QuickBooks Online Banking: The Basics, Continued (Part 2/2)

In my last blog, I described the beginning steps of setting up Online Banking in your QuickBooks file for your banking and credit card accounts and outlined the options for different viewing modes and connection options with the banking institutions. Today I will talk about some simple ways to quickly clean up downloaded duplicate items and ways to match transactions from the queue to the account register.

Regardless of the “mode” you choose to view or the way you “connect” to the banking institution, you always need to be aware of the last download date in your file. Ensure when doing your next download, don’t duplicate or skip any transactions. Direct Connect has fewer errors duplicating transactions. Direct Connect cuts out the user and the computer does the work. When on the banking institution’s website for “Web Connect,” always double-check the download date range before importing the transactions into your file. Many banking websites automatically produce a date range, sometimes it is correct and sometimes it is not. Always double-check and adjust. After you change the date range, make sure to click “refresh or submit” to make sure the correct date range registers before clicking “Download”. Once the transactions are imported into the online banking queue, they must be cleared. If there are duplicates of previously reconciled transactions, eliminate them out of the file. If you are in “Side by Side Mode,” click “Items to Delete” and then just delete the transactions. If you are in “Register Mode,” take the following additional steps to resolve the issue: If you have a version of QuickBooks later than 2008 but you just prefer to use “Register Mode,” go to your preferences and toggle into “Side by Side Mode.” Delete the transactions like I just described and then toggle back into “Register Mode” to continue your normal work. You do have to be in single user mode to toggle between the versions.

There are a few key symbols to be aware of when using your bank register that may appear differently. First, after you download transactions from the online banking queue into the account register, they are labeled with a lightning bolt. Once you mark that transaction as cleared when you are doing bank reconciliations, the lightning bolt turns to an asterisk. Click “reconcile” and when the account balances, the symbol turns to a check mark. Occasionally, transactions that are being downloaded and entered into the account ledger are already in the account register and just need to be matched. Simply highlight the transaction in the online banking queue and click on the transaction in the accounts register. Press “match” and they will match together and clear from the queue. Sometimes I have come across an issue where the transaction is marked with an asterisk or a check mark next to them in the account register but they are now in the online queue and need to be matched. No problem. All you need to do is click on the check mark or asterisk in the account register until it goes to clear. Follow the steps above to match the transactions together. Remember to go back to your bank reconciliation for that account and re-check mark the transaction you cleared because it will now be listed as an un-reconciled transaction.

These are a few simple tips to improve your speed and efficiency using QuickBooks Online Banking. Always remember to double-check the date range when downloading any transactions into your QuickBooks file. The most frustration and wasted time occurs for users when they go too fast and do not pay close attention to the details. With the steps listed above, if you do come across some of these issues with your online banking, you now have the tools to quickly fix the problem. If you want more assistance or are just fed up with doing it yourself, give TGG Accounting a call and we will help get you on the right track.

Written by:
Bridgette Cerles
TGG Accounting

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