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How to use QuickBooks bank rules

by Nora Tucker

1 min read

You asked and we listened: introducing bank rules in Intuit QuickBooks Online!

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

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

How to create a rule

  • From the left navbar, select Transactions > Banking.
  • In the upper right corner, click the â–¼ to the right of Update and select (1) Manage rules.Bank Rules 1
  • Click New rule.
  • (2) Name the rule and select the accounts it should apply to, (3) select the transaction criteria, and then (4) set the actions that should be taken. You can assign specific payees, categories, classes1, and locations2.
    Bank Rules 2
  • You can even (5) split items between categories and classes1.
  • Click Save.

Examples of rules

  • Categorise expenses at A Rental more than $1000 as Equipment Rental (shown above)
  • Categorise 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
    QuickBooks rules split percentage
  • Split expenses from Hillside Cellular as $45 Telephone and the remainder as Internet
    QuickBooks bank rules split amount

How rules appear on the bank feed page

Once you save a rule, you can see it applied on the bank feed page (6 & 7)

Bank Rules Applied

Notes

  1. 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.)
  2. 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.)
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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