How to use QuickBooks bank rules in QuickBooks Online.
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 Manage rules.
- Click New rule.
- Name the rule and select the accounts it should apply to, select the transaction criteria, and then set the actions that should be taken. You can assign specific payees, categories, classes1, and locations2.
- You can even split items between categories and classes1.
- Click Save.
- 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
- Split expenses from Hillside Cellular as $45 Telephone and the remainder as Internet
- 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
Mike McVay, Certified QuickBooks ProAdvisor 850-725-5696
- To turn on classes (QuickBooks Plus only): Gear > Company Settings > Company > Track classes. (If you don’t see that, try Gear > Company Settings > Categories > Class tracking.)
- To turn on locations (QuickBooks Plus only): Gear > Company Settings > Company > Track locations. (If you don’t see that, try Gear > Company Settings > Categories > Location tracking.)
- Want to try bank rules using sample data? Check out the QuickBooks test drive.