If I have a Bank Account linked to QuickBooks, and I'm 'accepting' them in the Banking tab, do I need to create an expense for each transaction? What's the best practice?

What is the best practice? Would reviewing the expense in the banking dashboard be enough? Or would this cause duplication?


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Hello there, adolfo.ramirez.1

Allow me to share some information about how QuickBooks Online (QBO) manages downloaded bank transactions.

When you download bank transactions in QBO, you can easily review, categorize, and accept the transactions, and match them to existing transactions in your company file.

QBO analyzes all the information received from the bank for each downloaded transaction to give you the best possible suggestions for accepting the transaction. When making a match, QBO looks at the transaction date, and attempts to match transactions within 90 days of the transaction date.

When you accept them in the Banking tab, there’s no need to manually create an expense for each transaction since it will cause duplicate entries. 

If you didn't manually enter transactions before downloading your transactions from your bank, you’ll need to review the downloaded transactions and assign categories to them, then add them to QBO. Here’s how:

  1. Go to the Banking tab from the left menu, then choose Banking.
  2. On the For Review tab, select a transaction to open it.
  3. Select a customer or vendor/vendor name from the Select Payee drop-down list to assign a payee to the transaction.
  4. Verify that the selection in the Category field is accurate, or select a more specific Category for entries listed as Uncategorized Income or Uncategorized Expense.
  5. Select a Class or Location from the available options.
  6. Click Add.

The transaction is added to the register and moved from the For Review tab to the In QuickBooks tab.

For more information about online banking in QBO, you can refer to this article: Assign, Categorize, Edit, and Add Your Downloaded Banking Transactions.  

That’ll help you manage correctly the bank transactions downloaded to QBO. If you need further assistance, please let me know. I’m always here to help, adolfo.ramirez.1. Cheers!

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