Instead of manually matching each payroll transaction, QuickBooks can do this work for you by automatically matching Paychecks that are paid via direct deposit from QuickBooks Payroll.
With 'Automatic matching' turned off (or prior to its availability), QBO users see one debit per employee paycheck on their bak statements, and also in the bank feed within the QBO Bank Transaction Tab (as shown below).
They then have to manually match each of the Paychecks recorded in qBO to the Transactions in the Bank feed. This process requires multiple clicks.
Source: QBO Payroll Auto-match transactions (media source content)
With ‘Automatic matching’ turned on, users can find and view details on automatically matched transactions in Bank transactions under the Categorized or Reviewed tab (as shown below).
QuickBooks can now automatically match each paycheck to the correct bank transaction. That means users will spend less time matching.
Source: QBO Payroll Auto-match media source content.
Automatic matching increases the accuracy of your books. Intuit suggests leaving it on to save you time, and to help avoid mistakes. Users still remain in control of the matching process, because auto-match transactions are tagged, so as to be easy to spot for review.
While this feature began roll-out to QBO subscribers on Wednesday 3/13/2024, it should soon be available to all QuickBooks users with QuickBooks Payroll, if ‘Automatic matching’ has not showed up in their QuickBooks subscriptions already.
To use this feature, users must turn ‘Automatic matching’ on for the feature to work:
- Go to Transactions, then Bank transactions
- Select the Categorized or Reviewed tab.
- Select Settings ⚙ at the top of the transaction list.
- Turn the Automatic matching switch On.
- If you wish to discontinue ‘Automatic matching’ switch it Off.
Footnotes and Disclosures:
Feature content was adapted from Intuit media source content and other QuickBooks resources. Content adapted by Insightful Accountant from Intuit sources is furnished for educational purposes only.
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