What should you do after QuickBooks imports transactions from your bank?

Question

BlackTom AI · Accepted Answer

When QuickBooks imports transactions from your bank, the system has brought in a set of items that may include various categories and statuses. 
Option 1: 'Delete all transactions that are not pre-categorized.' This is incorrect because not all transactions will be automatically categorized correctly, and deleting them would remove potentially legitimate data that you need to review and assign properly. 
Option 2: 'Review and categorize each transaction to ensure accuracy.' This is the correct approach because importing from the bank often yields transactions that require sorting, matching, and proper expense or income categorization to reflect your books accurately. 
Option 3: 'Ignore the transactions as they are automatically categorized.' Automatic categorization can misclassify items or miss matching with existing accounts, so simply ignoring them risks errors in financial reporting. 
Option 4: 'Manually input transactions again for confirmation.' Re-entering transactions defeats the purpose of bank feeds and verification; you should use the bank import as the primary source and adjust or add details as needed rather than rekeying everything. 
In summary, the prudent workflow is to go through each imported item, verify its accuracy, and assign the correct category, payee, and tax settings as needed to keep your accounts aligned with reality.

QBO25E1 - QuickBooks Online Module 6 Quiz

What should you do after QuickBooks imports transactions from your bank?

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