How To Work with The Data in The QuickBooks Online Bank Feeds
Now that you have imported transactions, start working with them in the Banking Center. Here is a tour of the Banking Center:
- The top section of the Banking Center shows the bank and credit card accounts enabled to use bank feeds. If the account is linked to your online banking account, the top blue portion of the account box will show the bank balance as of the date of the last sync. If it is not linked, it will show $0.00 (note that it will also show zero if the balance per the bank is, in fact, zero).
- The bottom portion of the account box displays the current balance in the QuickBooks Online register and the number of transactions displayed in the For Review tab below
- The buttons at the top right of the Banking Center are action buttons you can use to add a new account, begin an upload, or update a linked account
Remember that when transactions are imported from a bank feed, they are non-posting transactions. Transactions in this list are not added to the register until you take action. Bank feed transactions are organized into three tabs:
- For Review – Displays unposted transactions from the bank feed
- Reviewed – Displays bank feed transactions that have been matched or added to
- the register
- Excluded – Displays transactions that have been removed from the For Review tab by the user
Begin your bank feed workflow in the For Review tab. Transactions are listed under two additional tab headings:
If QuickBooks recognizes a transaction already recorded in the register, a green 1 record found tag is displayed next to the transaction. It is added to the Recognized tab. See a white 2 records found tag with a green border next to a transaction? This indicates QuickBooks Online found multiple matches. Click to select the correct match or add a new transaction.
QuickBooks also recognizes common vendor names. Suggestions are made for selecting the correct general ledger account. If you accept the suggested account, QuickBooks will change the account for all transactions of that same name and the color of the text will be changed to green.
There is a little gear icon to the top right of the transaction list in the Banking Center. Use this gear icon to add or remove the columns displayed on the bank feed. Change the number of transactions included on each page. Columns you can add are:
- Check no. – Useful when you add checks directly from the bank feed
- Editable date field – If you are using bank feeds to enter transactions initiated in a different period you will need to enable this column
- Copy bank detail to memo – Retains a record of the bank text in the transaction; this is essential if you forget to add a name to the Payee field
- Remember category selection – Retains the category in the transaction should a similar transaction occur again
- Show bank details
Click the little gear icon again to make this pop-up disappear.
TIP: You can sort transactions by a column’s contents by clicking the column name.
To add a new transaction to the register from the bank feed, populate the fields that display in the expanded window when you click the transaction:
- Vendor/Customer (i.e., Payee)
- Category (General Ledger G/L account)
- If needed, mark as Billable and assign to a Customer
- If needed, split the transaction between multiple categories. Click the Split button. Enter the appropriate details into the pop-up window. Click Save and add.
To match a transaction to the register from the bank feed:
- If you agree with the green or white Record found, click Match. (You’ll need to click the white Records found transaction first to see or edit which record QuickBooks is considering matching to this item.) The transaction is moved to the Reviewed tab and posted to the appropriate account.
- If you don’t agree with the white Record found, click the gray Find other records button. A list of other matching options will display (you may have to expand the date range to find the correct transaction). Select the correct match. Click Match.
- If QuickBooks doesn’t recognize a transaction already recorded in the register, manually match it to the transaction by clicking the transaction line, then click Find match above the record information. A list of possible matches is displayed in the Match transactions pop up screen. Place a checkmark next to the appropriate matching transaction(s). Click Save. If the bank feed transaction is made up of multiple transactions in the register, check multiple lines in this screen to resolve the difference in amounts.
- You can also match bank feed transactions to checks, expenses, deposits, transfers, credit card credits, open bills, open invoices, sales receipts and customer payments. If there are open items in any of these categories, they will be displayed in the Match transactions pop up screen. You can match multiple transactions to the bank feed. You can group multiple customer payments or sales receipts into a single deposit and multiple bills into a single bill payment.
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