How you can fix mismatched or miscategorized bank transaction in QuickBooks?

    Asked on September 20, 2019 in QuickBooks.
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      Mismatched or miscategorized bank transaction is that if you by mistake transfer money to a wrong bank account. You can’t be able to get it back and the bank can’t reverse it unless they have approval from the beneficiary.  therefore, important to be very careful while transferring money to a bank account.

      QuickBooks online helps to resolve this problem if you connect your credit card and bank account to QuickBooks. Quickbooks download your recent bank and credit card transaction and it automatically matches your record with any records you have created in QuickBooks.

      The most important thing to know is that if a transaction has been made, the bank cannot reverse it from its end without approval from the beneficiary. Bank can work only as a facilitator. According to the bank rules, the transaction is the responsibility of the account holder to offer the correct beneficiary account number and other details while doing the payment.

      If your bank account connects with QuickBooks then mismatched bank transaction problem becomes easy.

      The net banking feature downloads credit card and bank transaction and matches them with the record which you already entered in QuickBooks and if it can not find the match, Quickbooks will start a new record for you. In this case, you note a mismatched or miscategorized transaction inside the incorrect account.

      How to find the right match in QuickBooks:-matches

        • Review the match

       If you have already entered a matched transaction but QuickBooks can not find it. So you don’t have to need to create a new transaction. Find the one you have already created so you don’t get a duplicate record.

        1. Go to the Banking menu and select the For Review tab.
        2. For more info about it Select the bank transaction.
        3. Evaluate the information under the “Record Found”. This section is used to shows records you already entered into QuickBooks. so match for the downloaded transaction.
        4. If it is not the right match then select Find other Record. This section opens the Match transaction Window.
        5. Select the box to uncheck the recommended window.
        • Find the right match

      Now you can search the right transaction in Match Transaction Window.

        1. In the From, enter dates that are a few days before and after the date of the transaction you’re looking for.
        2. In the search box, enter the reference number for the transaction in QuickBooks or enter the amount which customer you did business.

      When complete your search then the right transaction that meets your search will appear on the list.

        • When you find the match

      When you successfully find the match then download the transaction from your bank.

        1. Select the box for the matching transaction.
        2. Make sure that the download transaction match with your bank.
        3. Select Save if download transaction matches with your bank.
        • If the match amount slightly off

      If the match amount is slightly off then QuickBooks won’t show a match like if the difference between sales recipient you already enter and download transaction is more than 5% so no match would be shown by the QuickBooks. this normally arises when banks add processing fees that weren’t on the sales receipt you created.

      or if you know you have found the matching transaction then:-

        1. Go to the sales menu
        2. Find the original sales receipt and add a processing fee line item for the difference and this itemized the record and show the included fee.
        • If QuickBooks makes the wrong match

      if QuickBooks makes the wrong match then start a new record by choosing Add.

        1. To expand the view, select the Transaction.
        2. You can change the selection from match to add if QuickBooks incorrectly select Record transfer.
        3. Select pay and category.
        4. Select add.
        5. Go to the Review tab.
        6. Find and open the transaction.
        7. add any other detail you need.

      If the problem still persists try to contact QuickBooks supporters and resolve the mismatched or miscategorized Bank transaction in QuickBooks

      Answered on September 20, 2019.
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