Downloaded transactions from your financial institution go to the For Review tab on your QuickBooks Online Banking page. You can then review, categorize, and accept the transactions. You also have the option to match them to existing transactions on your company file.



How QuickBooks Online handles downloaded banking transactions

When QuickBooks Online downloads transactions from the bank, it analyzes the bank data against your QuickBooks Online data. If you set up banking rules for transactions, Quickbooks uses those rules. If you did not, QuickBooks’ suggestion for each downloaded transaction depends on whether you have existing QuickBooks transactions or not that have been previously categorized.

When making a match, QuickBooks Online looks at the following:

  • Transaction date
    • QuickBooks will attempt to match transactions within 90 days of transactions date. For example, a check is recorded in QuickBooks Online on 7/15/2017 but the check does not clear the bank until 9/26/2017. QuickBooks will see this as a possible match (as long as the amounts are the same) because the transaction is reported by the bank within 90 days of the date in QuickBooks Online. If the transaction is processed outside of the 90 day period, the customer will need to manually match the transaction.
    • QuickBooks Online will not attempt to match any transactions that are more than 180 days old.
  • For Bank deposits and credits
    • Payments received against invoices (not the invoices themselves, but payments received against them, as on the Receive Payment page)
    • Sales receipts
    • Deposits or payments you entered yourself in the bank or credit card register in QuickBooks Online
    • Deposits you entered from Create (+) > Bank Deposit page
    • Journal entries and other positive or credit transactions you created in QuickBooks Online
    • Open invoices and partially-paid invoices
  • For Checks, Expenses and Debits
    • Payments you've entered for a vendor/supplier (not the bill itself, but the payment you entered for the bill on the Pay Bills page)
    • Expenses you entered using the Vendor/Supplier Expense or Check/Cheque pages
    • Expenses or debits you entered directly into the bank or credit card register in QuickBooks Online
    • Journal entries and other negative or debit transactions you created in QuickBooks Online

How you handle downloaded banking transactions

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