Ask any advisor what they need more of and chances are they won’t say clients first—they’ll say time. While we’re incapable of offering you more than 24 hours in a day (if any outsourced solution claims otherwise, run in the opposite direction), we can offer you some of your time back. Whether or not you currently use FA Bean Counters for your bookkeeping needs, this blog is bound to save you some time on your books.

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.

I. Finally, you can review, types of government budget 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.

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

You can create rules that automatically categorize transactions purchased equipment on account journal entry 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.

1. While we’re incapable of offering you more than 24 hours in a day (if any outsourced solution claims otherwise, run in the opposite direction), we can offer you some of your time back.
2. 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.
3. These are the ones you need to review every day.
4. Yes, we are a broken record.
5. The more you use these rules in QuickBooks, the smarter it gets at categorising.
6. Once the rule is created, however, it’s smooth sailing because you don’t have to think about it.

Step 1: Create a bank rule

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

Over time, it can even scan transactions and add details like payees. At the start of this post, I mentioned that creating rules will save you time. But the process of creating rules will take you time first. Once the rule is created, however, it’s smooth sailing because you don’t have to think about it. Simply select all of the transactions that have rules applied, quickly review, and accept them all at once. Once you create an auto-add rule, any transactions that meet the specified conditions in the For review tab are automatically added.

The auto-add feature in QuickBooks automatically categorises and confirms transactions that meet the that limit activity 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.

Rules like these can save you from having to update categories and adjust transactions one by one. As Manager of XYPN Books, Dan Keslin ensures that his team consistently delivers quality, accurate, and reliable results. A series of events eventually brought him to FABC, where he manages a high-performing team of bookkeeping and accounting specialists. We’ve said this in previous blog posts, training services, webinars, office hours, basically to anyone who will listen… add a vendor or payee to every transaction. Yes, we are a broken record. This step is also very important as it will decide which account on your books the transaction will go to.

These rules are triggered when you sign in, upload a file, or create or edit a new auto-add rule. You can create targeted rules so specific transactions are automatically accepted into your books from the Bank transactions (Take me there) page. QuickBooks automatically applies your rules to transactions in the For review tab. These are the ones you need to review every day. When you download transactions from your bank, you need to categorize them so they go into the right accounts. Bank rules speed up this review process.