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Banking Rules Update: New Auto-add Bank Rules

By Lauretta Finis

1 min read

A new Auto-add Bank Rules feature has just made our lives easier! We can now create rules that automatically accept bank feed transactions into QuickBooks Online. This is a huge time-saver.

It’s best suited to (but not restricted to) simple transactions such as bank charges and monthly fees, monthly loan or mortgage payments, fuel expenses, and so on.

You can find the new Auto-add Rule set-up from ‘Transactions’ on your left-hand side navigation bar. Go to ‘Banking’, then in the top right-hand corner from the drop-down box in the ‘Update’ field, click on ‘Manage Rules’.

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Click on ‘New Rule’, then set up a new rule, and choose ‘Automatically add to my books’.

In the examples below we show you to set up two new rules using the latest feature:

1) Set up for a monthly ‘Overdrawn’ account fee at only $9.00. When a transaction feeds through meeting these two conditions, it will automatically be added into your QuickBooks Online file by checking the ‘Automatically add to my books’ box.

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2) Set up a simple ‘Officeworks’ transaction. Any transaction with Officeworks as a description will automatically be added as per the set-up of this bank rule and by checking the ‘Automatically add to my books’ box.

Officeworks

How the Auto-add Rule Works

  • Once the rule is set up, any affected transactions as in the above examples in the ‘For Review’  are automatically added to QuickBooks Online.
  • Auto-add Rules will run when:
    • You sign in to your file.
    • You run a manual update.
    • A .csv file is uploaded.
    • You create/change an Auto-add Rule.

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The ‘Auto-add’ rule appears on the ‘Rules’ page under a new column called Auto-add. The icon will appear next to the rules that have the Auto-add feature turned on.

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You will find the auto-added transactions under ‘Transactions’, then ‘Banking’ in QuickBooks Online. Then locate the auto-added transactions. If necessary, you can undo.

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If required, you can filter only the auto-added transactions. Go to ‘Transaction’, then ‘Banking’. Next to the funnel icon, there’s a drop-down menu. Click on the ‘Rule’ drop-down menu, choose ‘Auto-add Rule’, then choose your dates ‘From’ and ‘To’.

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Set up your rules and choose your conditions to suit your transactions. This latest Auto-add Bank Rules feature can save you a huge amount of time, making it absolutely awesome!

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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