Automatic Bank Feeds -- Are some transactions missing?
I performed all the bank feeds for several months and am now attempting to reconcile. What I've noticed now for 4 months in a row is that MANY of my "ATM & Debit Card Withdrawals" on my bank statement are NOT included in the downloaded bank transactions in Zoho. I'm having to manually add them. However, many are included.
Any thoughts? Am I missing something?
Another question or clarification: Can you explain (I'm NO accountant!!) how my expense entry and my bank transactions coexist or integrate with one another? It seems like they would repeat. So, I buy an item for $500 and it is Cost of Goods Sold. I enter that as an expense against my business checking account. Well, when my bank feeds come in, there should be a transaction for that same expense item. They should match up ... but how does that work? This is sort of a vague question, but I'm not an accountant.
Thanks for any help,
Brian