Matching | Transaction Manager

Matching is the process of linking bank feed transactions to their corresponding GL transactions. The two types of matches are duplicate matches and invoice/bill matching.

What is Matching within the Transaction Manager feature?

Matching is the process of linking bank feed transactions to their corresponding GL transactions. The three types of matches are duplicate matches, invoice/bill matching, and undeposited funds matching.

What does Matching solve for?

It is very common for our clients to require matching for their transaction categorization. Matching is used for preventing duplicates and tracking AR/AP.  The three types of matches are: duplicate matches, bill/invoice matches, and undeposited funds matches.

• Duplicate matches (think of it as duplicate detection): A Smart Connect transaction looks very similar to an existing transaction in the GL. Matching depends on the transaction's confidence level:
  
  • Low/medium confidence: We don’t automatically match these, but indicate them as potential matches using the M icon in the Needs Review tab.
  • High confidence: We’ll automatically match the transaction to the one in the GL, which you can find under the Processed tab, with a BF (Bank Feed) indicator. If you click on the M icon next to the transaction, you'll see to which GL transaction it was matched.
• Bill matches (If you are tracking Accounts Payable): A purchase transaction comes through Smart Connect, and we find an existing bill transaction in the GL that has not been paid yet.
  
  • If you choose a match, we create a bill payment transaction and mark the bill paid.
  • We don’t automatically match these, but indicate them as potential matches using the M icon in the Needs Review tab.

• Invoice matches (If you are tracking Accounts Receivable): A deposit transaction comes through Smart Connect, and we find an existing invoice transaction in the GL that has not been paid yet.
  
  • If you choose a match, we create an (invoice) payment transaction and mark the invoice paid.
  • We do not automatically match these due to the risk of incorrectly marking an invoice paid.

• Undeposited funds matches: A deposit transaction comes through Smart Connect, and we find an existing payment or receipt transaction in the GL posted to the undeposited funds GL account.
  
  • If you choose a match, we create a deposit transaction which reduces the balance in undeposited funds and hits the bank account.
  • We do not automatically match these, allowing you to review the transaction for confirmation.

• Transfer matches: Two separate transactions come through Smart Connect on two different accounts that are both using AutoPush.
  
  • We will match and create one transfer transaction.
  • When this happens, we automatically match and move the transfer transaction to the processed tab.
  • These transfers won’t have the M icon, because it was two AutoPush transactions that we consolidated into one transaction.
  • These will sync over to the GL as one transfer transaction.

Who is Matching available to?

Matching is included in the scope of service in our standard Basic and Advanced packages. Matching is NOT included in the scope of service for our Rapid Write Up offerings. 

Our AutoPush functionality must be enabled and is required to match bank feed transactions with QuickBooks Online GL transactions. AutoPush technology is what makes this possible!

What else can you do with Autopush?

With Autopush enabled, functionality in Transaction Manager now includes:

• Automated matches:  The automatic association of bank feed transactions to their corresponding GL transactions
• Real-time transaction categorization: As transactions are downloaded, AutoPush applies vendor and category predictions to any that don't require a match
• Auto-reconciliation of high confidence transactions: if AutoPush is 98% or higher confidence, the transaction is marked reviewed, synced to the GL and reconciled. This confidence rating is historically high enough to NOT warrant human review by our team. Please note, this is only for those who do NOT have the ‘hold for human review’ setting on all transactions enabled.

• Option to configure whether low/medium-confidence transactions should be synced to GL in real-time or held for human review: This will be based on how quickly you want to see transactions in the GL.

• Option to create bill payments and invoice payments when a bill/invoice match is completed: easily handle your AR/AP directly out of Transaction Manager by keeping track of applying payments to open bills and invoices!
• Ability to search the GL & manually match a transaction: AutoPush is really great at finding matches BUT- in some scenarios we find that the amounts between the bank feed and GL transactions may not line up perfectly (for example, due to bulk deposits/one deposit is for multiple invoices). At this point, we’ll prompt you for feedback or assistance to ensure accuracy. If needed, our user friendly interface makes it easy to search the GL and manually match transactions as needed.
• Manually log/record a transfer: AutoPush automatically matches transfers but if you ever need to record one manually, you just choose any bank, credit card or loan account as both the 'to' and 'from' accounts on the transaction.
• Ability to add transaction to GL: If you are leveraging the option to hold transactions for human review, these transactions will need to be added to GL.  AutoPush will still auto-categorize the transaction but a human will need to review and add to GL.
• Ability to reset a transaction: If you ever need to make a change to a transaction you can reset it. Once the reset is complete, you can then take additional actions, such as: edit, match or exclude. 

• Ability to exclude a transaction: If there is a scenario in which you do not need a transaction synced, you can exclude it! This will mark it reviewed but will not sync to the GL.