Question

Which 2 statements regarding Bank Feed best practice workflows are correct?
(Select all that apply)
You should complete Match transactions first, then move on to Add transactions
You should complete Add transactions first, then move on to Match transactions
You should match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, or Deposits, but not open invoices
You should match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, Deposits, or open invoices
You should exclude the downloaded transaction from the For Review tab, if QuickBooks Online doesn’t immediately find a match

Answer 1

The 1st, 3rd, and the 5th statements are correct regarding the bank feed best practice work flows.

Explanation:

• As per the 1st statement, a bank user should match the transactions and must add the new transactions.
• As per the third statement, a bank user should download the transaction statements then he should refer them with the current payments, sales receipts, and but not with the current open invoice. This is because, an error may occur if the open invoices are analyzed without performing a previous match.
• As per the 5th statement, the if the quick books online does not meet any match with the transaction, then one should exclude the downloads.

To know more:

1) Which 2 statements regarding bank feed best practice workflows are correct?

https://brainly.in/question/14784399.

2) Using on line banking, you

can-​

https://brainly.in/question/11587484

Answer 2

Answer:

Match then add

Match transactions but not to open invoices

Explanation:

Complete Match Transactions first, then move on to Add (this is just common sense and also recommended by Intuit)

Match downloaded bank feed transactions to invoice payments, sales receipts, or deposits BUT NOT OPEN (CUSTOMER) INVOICES. When a customer makes a payment, this will be a sales receipt and THEN you can match it.

Do not exclude a transaction simply because QBO does not detect a match. Maybe it just hasn't been entered in QBO, and you can do it here. Only if you are sure it is a duplicate should you exclude it.