Accounting packages provide many features that make handling finances simple and perfect. However, sometimes, to know about all available features becomes a task. You would have noticed that at times you are in crunch only because you are not aware of a particular feature present in your accounting package. Do you know how to add or match to an existing transaction in an accounting package? If not, then we are here to provide you with some inputs.
To start with, after downloading the transaction from your financial association, you should go to the For Review tab on your QuickBooks Online Banking page. You would be able to review, categorize, and accept the transactions. You would also be able to match the transaction to existing transactions on your company file. Let us look at how this works.
How to add and match to the existing transaction
Whenever you download transactions from the bank, QuickBooks starts by analyzing this bank data against your QuickBooks Online data.
- If it finds that you had earlier set up some banking rules for transactions, it simply follows those rules.
- If the situation is different and it finds that there are no such rules, then its suggestion for each downloaded transaction depends on whether you have existing QuickBooks transactions or not.
There are certain things that QuickBooks makes a note of when making a match. They are:
1. Date of transaction
- QuickBooks always works towards matching transactions that are within 90 days of transaction date. Let us take an example. A cheque is recorded in QuickBooks on 7/15/2017 but until 9/26/2017, it is not able to clear the bank. Then, if the amounts are same, QuickBooks will find this as a possible match. This is because the transaction is reported by the bank within 90 days of the date in QuickBooks. However, if the transaction is processed after this 90 day period, you are required to match the transaction yourself i.e. manually.
- QuickBooks does not try to match any transaction that is more than 180 days old.
2. For Bank deposits and credits
- Payments received against invoices
- Sales receipts
- Deposits or payments entered by you in the bank or credit card register
- Deposits entered by you from Create, Bank Deposit page
- Journal entries and other positive or credit transactions created by you
- Open invoices and partially-paid invoices
3. For Cheques, Expenses and Debits
- Payments that are entered by you for a vendor/supplier
- Expenses that are entered by you using the Vendor or Supplier Expense or Cheque pages
- Expenses or debits entered by you directly into the bank or credit card register
- Journal entries and other negative or debit transactions created by you
Scope of Services
We are sure that handling accounts with QuickBooks would be simple. You would have no problems while working on existing transactions. The interface is friendly and would not bother you. Still, if there are any issues, feel free to call QuickBooks Technical Support Toll-free number ✆+1-800-796-0471. We have the expertise to provide you with the best of services any time of the year.