How to Match Journal Entry in QuickBooks Online Bank Feed

Bank transactions already exist in your QuickBooks Online records as journal entries. QuickBooks Online lets you match each downloaded bank transaction with that existing entry instead of recording it again. The right process for QuickBooks Online bank feed match journal entry keeps your bank feed organized and helps maintain accurate accounting records. This guide explains how to match journal entries in QuickBooks Online and what to do when QuickBooks does not find the correct match. Proceed with this complete blog to find answers to all your QuickBooks Online bank feed questions.

Why Do You Need to Match Bank Feed Transactions to a Journal Entry?

Matching a bank feed transaction with an existing journal entry connects the downloaded bank record to the transaction already recorded in QuickBooks Online.

This process helps you:

• It avoids duplicate transactions in your accounting records.
• Moreover, it will keep bank feed records accurate and organized.
• Also, this process helps to prevent unnecessary data entry when the transaction already exists.
• Maintain consistent account balances between QuickBooks Online and your bank.
• Simplify bank reconciliation by linking downloaded transactions with existing records.
• Keep financial reports accurate by preventing duplicate or incorrectly categorized transactions.

How to Match Journal Entry in QuickBooks Online Bank Feed

QuickBooks Online provides several ways to match a bank transaction with an existing journal entry. You can choose the method for QuickBooks Online bank feed match journal entry that fits your transaction and review the details:

Method 1: Match a Suggested Journal Entry

QuickBooks Online reviews existing transactions and suggests a matching journal entry for a downloaded bank transaction. Review the suggested entry before posting the match.

• Go to All apps >> Accounting >> Bank transactions.
• Select the relevant bank account.
• Open the For review tab and find the bank transaction.
• Review the suggested match in the Categorize or Match column.
• Expand the transaction and verify the journal entry, date, amount, and account details.
• Select Post to complete the match.

Method 2: Find and Match a Journal Entry Manually

QuickBooks Online might not suggest the correct journal entry automatically. Use Find other match to locate the existing journal entry manually.

• Go to All apps >>Accounting>>Bank transactions and select the relevant bank account.
• Open the For review tab and expand the required bank transaction.
• Select Find other match when QuickBooks does not suggest the correct entry.
• Review the available transactions and use the available filters to narrow the results.
• Select the journal entry that matches the bank transaction.
• Finally, verify the details and select Post.

Method 3: Match One Bank Transaction to Multiple Journal Entries

One bank deposit represents several journal entries recorded separately in QuickBooks Online. Select the related entries together when they make up the downloaded bank transaction.

• Go to All apps>>Accounting>> Bank transactions and select the relevant bank account.
• Open the For review tab and expand the bank deposit.
• Select Find other match.
• Select all journal entries that belong to the bank deposit.
• Verify that the combined amount matches the downloaded deposit.
• Review the selected entries and select Post to complete the match.

How to Match a Reconciled Bank Transaction to a Journal Entry

A reconciled bank transaction might not show the Match option in QuickBooks Online. Remove its reconciliation status first, then match the transaction with the correct journal entry.

Method 1: Open the account register

• Go to Accounting>>Chart of Accounts.
• Find the bank account.
• Select View register.

Method 2: Find the reconciled transaction

• Locate the bank transaction.
• Look for the R status in the reconciliation column.

Method 3: Remove the reconciliation status

• Select the transaction.
• Click the R status until it becomes blank.
• A blank status means the transaction is no longer marked as reconciled.

Method 4: Match the journal entry

• Go to Transactions>>Bank transactions.
• Find the same bank transaction.
• Select Match or Find other matches.
• Select the correct journal entry.
• Verify the amount and date and confirm the match.
• Now, return to the account register and verify the matched transaction.
• Review the reconciliation status and account balance.

How to Match Multiple Deposits to Multiple Journal Entries

QuickBooks Online lets you match a bank feed deposit with multiple existing journal entries. It helps when several journal entries make up a single bank deposit.

Follow these steps for QuickBooks Online to match a bank feed journal entry:

Method 1: Open Bank transactions

• Go to All apps>>Accounting>>Bank transactions.
• Select the relevant bank account.

Method 2: Find the deposit

• Next, open the For review tab.
• Locate the deposit you want to match.

Method 3: Review the suggested match

• Check the suggested match provided by QuickBooks.
• Select it when it correctly matches the deposit.
• Click Match to complete the match.

Step 4: Find the journal entries manually

• Now, select the deposit to expand its details.
• Select Find other matches when QuickBooks does not show the correct match.
• After that, select the journal entries that belong to the deposit.

Method 5: Complete the match

• Review the selected journal entries.
• Confirm that they correspond to the bank deposit.
• Select Match to complete the process.

You may also read this: QuickBooks Online Bank Feed Not Updating

Why Won’t a Bank Deposit Match a Journal Entry in QuickBooks Online?

Bank deposits sometimes fail to match journal entries in QuickBooks Online bank feed. The journal entry may use a different bank account or clearing account. Amount differences, grouped deposits, date-range limits, and reconciled transactions create other matching issues.

Use the fixes below to identify and resolve the problem:

Method 1: Check the Bank Account in the Journal Entry

• First, open the journal entry for the cash or check deposit.
• Next, review the account that records the bank side of the entry.
• Then, confirm that the entry uses the same bank account connected to QuickBooks Online.
• Update the transaction setup so the deposit posts to the correct bank account.
• Return to Bank transactions and check the deposit again.

Method 2: Compare the Transaction Amounts

• First, compare the downloaded bank deposit with the journal entry amount.
• Next, check for processing fees, discounts, or other deductions.
• Then, update the transaction details to reflect the correct amount.
• Afterward, review the bank feed again and check for a matching journal entry.

Method 3: Check for Grouped Deposits

• Check whether the bank combined several payments into one deposit.
• Identify the journal entries that make up the combined deposit.
• Select Find other match when QuickBooks Online does not suggest the correct entries.
• After that, select the relevant journal entries.
• Now, verify that their combined amount matches the bank deposit.

Method 4: Check the Matching Date Range

• First, review the date of the journal entry.
• Next, compare it with the downloaded bank transaction date.
• Then, check the journal entry against QuickBooks Online’s matching range, 90 calendar days before to 20 calendar days after the transaction date.
• For any entry falling outside this range, review the transaction dates and correct them as needed.

Method 5: Check the Reconciliation Status

• First, open the transaction in the account register.
• Next, check its reconciliation status.
• For a reconciled transaction, QuickBooks Online skips matching the downloaded transaction to it.
• Review the existing reconciled transaction and exclude the downloaded transaction when it represents the same transaction.

Method 6: Find the Journal Entry Manually

• Go to All apps>>Accounting>>Bank transactions.
• Next, find the bank deposit and expand the transaction.
• Then, select Find other match when QuickBooks Online does not suggest the correct journal entry.
• After that, select the appropriate journal entry.
• Verify the amount and transaction details, then select Post to complete the match.

Also, read this: How to Set Up Bank Feed in QuickBooks Online

Conclusion

Matching a journal entry with a QuickBooks Online bank feed transaction keeps your bank records accurate and prevents duplicate entries. This guide explained the different ways for QuickBooks Online bank feed match journal entry, handle multiple entries, and fix common matching issues. Review the account, amount, date, and reconciliation status before posting to complete the matching process correctly.

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