QuickBooks Online Bank Feed Basics

When it comes to categorizing transactions in QuickBooks Online the bank feed can make things much easier.

However, it is not completely fool proof.

It’s important to know when to use the right options available to you.

One of the biggest mistakes I see in the bank feed is duplicate transactions. Duplicate transactions in QuickBooks can cost you. Duplicate deposits can will inflate your sales numbers which means more money going to the tax man. Duplicate expenses makes it look like you have less profit.

That’s why it’s so important to understand the options in the QuickBooks Bank Feed when it comes to categorizing your transactions.

So let’s go through the options…

If the transaction:

Is a NEW transaction

Then you should:

ADD it

If the transaction :

Has been MANUALLY added

The you should:

MATCH it

If the transaction:

Is a TRANSFER between two bank accounts

Then you should:

TRANSFER it

I hope this helps you get started down the right path with the QuickBooks Online Bank Feed. When used correctly it can be a huge time saver.

If you need any help with QuickBooks or bookkeeping in general please contact me. I’m always here to help.