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

Posted on 26th November 2020 by Streets -  What's trending?


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

When you download transactions from your bank, you need to categorise them so that they go into the right accounts. Bank rules speed up this review process.

You can create rules that automatically categorise transactions for you. The more QuickBooks uses your bank rules, the better it gets at categorising. After a while, it can even scan transactions and add details like payees.

Step 1: Create a bank rule

  1. Go to the Banking menu or Transactions menu, then select the Rules tab.
  2. Select New rule.
  3. Enter a name in the Rule field.
  4. From the For ▼ dropdown, select Money in or Money out.
  5. From the In ▼ dropdown, select the bank or credit card account.
  6. Set the rule conditions. Decide if the transaction must meet All or Any of the conditions. You can add up to 5 conditions.
  7. In the Conditions fields, specify whether the rule applies to Bank text, Description, or Amount. Then select Contains, Doesn't contain, or Is exactly to decide how QuickBooks applies the rules.
  8. Select the settings for the rule. Select the Transaction type, Payee, and the Category to apply.
  9. Select Save.

Each time QuickBooks uses a rule, it puts those transactions in the Recognised section of the For Review tab. It also adds a "Rule" label to the transaction.

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.


No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


Expert insight and news straight
to your inbox

Related Articles


Budget 2024: Changes to the Non-Dom Regime and their Implications

In the wake of the Budget 2024 announcements, significant changes to the UK's non-domiciled individual (non-dom) regime are on the horizon, with scheduled implementation for 6 April 2025. However, uncertainties loom, especially considering the potential shift in political power after the next General Election. While the outlined reforms ...


How do you avoid financial forecasting that ends up with rain instead of sunshine?

Financial forecasting can often feel like the weather forecast, financial predictions not always being as rosy as planned, or in many cases, as hoped - a bit like the weather whilst sunshine is predicted rain all too often can be the outcome.  Whilst many businesses will look to ...


Working Capital Cycle

The longer the working capital cycle, the more time it takes for your business to get a robust cash flow. It’s good practice for businesses to manage their cycle by looking at each step where possible. This could be by selling stock or product quicker, collecting monies owed ...


You might also be interested in...