transaction to the wrong bank account, and which is really easy to fix if you catch it. Also, if you have a backlog of transactions, sometimes I find the matching function doesn't work so well. A really good reason to keep on top of your bank feed and your bookkeeping.

Now, if you have multiple transactions in one deposit, it doesn't always correctly match them all and sometimes foreign currency amounts won’t much properly. So here’s where the importance of regular bank reconciliations really does come in. If you're reconciling regularly, you'll be able to catch this quickly.

So download the checklist, walk through it when you're recording your transactions. I might make another video about combining multiple payments into one deposit using the Undeposited funds account. It seems to be another thing that people are having some challenges with. If that will be useful, let me know. Comment below. Join the Facebook group, whatever works for you.Be sure to subscribe to my channel so I can keep you in the loop when I find a way to show you how to fix those duplicated transactions. It's a little more work than a simple how-to video I'm afraid, but we'll get there. If you have any questions, there is anything else you’d like to know, just reach out. Don't hesitate to contact me. Comment below. My next video could be for you. Cheers!

Still need help?
Check this out.

Course: Finding and Fixing Duplicate Transactions in Quickbooks

If you have duplicated entries that still need to be cleaned up - check out my course: Finding and Fixing Duplicated Transactions in QuickBooks Online

Download Quickbooks Online For Mac

Still need help?

Quickbooks For Mac Download

We have what you need. Check out our courses and free resources to get more help managing your finances.