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?
Select the Rule and click the drop-down arrow beside Edit.
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.
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