
Categorise online bank transactions in QuickBooks Online
by Intuit•5• Updated 4 days ago
QuickBooks Online helps you review categories for automatically downloaded transactions and suggests categories based on how you’ve categorised similar transactions in the past.
Note: QuickBooks Online won’t download pending transactions.
Step 1: Download the latest bank and credit card transactions
QuickBooks tries to update your bank transactions automatically every 24 hours, but you can manually update them.
- Follow this link to complete the steps in product
- Select
Update. This updates the transactions on all of your accounts.
Tip: If you see a message about additional authentication, follow the prompts to continue the update. - QuickBooks recognises common suppliers from your bank transactions, and will automatically add new suppliers into your account.
- Turn this option off if you don’t want new suppliers added. In Bank transactions, go to Settings ⚙ and turn off Add new suppliers.
If you have trouble downloading your transactions, you can try other options.
Step 2: Review and categorise downloaded transactions
Follow the steps below based on the device you're using.
Follow this link to complete the steps in product
- Select the account you want to review.
- Select the For review tab.
- QuickBooks sends downloaded transactions to the For review tab, and suggests categories for each transaction. Review each transaction and do one of the following:
- If the transaction says Add:
- Select Add if the suggested category is correct.
- Or change the category using the dropdown or adding a new one.
- Select Add to categorise the transactions
- The transaction already exists in QuickBooks, you may have the option to match or view multiple matches.
- If the transaction says Add:
Note: You can create a bank rule that automatically categorises transactions for you. You can also turn suggestions off if you want to manually categorise your transactions.
Step 3: Choose the right category
Categorise income
Money paid to you. For example, this could be from:
- Sales
- Customer payments
- Refunds
- Fixed assets sold
- Bank loans received
- Money invested
Categorise expenses
Money paid to others. For example, money spent on:
- Office Supplies
- Meals
- Taxes
- Fixed assets
Step 4: Other categorisation actions
There are a few other options to take to help you properly categorise your transactions.
- The cheque image disconnects when cheques are matched to a bill and converted into a bill payment.
- If your connected bank transactions don’t have cheque images automatically attached, your bank is not supported. However, it may be supported at a later date as we work to partner with more financial institutions.
Result
After completing these steps, your bank transactions will be categorised correctly in QuickBooks Online. This helps maintain accurate financial records and ensures your reports reflect real activity.
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