This article addresses some basic tasks of working within the bank feeds module in QuickBooks Online.

This module, also known as the “Banking Transactions” module, in QuickBooks Online is a very convenient bookkeeping tool to post transactions in your bookkeeping software. You can also use this function to post credit card, Paypal, loan and lines of credit transactions in QuickBooks Online.

Not all banking institutions will be able to fully integrate with QuickBooks Online, but you can always try manually importing transactions (from a spreadsheet) as well if need be, into the same bank feeds (banking transactions) module.

In any case, once you have gotten your banking activity into the bank feeds module, ready to post, then you can manually proceed to work them in.

You can sort your transactions by the columns and can also bulk enter them by check-marking them on the left side next to each transaction.

The “Match/Categorize” column can be a bit tricky to use as QuickBooks is always looking for ways to assist you in posting your transactions. Sometimes the software tries to match stuff for you and other times it will recommend both a vendor name and the proper expense category to post your transactions to. BE VERY CAREFUL on the vendor names that QuickBooks will try to automatically assign as these vendor names, can forever be tied to, for example, a simple gas station expense and thus potentially show up on a vendor’s 1099 form inadvertently.

Sometimes, even when you delete the vendor’s “suggested” name, that same vendor name will reappear before you save and close. So, perhaps, it is always best to insert a proper vendor’s name, even if it is just for a meals expense.

Using the bank feeds module to match a bulk deposit to multiple customer invoices can be tricky because, if you do this, then QuickBooks can even show that, instead of there being just one deposit, it will now show separate deposits for each customer payment you applied that one bulk deposit to. Overall, it may be best to always handle your Accounts Receivables the traditional way, and that is to first receive the customer payment, then utilize the Undeposited Funds account to match to your actual bank deposit later. Now your bank feed (from the bank feeds module) will always simply just match to one transaction.

Note: AccuraBooks is a bookkeeping firm only, so please consult with your C.P.A. for verification and clarification about the contents of this article.