I had two clients call me last month with questions regarding the Online Banking feature, so it’s not always that simple. There are actually two different ways you can match these transactions (if you’re in 2009 or higher) with what is in your register, and I used both methods with both clients. I recently blogged about the newer method (Side-by-Side Mode). Today I want to discuss the other method – Register Mode.
Once the transactions have been downloaded, click on View (in the Items Received section). You’ll then see your register in the upper half of the screen and the downloaded transactions in the lower portion. QuickBooks tries to match the downloaded transactions to your existing transactions.
You can choose whether or not to display the matched transactions. I recommend seeing the matched transactions because QuickBooks does not always match correctly. This way, you can double-check.
In the case of my clients, many of the downloaded transactions could not match to the register because they had already been reconciled. This screen lets us quickly view both reconciled and unreconciled. We would not be able to view the reconciled transactions in the Side by Side Mode. However, in the Side-by-Side Mode, we could delete the downloaded transactions; that’s not an option in the Register Mode.
In the case of an incorrect match, you can Unmatch (highlight the transaction then click on “Unmatch” below the downloaded transactions. Then look for the transaction elsewhere in the Register. Once you find it, simply highlight it and click the Match button below. Once a transaction is matched, QuickBooks will put a lightning bolt in the cleared column.
If the transaction is in your register but QuickBooks didn’t recognize it (like the 775.80 deposit from Jasmine Park (next line up in the register in the screen shot), you can highlight that line and then click the Match button in the Downloaded Transactions screen.
If the transaction was not in your QuickBooks, you can simply click on Add One to Register. If it’s a check, you will see this pop- up.
Make your selection and then click OK.
In some cases, you may want to rename the downloaded transactions. For instance, if you shop at Staples, the downloaded transaction will not only list Staples but also the store number. You can have QuickBooks simply enter “Staples” instead of Staples and the store number. Or perhaps you go to different restaurants for business purposes and rather than entering each individual restaurant name you simply want QuickBooks to use Restaurant as the Vendor Name. Then each time you make a purchase from that restaurant and the transaction is downloaded, QuickBooks will automatically put Restaurant instead of the actual name of the restaurant.
Once you have matched all your transactions you can click on Done.
So which mode do you prefer and why? How did the matching go?