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Assign, categorize, edit, and add your downloaded banking transactions

After you've downloaded transactions from your financial institution, you can assign and categorize them.

QuickBooks Online analyzes all the information received from the bank for each downloaded transaction to give you the best possible suggestions for accepting the transaction.

Review downloaded transactions

As you review downloaded transactions, you can assign a payee, category, class, or location to each transaction as needed.

To review a downloaded transaction:

  1. From the left menu, select Banking, and choose Banking.

  2. On the For Review tab, select a transaction to open it.

    The Description column entry indicates the type of transaction.

  3. Select a customer or vendor/vendor name from the Select Payee drop-down list to assign a payee to the transaction.

    If possible, QuickBooks Online displays a matching customer, vendor/vendor, or employee name, or you can select Add new to specify a new payee for the transaction.


    If you don't select or add a name, the transaction appears in the register without a payee when you add it.

  4. Verify that the selection in the Category field is accurate, or select a more specific Category for entries listed as Uncategorized Income or Uncategorized Expense.

    You can create additional categories (from your Chart of Accounts) as needed.

  5. Select a Class or Location from the available options.

    These fields only appear if you have set up classes or locations in your Company Settings.

When you are satisfied with the transaction information, you can add the transaction to QuickBooks Online.

Assign a payee, category, class, or location to multiple transactions at once

For greater efficiency, you can assign a the same accounting information, such as payee, category, class, or location, to multiple transactions at the same time.

  1. On the Banking page, select the For Review tab.

  2. Select the checkbox for each transaction to which to assign the same payee, category, class, or location.

    You can easily select multiple rows by selecting the first, holding down shift, and selecting the last.

  3. From the Batch actions drop-down menu, select Modify Selected.

  4. Use the fields in the Modify Selected dialog to specify the Payee, Category, Class, or Location to assign to all of the selected transactions.

  5. The Class and Location fields only appear if you have set up classes or locations on the Account and Settings (or Company Settings) Advanced tab.

  6. Select Apply.

The information you specified is applied to all of the selected transactions.

Assign multiple categories to a single transaction (split)

There may be times when you want to split a transaction, either a deposit or expense, between different categories.

  1. From the left menu, select Banking, and choose Banking.

  2. On the For Review tab, select a transaction to open it.

  3. Select the Split button to open the Split Transaction window.

  4. Select a Category and enter an Amount for each category to assign to the transaction until the total amount matches the downloaded amount.

    You can select Add Lines to add more categories, Reset to start over, or, if necessary, the trash can icon to delete a row.

  5. Select Save and Add.

The transaction is assigned to all of the categories you specified, saved to your register, and moved from the For Review tab to the In QuickBooks tab.

Assign a billable customer to a transaction

To assign a billable customer to a transaction, you must first turn on the Billable Expenses option, and then assign the customer.

To turn on the Billable Expenses option:

  1. Select the Gear icon on the Toolbar.

  2. Under Your Company, select Account and Settings (or Company Settings).

  3. From the left menu, select Expenses.

  4. In the Bills and expenses section, select the pencil icon to open the fields for editing.

  5. Make sure that that the following options are turned on:
    • Show items table on expense and purchase forms
    • Track expenses and items by customer
    • Make expenses and items billable
  6. (Optional) Select the Markup with a default rate checkbox to enable markup and enter a rate.
  7. (Optional) Select the Track billable expenses and items as income option to use one or more income accounts to track billable expenses.
    You can specify whether to track these expenses in a Single account or in Multiple accounts.
    When you select this option and choose a Single account, by default, billable expenses are tracked in the Billable Expense Income account, but you can change that setting on the Advanced tab, under Chart of Accounts.
  8. Select Save.

  9. Select Done.

Once this setting is turned on, you can assign a billable customer to a transaction.

To assign a billable customer to a transaction:

  1. From the left menu, select Banking, and choose Banking.

  2. On the For Review tab, select a transaction to open it.

  3. Select the Billable checkbox.

  4. Select the appropriate customer from the Select Customer drop-down list.

  5. Select Add.

The transaction is saved to your register and moves from the For Review tab to the In QuickBooks tab.

Add attachments to banking transactions

You can optionally add an attachment, such as an image or a receipt, to a banking transaction.

You can't save just an attachment. Attachments must be linked to a transaction to be uploaded to the account. 

A transaction can only have one attachment, and the attachment is not saved to the transaction until the transaction is added to QuickBooks Online.

