So if I had multiple cheques deposited around the same time for 262.50 or multiple visa transactions how do I differ between ?
There's a challenge - the bank statement (for that's what the bank feed equates to) doesn't label individual deposits other than by date and amount. The same issue would apply if you were reconciling the bank from paper old-school style.
One way that might help would you requiring to change your process:
- Record incoming cheques for deposit into "undeposited funds" (create if necessary as a Current Asset)
- Record as a Transfer the total of these items that you take to the bank to deposit
- Reconcile the Undeposited Funds account frequently, as should clear to zero each deposit
- Match the total Bank deposit with the Transfer in your Bank feed
For incoming EFT's, the bank feed will show the same reference code as the incoming EFT (unless perhaps you are automatically accepting these for credit) when you process it. Print the acceptance, and enter the reference into QBO. The Bank Feed should match up.
For incoming VISA payments, I'm blank - for us, PayPal does it really neatly and their feed shows the gross payment separately from the commission.
Good luck.
