How to Incorporate Present and Future Values | QuickBooks Canada Blog (2024)

FAQs

What does match mean in QuickBooks Online? ›

Match means QuickBooks matched the downloaded transaction with one you already entered, like an invoice, a bill, a receipt, or a payment. This links them together so you don't get duplicates. Go toTransactions, then select Bank transactions (Take me there). Find a downloaded record.

"Add" means you're adding a new transaction in QuickBooks. "Match" means you're just matching a transaction already created separately in QuickBooks. "Transfer" means you're transferring from one bank to another. Example: Checking to Savings or Checking to Credit Card for payment.

Add means QuickBooks didn't find a matching transaction. Instead of matching, QuickBooks will start a brand new transaction for you using the info from your bank.

Go to the Banking page and select the account where the expense is downloaded. Click the entry to expand it, then choose Find match. From the Match transactions page, mark those expenses you've entered in QuickBooks. You can also select Show to open other transactions.

Accrual accounting example

The matching principle states you must record revenue at the same time you record expenses for a project. So, if installing the software incurred technical and labor costs, list those expenses in September.

There are four item types: inventory, non-inventory, services, and bundles. These help you categorize the products and services for better tracking. If you picked the wrong type, you can change it later on.

Under the Category or Match column, QuickBooks displays an outlined green box that says # matches found. This means that QuickBooks has found multiple transactions which have the same amount as the bank transaction.

If the difference between a sales receipt you already entered and a downloaded transaction is more than 5%, QuickBooks won't show a match. This usually happens when banks add processing fees that weren't on the sales receipt you created.

What are excluded transactions in QuickBooks? ›

When you exclude a transaction, it doesn't appear in any account registers or financial reports. Depending on the type of transaction, this may make it easier or harder for you to reconcile an account.

The system will first select all transactions with matching Invoice numbers (rule #1). The Date attributes will then be evaluated to see if they satisfy the rule condition (rule #2). Lastly, it will evaluate whether the Source System Amount matches exactly to the Sub System Amount (rule #3).

Select the blue transaction link in the Added or Matched column to see the matched transaction. Select Undo from the Action column.

Go to the Banking menu and select Record Merchant Service Deposits. Select Change your deposit settings. Turn off Auto match & record setting. Select Save.

What this means. We've found a close match to the name you put in but there's a small difference, and the account type you entered is wrong. You can go ahead anyway if you wish, but it's best to go back and check both the account name and type are correct.