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.
As you review downloaded transactions, you can assign a payee, category, class, or location to each transaction as needed. To review a downloaded transaction:
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.
The information you specified is applied to all of the selected transactions.
There may be times when you want to split a transaction, either a deposit or expense, between different categories.
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.
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:
Once this setting is turned on, you can assign a billable customer to a transaction.
To assign a billable customer to a transaction:
The transaction is saved to your register and moves from the For Review tab to the In QuickBooks tab.
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.
The transaction and its attachment are saved to the register and moved from the For Review tab to the In QuickBooks tab.
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.
To review and accept a downloaded transaction:
The transaction is added to the register and moved from the For Review tab to the In QuickBooks tab.
You can review and add or accept multiple transactions at the same time.
All of the selected transactions are added to the register and moved from the For Review tab to the In QuickBooks tab.
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.
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.
If you added or accepted a transaction, or multiple transactions, in error, you can undo that acceptance.
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.
QuickBooks Online automatically downloads Bank Detail from the bank into QuickBooks Online. The following Bank Detail settings are turned on by default:
If necessary, you can turn these settings off, if, for example, you don't want bank detail information to appear in the Memo field.
The settings are cleared and the information no longer appears with the transactions.
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.
The transaction type changes as you specified.
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