Set up bank rules to categorise online banking transactions in QuickBooks Online

The auto-add feature in QuickBooks automatically categorises and confirms transactions that meet the criteria set in a bank rule. You can’t use these accounts to create bank rules. In our last blog, we covered how to tackle shared transactions in QBO; this month, we’re covering banking rules.

1. When you download transactions from your bank, you need to categorize them so they go into the right accounts.
2. Let’s start with the easiest.
3. As Manager of XYPN Books, Dan Keslin ensures that his team consistently delivers quality, accurate, and reliable results.
4. A. Using method #1 from above, click the “create a rule” button.
5. I. Finally, you can review, save the rule, and watch the little green “Rule” icons pop up on your bank feed (it’s oh so satisfying).
6. Sign in to QuickBooks and start a discussion in our QuickBooks Community.

The rule with the highest fob shipping point vs fob destination know the priority will always be applied first. If everything looks good, select Add to move the transactions directly into an account in QuickBooks. You can also select and review it before you move it.

If you are unsure of which account to use, search for the vendor name and find how the transaction was previously categorized. We’re here to helpIf you’ve got any questions or need a hand fixing a connection error, linking or reconciling a bank account, let us know. Sign in to QuickBooks and start a discussion in our QuickBooks Community. A. Using method #1 from above, click the “create a rule” button.

Set up bank rules to categorize online banking transactions in QuickBooks Online

I. Finally, you can review, save the rule, and watch the little green “Rule” icons pop up on your bank feed (it’s oh so satisfying). Be sure to rename it versus using the auto-generated (“suggested”) name to avoid cluttering up your rule list when searching later. Be clear and concise when naming the rule and you’ll save yourself a headache down the road.

The only catch is that you use QuickBooks Online (or QBO as those in the bookkeeping biz call it). Find out more about how features the relationship between interest rates and bond prices and data move to QuickBooks Online.

Set up bank rules to categorise online banking transactions in QuickBooks Online

The “create rule” tool will pop out on the right side of the screen. There are a few ways to access the rule creation tool in QBO. Let’s start with the easiest.

You bond order and lengths can create rules that automatically categorize transactions for you. The more QuickBooks uses your bank rules, the better it gets at categorizing. After a while, it can even scan transactions and add details like payees. They can speed up the review process by automatically categorising your transactions for you. The more you use these rules in QuickBooks, the smarter it gets at categorising.

Step 2: Review recognized transactions

But it’s also pretty darn useful. If done incorrectly, rules can wreak havoc on your books and most certainly cause your hair to prematurely gray. Rules go beyond the automatic processing to give you a finer level of control. They scan downloaded bank items for certain criteria you specify, and then assign particular payees, categories, classes, locations, and more to them. Rules can even help automatically split items between categories and more. You can reorder your bank rules by priority.

If your bank rules aren’t getting applied to transactions

You can view which downloaded transactions were recognized by a bank rule. While inside your For review tab, select Recognized from the All transactions ▼ dropdown menu. This will list all transactions that were recognized by any bank rule. You’ll also see a “Rule” label added to the transaction. After you create an auto-add rule, any transactions on the For review tab that meet the conditions are automatically added. Auto-add rules run when you sign in, upload a file, or create or modify a new auto-add rule.