banking - QuickBooks Online Banking - Unmatched Transactions Defined

Using online banking with QuickBooks is a huge time saver, but not if there are problems with it. One common source of problems is downloaded transactions that cannot be matched. When transactions are downloaded from the bank or credit card company, QuickBooks assigns each a "Matched" or an "Unmatched" status, then places all of them into the Online Banking Center's QuickStatement. The "Matched" status means only one thing: you previously entered the transaction into QuickBooks, then when the transaction cleared the bank and was downloaded, QuickBooks "Matched" the downloaded transaction with the transaction already entered. The "Unmatched" status is where problems occur. The "Unmatched" status actually means one of four things: 1. It's brand new. The transaction was not previously entered into QuickBooks. If this is the case, enter the transaction now. QuickBooks will assign it the "Matched" status. 2. It's different. The transaction was previously entered into QuickBooks, but in a different amount than how it cleared the bank. If you are sure you already entered the transaction into QuickBooks, scroll through the bank register to find it. Once you do, change the amount to the downloaded amount. QuickBooks will automatically match it. 3. It's already downloaded. Sometimes clients accidentally overlap download dates, meaning that they download the same transaction more than once. If there are entries in the register that have a small lightening bolt in the Cleared column, these have been downloaded already. QuickBooks will not match them to transactions in the QuickStatement, even if they are the same transaction. 4. It's reconciled. This is similiar to #3, but instead of being previously downloaded, the transaction is reconciled. To verify if this is the case, scroll through the register and look for transactions with a checkmark in the Cleared column. Again, QuickBooks will not match them to entries in the QuickStatement, even if they are the same transaction. Notice that once the first two situations are resolved, QuickBooks automatically matches them. But in the last two situations, QuickBooks will not match the transactions; they are unmatchable. If you determine that some downloaded transactions are unmatchable: Make sure that all matchable transactions are matched. You are going to delete the QuickStatement, and if you accidentally delete matchable transactions, you may later have to enter them manually. Once all matchable transactions are matched, click Done. QuickBooks will ask if you are sure you want to finish. Click Yes. You are now at the Online Banking Center main page. Delete the QuickStatement by clicking the Delete button located near the lower right corner. That's it. Your unmatched problems are over, and you now understand the process better. This will help you circumvent future problems when using online banking with QuickBooks. About the Author: Jennifer A. Thieme is a Certified QuickBooks ProAdvisor who loves to help people with QuickBooks. She brings unique insight, clear instructions, and over ten years of experience to all of her QuickBooks articles. Owner of Solid Rock Accounting Services, Jennifer's clients enjoy these same benefits on a personal and regular basis. You can too - visit http://www.jenniferthieme.com and contact Jennifer today. Article Source:http://EzineArticles.com/?expert=Jennifer_A._Thieme banking - Business Opportunity Seekers Finding a job is no picnic! But, this doesn't mean you should listen to the ramblings of people that claim there are NO jobs currently available. Some folks will state that the job market is dead, but this is totally false. If they're not finding anything, then they're either a convict or they're just not looking hard enough. 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