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 QuickBooks 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 it with the transaction already entered into the register.
The “Unmatched” status is where problems occur. Did you know that the “Unmatched” status actually means one of four things?
1. It’s Brand New. The transaction was not previously entered into QuickBooks. This is often happens with debit card purchases, but it can happen for other reasons as well. 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 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 people 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 online banking 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 prompt you with some message like, “…are you 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.