You cannot attach a file to a transaction added as a Match.

You must add the attachment from the For Review tab.
  1. From the left menu, select Banking, and choose Banking.

  2. On the For Review tab, select a transaction to open it.

  3. Select Add Attachment and select the attachment to add from the File Upload window.

    The file name is listed next to Attachment. If you attach the wrong file, select the X next to the file name to remove it.

  4. Select Add.

The transaction and its attachment are saved to the register and moved from the For Review tab to the In QuickBooks tab.

Accept transactions

After you assign and categorize a transaction, you accept it into QuickBooks Online so it is added to the bank register and becomes part of your business finances.

This is an important step because transactions that aren't accepted can't be tracked or reported on.

Accept a single transaction

To review and accept a downloaded transaction:

  1. From the left menu, select Banking, and choose Banking.

  2. On the For Review tab, select a transaction to open it.

    The Description column entry indicates the type of transaction.

  3. Verify that the Payee, Category, Class, and Location you specified for the transaction are accurate.
  4. Select Add.

The transaction is added to the register and moved from the For Review tab to the In QuickBooks tab.

Accept multiple transactions at once

You can review and add or accept multiple transactions at the same time.

  1. Review and categorize several transactions, but don't accept them.

    You can select a column heading, such as Description, to sort the list by the entries in that column and group similar transactions together.

  2. Select the checkboxes of each transaction to accept.

  3. From the Batch Actions drop-down menu, choose Accept Selected.

All of the selected transactions are added to the register and moved from the For Review tab to the In QuickBooks tab.

Edit transactions

If necessary, you can edit a downloaded transaction, regardless of whether it is unaccepted or accepted, including changing how you assigned or categorized it.

You can also undo an acceptance, and even exclude a transaction from being included in your business finances.

See Exclude downloaded transactions from your business finances or due to duplicate banking transactions for the steps on how to exclude transactions.

Change an assignment or category for a transaction

If a downloaded transaction has been assigned to the wrong category, you can change the assignment or category for the transaction.

You can only change the assignment or category from the For Review tab or in the corresponding QuickBooks Online transaction. You can't change a category or assignment from the In QuickBooks tab.

  1. On the Banking page, select the For Review tab.

  2. Locate and select the transaction to open it
  3. Select the Category or Match drop-down list and select the new category from the list.

  4. Select Add to accept the new category and add the transaction.

  5. The transaction is added to the register and moved from the For Review tab to the In QuickBooks tab.

Undo an acceptance

If you added or accepted a transaction, or multiple transactions, in error, you can undo that acceptance.

  1. On the Banking page, select the In QuickBooks tab.

  2. Locate the transaction.

  3. From the Action column, select Undo.

     

    To undo multiple transactions at once, you can select the checkboxes for all of the transactions and select Undo Selected from the Batch Actions drop-down menu.

The transaction is moved from the In QuickBooks tab to the For Review tab where you can select it and assign an account for it from the drop-down list in the Category or Match field.

Bank Detail settings

QuickBooks Online automatically downloads Bank Detail from the bank into QuickBooks Online.

The following Bank Detail settings are turned on by default:

  • Copy bank detail to Memo: Bank detail information is copied into the Memo fields of downloaded transactions

  • Show bank detail: QuickBooks Online displays bank detail information downloaded from the bank that is slightly different from the information on your bank statement

If necessary, you can turn these settings off, if, for example, you don't want bank detail information to appear in the Memo field.

  1. On the Banking page, select the For Review tab.

  2. Select the Gear icon above the Action column.

  3. Clear the appropriate checkboxes under Transaction details to turn off any of the listed settings.

The settings are cleared and the information no longer appears with the transactions.

Change a downloaded transaction type from Transfer

If QuickBooks Online automatically assigned Transfer to an expense transaction after downloading an .ofx file from your bank, you can change the transaction type from the Banking page.

  1. On the Banking page, select the For Review tab.

  2. Locate and select the transaction to open it.
  3. Select either the Add or Find Match radio buttons to clear the Transfer radio button.

  4. Select a new category for the transaction and select Add, or match the transaction and select Save.

The transaction type changes as you specified.

Additional information for managing transactions

If you need more information about managing transactions downloaded from your bank or financial institution, the following articles can help:
How to add and match downloaded banking transactions
How to unmatch and delete downloaded transactions
How to exclude expenses from downloaded bank transactions