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lisach
Level 1

Bank Rules for KEEP THE CHANGE Transactions

Using QBO

I need some comments on how best to manage "KEEP THE CHANGE" transactions. BofA rounds up transactions and transfers the difference to a savings account. Both the checking and the savings are on Bank feed. 1 rule for checking moves it to from Checking to Savings as  transfer. But at some point I created a rule for Savings making it a Deposit. So now I have numerous transactions in the checking account that are coded as Deposit. And when I do a filter in the Checking account for Deposits... guess what shows up? all the "KEEP THE CHANGE" roundup transfers.

 

I have the rules set to auto add. The savings seems to override the checking. Usually the transfers post as debit in the checking account 1 day and as credit in the savings account posts the next day. So if the checking account rule auto added it one day as a transfer, would the savings account rule then override that the next day? Or would it then create a 2nd transaction?

I changed the rule for the savings account to a transfer so at least it matches the rule from the checking account.

I have several accounts that have transfers going on regularly. 

Is there any way to mass change the existing transactions to TRANSFER from DEPOSIT?

Any thoughts on the best way to address this moving forward?

1 Comment 1
Rose-A
Moderator

Bank Rules for KEEP THE CHANGE Transactions

Good day, lisach.

 

Helping you manage your keep the change transactions in QuickBooks Online is my priority.

 

To answer your question, yes, the system will create a second transaction in QuickBooks Online since you've set up different rules for each account. 

 

To isolate this issue, as an initial step, I'd suggest deleting the rules for your savings account marking the transactions as deposit and transfer.

 

Below are the steps to delete a bank rule:

 

  1. Click Transactions in the left panel.
  2. Choose Rules.
  3. Select the Rule and click the drop-down arrow beside Edit.
  4. Hit Delete.z.PNG

This way your transfer will be allocated accurately and to avoid the system in creating a second transaction in QuickBooks.

 

Also, regarding the option to mass change the existing transaction from deposit to transfer is currently unavailable. You'll need to delete those deposits and record them via the transfer feature in QuickBooks Online. For the outlined steps in recording a transfer, check out this article: Transfer funds between accounts.

 

I recommend editing, assigning, and categorizing your transactions. Also, you can match them to the existing entries in the software. Just go to the For Review tab from the Banking menu. Doing so will help you ensure the accuracy of your financial records.

 

Let me know if you need further help with this topic. You can connect with me again by clicking the Reply button below. Have a wonderful day!

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