When integrating credit card expenses from Capital One into QuickBooks Online and matching them with credit card transactions from your bank feed, it's important to understand that Capital One's exported expenses are distinct from the transactions listed in QuickBooks. Capital One exports expenses as separate expense records, while QuickBooks' bank feed contains transactions that require categorization or matching with existing expenses. This distinction helps prevent duplicates in your records.
QuickBooks often automatically recognizes matching transactions and indicates them as 'record found' in the bank feed view. However, slight discrepancies in dates or amounts could potentially prevent this indicator from appearing. Even in cases where the indicator is absent, QuickBooks users can still manually identify expenses by utilizing the 'find' option and then match them with the corresponding transactions. It's crucial to note that this behavior is not controlled by Capital One; it is an aspect of QuickBooks' functionality.
Matching credit card expenses exported from Capital One to QuickBooks Online (QBO) with credit card transactions from the bank feed is an essential part of keeping financial records accurate and up to date. Here's a step-by-step guide:
Log in to your QuickBooks Online account and open the Banking section.
Select the required Credit Card for which you would like to reconcile the expenses.
You will be able to see transactions that need to be matched under 'For review'
Click on a transaction to open it.
QuickBooks Online will suggest potential matches from your existing transactions with a 'Record found' indicator.
If you see a suggested match that corresponds to a recorded expense, click on 'Confirm' or 'Match' to match the transaction.
QuickBooks Online will link the bank transaction to the respective expense and move it to the 'Categorized' column.
If there is no match found or the wrong expense is found, click on 'Find match' -> 'Find other matches'.
Add any filters if necessary to identify the required expense and select the corresponding expense. Click on Save.
Matching credit card expenses from Capital One with QuickBooks Online's bank feed transactions is simple and requires minimal time and effort in reconciling the expenses.
Reference: How to match expenses in QuickBooks Online
If you have any more questions, feel free to reach out to our support team at support@capitalone-fylehq.com.