You Asked, We Listened: Introducing Bank Rules in QuickBooks Online!

by QuickBooks Canada Team

1 min read

Today, QuickBooks categorizes transactions based on businesses like yours or on similar transactions you’ve already categorized.

Rules go beyond that automatic categorizing to give you a finer level of control, letting you further customize and automate the bank transactions you accept into QuickBooks. This helps save you time and minimizes errors!

How to create a rule

  • From the left navbar, select Transactions > Banking.
  • In the upper right corner, click the ▼ to the right of Update and select 1 Manage rules.
  • Click New rule.

2 Name the rule and select the accounts it should apply to, 3 select the transaction criteria, and then4 set the actions that should be taken. You can assign specific payees, categories, classes1, and locations2.

Picture2

  • You can even 5 split items between categories and classes1.
  • Click Save.

Examples of rules

  • Categorize expenses at A Rental more than $1000 as Equipment Rental (shown above)
  • Categorize expenses from Office Manor more than $500 as Capital Expenditure
  • If the description is Gardening at Bob’s, assign Bob Waldron as the payee
  • Split income from Lakeside Law Firm as 30% Services and 70% Products

Picture3

  • Split expenses from Hillside Cellular as $45 Telephone and the remainder as Internet

Picture4

  • If the description is Amazon or AMZN, set the payee to Amazon and category to Office Expenses
  • If the description is Burger King or McDonalds or Taco Bell, set the payee to Fast Food Vendor and category to Meals and Entertainment
  • If the description is Shell or Chevron, set the payee to Gas Vendors and category to Automobile:Fuel
  • If the description is USPS or FedEx, set category to Shipping

How rules appear on the bank feed page

Once you save a rule, you can see it applied on the bank feed page 6 here and 7 here.

Picture5

 

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