I match transactions online. However, when reconciling, those transactions do not show as cleared? If you clear the transaction manually, QuickBooks puts a * in the cleared field, and that DOES appear on the reconcile report. Why?
Matching transactions online is not the same as reconciling the account. All QuickBooks does is put a "lightning" mark in the cleared column of the check register to show that the items were matched via online banking. But the lightning mark does not mean the item has been cleared via the reconciliation process.
So, when you go to do your reconciliation, you should still see those items listed in the Deposits and Other Credits column and the Checks and Payments and should be checked off if they appear on your bank statement. Once you have completed the reconciliation process, the items you checked off will be marked as "Cleared" and a check mark will now appear in the cleared column of the check register.
Andrea
Thanks for answering. I understand the necessity of doing the reconciliation as a separate action against the bank statement. My observation is that the "lightning" marks do not appear on the transactions to be reconciled. Why not? It would greatly speed-up the reconciliation rather that have to start from scratch. Note that my copy of Quicken I use for my home finances does show a flag for items that were matched when downloading. Am I missing something?
No you are not missing something. QuickBooks simply does not acknowledge matched items in the reconciliation window the way your Quicken does. You can make a suggestion to Intuit by going to Help>Send Feedback.
Andrea
Thank you. I will make the suggestion. Strange that the low-end Quicken product has a more logical reconciliation process than the same company's high-end product. Oh well.
