Allocating and matching imported credit card charges in QuickBooks Online

Not all credit card transactions imported are automatically matched in QuickBooks Online. Sometimes it is necessary to manually match them, or provide details in order to post them to the correct accounts for accurate reporting.  In this week’s video I show you how to allocate and match credit card transactions after they are imported to QuickBooks Online.

If you have duplicated entries that still need to be cleaned up – check out my course: Finding and Fixing Duplicated Transactions in QuickBooks Online

Video Transcript:

Hi! Kerry here from MyQuickBookKeeping. This video is for Tara. She asked about ensuring that imported credit card transactions are properly allocated in the Profit and Loss Statement.

We’ll walk through the steps to either match transactions with the charges you’ve already entered or to create some rules for vendors you used often and then allocate the rest of them to the proper place in the Profit and Loss.

Be sure to watch right till the end and then we’ll run a Profit and Loss Statement and see the results of our handiwork.

Here we are in the sample company and you can see here that Visa credit card has 8 transactions to review.

Let’s click through and have a look what’s here.

These transactions have been imported either from a Bank Feed or by importing the transactions via our CSV or Excel file.

Now first, let’s have a look at the items QuickBooks has attempted to match.

There’s a payment here to Jennifer Hargreaves.

This is an entry that was entered when we made the payment. It was already in QuickBooks so it’s easily matched when the transactions were imported.

This looks correct. Select Match.

The entry at the bottom has two similar records that it could be matched too. Let’s take a look at them.

So we’ve recorded two cheque payments to the Bank of AnyCity so it makes sense to match to the oldest one.

If for some reason we knew it should be the second payment, we’d select that one.

Once were happy with our choice, choose Match.

Now let’s have a look at these uncategorized expenses. Let’s start with the top payment to Supplies Depot.

Select it, open the transaction and open the dropdown where the expense should be.

This is how you choose where this will appear in your Profit and Loss or Income Statement.

I’m going to choose Supplies.

Notice the comment below.

“we will set Supplies Depot to Supplies from now on”. If this where you would normally code expenses from Supplies Depot, then that’s great. Next time, it will be allocated there and you can simply accept the transaction. If not, you can edit it here and leave it uncategorized or setup a custom rule.

Here’s the page. If you have any further questions about this, let me know and I’ll address it in another video.

Now let’s select the tax code. HST.

Now here’s another opportunity to setup a time-saving default.

If the tax code that most commonly applies to purchases coded to Supplies HST, you can set that default here.

I can now add the transaction that will allocate these expenses to supplies and calculate the HST input tax credit that can be claimed.

As you can see after editing this one transaction, all of the other amounts from Supplies Depot are coded accordingly. And if this is correct, we can simply add them.

Now let’s do the same thing for Coffee Place. Let’s post this expense to Meals and Entertainment with the tax code of HST also.

Yes, add this. And the other expenses have been allocated also.

Now let’s run a Profit and Loss report.

Here under the Expenses, we have Supplies. Here we go.

So let’s click through and here are the amounts from Supplies Depot that we’ve just allocated.

Let’s have a look in Meals and Entertainment.

And here are our transactions from Coffee Place.

So as you can see, by allocating them from the Bank Feed, they end up in our Profit and Loss or Income Statement, just as we would like.

So thank you so much for your question Tara and I hope this helps.

Let me know if you have any questions. This video is helpful? Hit like below. Subscribe to my channel. If you have any questions at all or there’s anything else you’d like to see a video on, please make a note in the comments below. My next video could be for you. Cheers!