You Asked, We Listened: Introducing Bank Rules in QuickBooks Online!

By QuickBooks Canada Team

1 min read

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 1 Manage rules.
  • Click New rule.

2 Name the rule and select the accounts it should apply to, 3 select the transaction criteria, and then4 set the actions that should be taken. You can assign specific payees, categories, classes1, and locations2.

Picture2

  • You can even 5 split items between categories and classes1.
  • Click Save.

Examples of rules

  • 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

Picture3

  • Split expenses from Hillside Cellular as $45 Telephone and the remainder as Internet

Picture4

  • 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

How rules appear on the bank feed page

Once you save a rule, you can see it applied on the bank feed page 6 here and 7 here.

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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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