Adding, Matching, or Transferring on QBO

Congratulations! You have connected your bank account and are on your way to getting your bank accounts matching your QuickBooks. Now that you are in the banking tab you see that there are many different options to choose from and you become discouraged again. You don’t know what to do with adding, matching, or transferring and it’s frustrating. You could try and just punch through everything, but this will lead to incorrect things and never reconciling correctly. What a headache! In the next paragraphs I will give a quick walkthrough on what you need to do in each of these instances.

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Add

This is the most common thing to do in your bank feeds and it is pretty simple. If you see an expense or revenue in there that does NOT include one of your bank business accounts, then you are going to add it. You need to assign it a category and a name (Generally a vendor name) and then just simply add it.

Matching and Transferring

Matching and Transferring are very closely related because it normally involves a couple of bank accounts. For example, let’s say you have a business savings account and a business checking account. You went online and transferred $10,000 from your savings to your checking account. In QuickBooks it doesn’t know that this is a transfer so it will originally say that you should add it to your bank’s register. Then you need to instead TRANSFER the $10,000 from savings to checking on QuickBooks. Then simply go to your savings account, change the $10,000 from add to transfer. You then go to the checking account and MATCH the transfer.

Does It Even Matter?

You may be thinking that it doesn’t really matter if you do this correctly or that this is confusing as to why it would matter and that’s ok. By doing this it ensures that your bank accounts are correct and that things are being counted as revenue or as expenses that shouldn’t be. By taking the extra time to do this it will make sure your books are correct and the headaches are lessened.

If this is taking you too much time (really if this is taking any of your time that’s too much time) then contact us about taking this over for you and making you money and saving you time.