Tips to make Bank Feeds Even Easier

One of the lures of the QuickBooks Online (QBO) accounting product is the bank feeds feature. Bank Feeds allows you, the QBO user, to stay current with your bank transactions. For some, it allows the entry of banking transactions directly from bank imports rather than manual entry.

We’ve reviewed this capability before. Today we want to show some additional tips that might make using bank feeds even better.

Just in case you are new to QBO, find bank feeds by accessing the blue navigation bar on the left of your computer screen. Select Transactions then Banking.

One of the first tips we want to review is the ability to apply one banking transaction to multiple QBO transactions. Note the double-headed arrow in the screenshot above.

A transaction is being imported from the bank web site. It is a deposit for $337.50. QBO has found no match for this amount. You know however, the deposit is a combination of two QBO transactions.

Here’s how we create this match manually.

Clicking on the transaction line opens the detail for the deposit in question. Note the selections in the upper left portion of that window.

We could select add and let QBO bring the transaction into our bank balance.

But if we did that, QBO would post it as Uncategorized Income. Further, the customer balances that should be affected by this deposit won’t be. They will be incorrect. We may even send those customers a notice or statement showing a balance that is not really due.

No one wants that.

So, select Find Match and we’ll locate the QBO transactions ourselves.

Making the selection to find the match ourselves opens a window of possible transactions to choose from. Another helpful feature is the ability to filter this list.

We’re looking for customer transactions that match this deposit. So we’re looking for open invoices that are being paid. Make that selection in the field indicated by the arrow in the above screenshot.

The following list of transactions opens.

Scroll through the transaction list. Find the ones that you know were included in this deposit. Place a checkmark in the left-hand column as shown above. Notice the total indicated by the arrow.

The total matches the full amount of the deposit. A perfect match.

There will be a Save button in the lower right portion of the window. Select that and QBO makes the match and records it to the bank account register.

 Hector Garcia, CPA
Certified Advanced QuickBooks ProAdvisor
12401 Orange Drive #136
Davie, FL 33330
954-414-1524
hector@garciacpa.com

Hector Garcia

Hector Garcia

Hector Garcia is a CPA and QuickBooks Consultant.
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