Search by using keywords

Search Tips
« Back to Search Results

Matching online banking transactions to existing QuickBooks Online transactions

Answer ID: 1733

You've found the place to go when dealing with special situations matching online banking downloaded transactions with existing QuickBooks Online transactions!

Note: This article is for companies which have the menu option Banking > Online Banking. If your menu option is Banking > Downloaded Transactions, see KB 5028.

Click the link to read whichever section you need:

To match a single downloaded transaction to several existing transactions in the register:

Matching multiple payments from customers to one deposit received through online banking:

What if you've got deposits that were added in QuickBooks Online via online banking, and you'd like to match them to invoices you've already created?

How to use online banking if you're using QuickBooks Merchant Services to process credit card payments:

To match a single downloaded transaction to several existing transactions in the register:

  1. Select the downloaded transaction in the Transactions to Review section of the register.
  2. Select one of the transactions to be matched to the downloaded transaction.
  3. Click the Match button next to the downloaded transaction.
  4. In the Please Confirm dialog box, click Match Partial.
  5. Highlight the next transaction to be matched and repeat the process.

You should see the status of the downloaded transaction(s) as partially matched and the remaining dollar amount to the right.

Partial match can't be used with payments that are recorded as deposits via the Receive Payment screen, the Sales Receipt screen, or through the deposit section on an invoice. 

If a single transaction is affecting more than one account (a "split" transaction), partial match won't work. 

  • In these cases you'll get the following error: "These two transactions cannot be matched because their amounts are different." 
  • Since you won't be able to match, just delete the entry from the Transactions to Review section when you're sure the amount is in your register.
  • You can also get this error if the last amount you try to match is less then the remaining amount on the downloaded transaction.
  • If the amount in the register is more than the downloaded transaction you'll get an additional message suggesting you lower the amount in your register. If the amount in the register is correct, don't lower it; instead, delete the downloaded transaction from the Transactions to Review list.

Matching multiple payments from customers to one deposit received through online banking:

What if you've received payments from customers and they're showing as deposits in your register, but you need to match them with your online banking deposit that's a bulk deposit of a larger amount?

Here's what probably happened: You recorded customer payments and selected the option to Deposit To: the bank account directly.

  • If you then deposited these checks together as one deposit at the bank, you'll see multiple deposits in QuickBooks Online, but only one deposit to match to in online banking.
  • Unfortunately, there's no way to match multiple payments to one deposited amount from online banking. 

You have two options for resolving this issue:

  1. You can delete the deposit that came from online banking. Since the individual payments are already recorded in your bank register, your bank balance will be correct.  Important: When you're reconciling the account, you'll have to mark those deposits as cleared.
  2. This is the best option since it more accurately reflects what happens in real life. Edit the payments, selecting the option to Group with other undeposited funds.  This replicates the actual bank deposit you made and you can then match it to the online banking record when it comes in to QuickBooks Online. For more information about undeposited funds, see our related knowledgebase article KB 1166, What are undeposited funds? 

Option 1 Steps (Remove the online banking transaction):

  1. Choose Banking > Registers.
  2. If the online banking transaction was added to the register:
    1. Click on the online banking (bulk) deposit in your register.
    2. Click Delete.
    3. Click Delete Both to remove it from the register as well as the download. 
  3. If the transaction is in the Transactions to Review section:
    1. Click on to select the bulk deposit within the Transactions to Review section.
    2. Click Delete.
    3. In the confirmation window, click Yes.

Option 2 Steps:

  1. Choose Banking > Registers. 
  2. Select the bank account and click OK.
    1. Locate the payments in the bank register. 
    2. Click on the payment line in the register to highlight it, and then click Edit
    3. Click to select Group with other undeposited funds and click Save
    4. Continue this process with the other payments.
  3. Next, make the deposit in the bank register. 
    1. Choose Banking > Deposits
    2. Choose the Deposit To: account and make sure the Date matches that of the actual deposit at the bank.
    3. Under the Payments section, click to mark the appropriate payments for this deposit.
    4. Click Save.
  4. Now that the deposit has been created, you can match this with the transaction from online banking. 
    1. Choose Banking > Registers.
    2. Select the bank account and click OK
    3. Select the appropriate deposit in the Transactions to Review section and then click on the deposit you just created in the register.
    4. Click Match.

If you continue to use the undeposited funds option and record bulk deposits that match the actual deposits made, your automated matching should work without having to manually match.

What if you've got deposits that were added in QuickBooks Online via online banking, and you'd like to match them to invoices you've already created?

The proper work flow in QuickBooks Online is to invoice a customer (Customers > Invoice), receive payment (Customers > Receive Payment) and then to download the payment from the bank which will then automatically match the payment in the register.  However, you may find yourself in a situation where you or someone else hasn't done the second step of receiving the payment, yet your transaction downloaded from the bank and you'd like to link it to the invoice with a minimum amount of hassle.

Online banking (OLB) doesn't have the ability to automatically match downloaded transactions with invoices.  If you've recorded invoices in QBO you'll have to adjust the transactions after online banking adds the payments to your bank register.

  1. Choose Banking > Registers.
  2. Choose the correct account and click OK.
  3. Click on the downloaded payment and click Accept.
  4. Select the transaction you have just accepted in the register above Transactions to Review and click Edit.
  5. Under the Received From drop-down menu, select the Customer name listed on the invoice.
  6. For Account, select Accounts Receivable.
  7. Click Save.

 After all the payments are edited:

  1. Choose Customers > Receive Payment.
  2. Enter the Customer name and  leave the Amount blank.
  3. Under Credits, check mark the desired credit from the online banking transaction.
  4. Under Open Invoices, check mark the appropriate invoice for this payment. 
  5. Click Save.

This process links the payment to the invoice. The payment will now show in the Customer Center listed as a deposit. The payment will zero out the invoice and the Accounts Receivable.

When you use full automation with OLB, the system learns how you want certain types of transactions recorded.  Because of this learning, if you manually match a payment with a customer in OLB as described above, all subsequent payments will be assigned to the same customer.  For this reason, you may want to turn off the full automation option if you're manually matching transactions.

How to use online banking if you're using QuickBooks Merchant Services to process credit card payments:

If you're using QuickBooks Merchant Services to process credit card payments, we recommend setting your online banking automation preference to Match only.

  1. Choose Banking > Online Banking.
  2. Highlight the bank account into which your credit card payments are deposited.
  3. Click Edit.
  4. On the dropdown for Automation Options, select Match.
  5. Click Save.

When you record credit card payments make sure your merchant account transactions are set up to Group with Other Undeposited Funds:

  1. Choose  Company > Preferences.
  2. On the side menu, click Accept Credit Cards.
  3. Set  Account for Deposit to Undeposited Funds.
  4. Click Save.

When you have your statement of deposits, choose Banking > Deposits to record the funds going into your bank account the way they're grouped on that statement. After you've done that, you can manually match the transactions to your downloaded transactions.

  1. Choose Banking > Registers.
  2. Within the Transactions to Review section highlight the credit card deposit.
  3. In the register, highlight the group deposit you created and click Match.
  4. Continue until all the month's credit card deposits are matched.

Back to top


« Back to Search Results
Powered By RightNow Technologies
Most Viewed Answers