Once you complete and finalize the bank reconciliation, QBO will no longer be able to match these transactions to already entered transactions. The downloaded transactions, however, instead of being cleared out as you click to match them, will remain in the Banking Feeds Center. If you do NOT match downloaded checks in the Banking Feeds Center to checks already entered, then you can still reconcile your bank account in QBO by manually checking off the items that cleared the bank. QBO will mark them as cleared so when you do the bank reconciliation in QBO you won’t need to do the tedious work of checking off each cleared item against the items that cleared per the bank statement. Matching downloaded transactions with those already created will help enormously with the bank reconciliation process. QBO knows this, too, and in the Banking Feeds Center QBO will propose matching the downloaded check to the one that was already created. You obviously don’t need to post it again from the downloaded bank transactions. If you create a check in QBO so you can print and mail it to the vendor, then that check is already posted to the bank account as well as to the expense or other account affected. We will outline two common scenarios below. One way duplicates can arise is by not properly matching downloaded transactions in QuickBooks Online (QBO) to transactions that are already created in the software. The duplicate entry will, of course, never clear the bank and will simply sit there forever until someone cleans it up. The first instance of the transaction would have cleared on a prior bank reconciliation. If you see transactions with a date older than the prior month or that do not look right, it’s possible they are valid outstanding items (and if so someone needs to get on the phone to ask people to cash their checks) or you could have errors such as duplicated transactions.
Look closely at the list of outstanding items (those transactions that had not cleared the bank as of the bank statement date). Do you sometimes discover transactions entered into your nonprofit organization’s QuickBooks more than once? Twins are cute, but not in your books! Duplicate transactions cause your financial reports to be inaccurate and can be time consuming to fix.Ĭlues that you have duplicate transactions can be found in your monthly bank reconciliation.
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