When it comes to automating bank rules, they can make various parts of allocating transactions simpler and easier. Here is a guide on creating bank rules.
However, when it comes to Transfer transactions, there is one thing to consider. Transfers occur within two accounts within QuickBooks Online, an account which is sending funds, and another receiving. Creating a rule to automate one of the two accounts is simple, and you can follow the guide linked above to do so. 'Transfer' is one of the transaction types you can select.
When it comes to the second account involved in the exchange, this bank feed transaction will need to be 'Matched' instead, as this will combine the two sides, linking them. If you try to use a bank rule to automate the transfer transaction out of the second account, it will create a second transfer, resulting in a duplicate.
This is insane! I've spent ages trying to figure out why the hell I am getting duplicates with these bank rules.
What's the point of a bank rule if I still have to manually match it?
Why even give the option for a "transfer" rule?
Don't bang on about these stupid features when they don't even work.
I am sorry that's how you feel.
The bank rule function within QuickBooks Online has the option to be automatically applied without manual matching. The option for a "transfer" is to record transfers of funds between 2 bank accounts internally. I would suggest getting in touch with our support team if you require assistance setting up bank feeds. Please follow the link below:
Thank you and please let us know if you have any questions.
I did get in touch with Quickbooks help, and they've indicated the same thing. The rules can match one account as a transfer, but the other has to be confirmed manually.
It's not that big a deal, it just seems weird that this can't be automated, given Quickbooks has bank feeds to both accounts.
For transfers I set up a rule for both accounts that go to a clearing account - that way I don't have the duplicate and I also don't have a manual process.
It does seem odd though not to simply automate the transfer and match functionality.
Thanks for joining the thread, shanenoni.
Appreciate sharing your feedback when it comes to automating the transfer and match functionality. I can definitely add this to our report about feature requests to let our Product Development team know. You can still continue the option your doing by using the clearing account to avoid duplicates.
As of the moment, to avoid duplicates to the second bank account the process we'll have to take is to do the Match option. Also, QuickBooks Online will try to find matching transactions. If the system found one, you can review the Matching records found section.
You can check this link to learn more about how to review downloaded transactions Categorise and match online bank transactions in QuickBooks Online.
Leave a comment below if you need more help with bank transactions in QuickBooks Online. Have a great day!