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Level 4

Quicker Categorization with Bank Rules

BankRules1.jpg

 

Connecting your bank to QuickBooks is a huge time saver. But that’s just the beginning. Setting up rules in QuickBooks for how to handle all of those transactions can save you even more time.

 

You can set up bank feed rules in QuickBooks to automatically categorize frequent transactions. Just tell QB that all transactions meeting your parameters should be categorized in a certain way, and sit back while QB takes care of it for you. There’s no limit to the rules, so you can set up everything you need.

 

Click Banking > Bank Rules to get started. You can also watch this three-minute tutorial to learn how to get started:

 

 

Do you use bank rules in QuickBooks? Let us know how you use this powerful tool to save you time. 

19 Comments
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Level 3

Quicker Categorization with Bank Rules

I use bank rules & they work great except for PayPal transactions. It always choose the last name it used.
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Level 10

Quicker Categorization with Bank Rules

By checking the ‘Automatically add to my books’ box at the bottom is also a huge time-saver. This is great for recurring service bills like rent, telephone, utilities, water, cable, etc. It will do exactly what it says, it will automatically be added to your QuickBooks Online file. No more 'For Review' to Add or Match steps.

 

Interesting, they missed it to mention it on the video.

 

 

BIG TIME SAVER FEATURE IN QBO BIG TIME SAVER FEATURE IN QBO

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Community Champion

Quicker Categorization with Bank Rules

My favorite feature!!!

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Level 1

Quicker Categorization with Bank Rules

Where is this feature in Quickbooks Pro Desktop? 

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Level 1

Quicker Categorization with Bank Rules

The rules are easy, I can't find the "accountant specific feature".

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Anonymous
Not applicable

Quicker Categorization with Bank Rules

Hey @chott940,

 

Welcome to the QuickBooks Community!

 

You're correct to ask - the discussion above is referring to bank rules for QuickBooks Online. The process for setting up Bank Feed Rules in the desktop version is a bit different.

 

Go to Edit, then Preferences, then the Checking Tab and choose "Express Mode." Make sure the "Create rules automatically" and "always ask before creating a rule" options are enabled. 

 

If you need more info about setting this up, here is a helpful discussion and guide (Rule setting - how to automatically get the rule setting window while in bank feeds). 

 

I hope this information helps!

 

 

Highlighted
Level 4

Quicker Categorization with Bank Rules

A great timesaver, unless your just starting and QB is trying to learn. Then you find some pretty interesting guesses you need to fix :)

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Anonymous
Not applicable

Quicker Categorization with Bank Rules

Yes, bank rules save so much time! I am a huge fan of QBO!!

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Anonymous
Not applicable

Quicker Categorization with Bank Rules

I have a bank payment that occurs every month and would like to setup a rule for it to split it into income and management fee entries. For example, transaction amount is £900 and it should split into £1,000 income and £100 management fee. I can do this manually when consolidating the bank transaction but can't see the option when creating a rule?

Highlighted
Moderator

Quicker Categorization with Bank Rules

Hi Marc V,

 

We currently don't have an option to set up bank rules for split transactions. We encourage you sending feedback about it. Please click on the Gear icon and select Feedback

 

For now, please continue adding/matching them manually. 

 

If you have any questions, please let us know. We're here to help. 

Highlighted
Level 10

Quicker Categorization with Bank Rules


@GarlynGay wrote:

 

We currently don't have an option to set up bank rules for split transactions. 


 

Not correct.

 

There is a button that says "Split" when you create a Bank Rule, underneath Payee

Highlighted
Level 10

Quicker Categorization with Bank Rules

@GarlynGay - you're correct. In QBO, they currently don't have an option to set up Bank Rules when you need to split positive and negative for the same transaction. For example, the deposit amount is $900 but like to split $1000 as income and $100 as an expense.

 

This type of split can be done under Banking > For review tab but just not under Banking > Rules split.

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Level 10

Quicker Categorization with Bank Rules


@vpcontroller wrote:

@GarlynGay - you're correct. In QBO, they currently don't have an option to set up Bank Rules when you need to split positive and negative for the same transaction.

 


No, she is not correct.  She said "We currently don't have an option to set up bank rules for split transactions. "

Notice the period at the end of the sentence

Highlighted
Community Champion

Quicker Categorization with Bank Rules

@Malcolm Ziman 

 

If you read the question that @GarlynGay was answering from @Anonymous, he asked about a bank rule for a transaction that included a positive and negative amount.  There is no way to create such a rule.  You can create a split transaction in a bank rule with a percentage or a rule with a specific amount and the balance, but not a negative amount. 

 

Which makes @vpcontroller and @GarlynGay's answer 100% correct.

 

Lynda

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Level 10

Quicker Categorization with Bank Rules


@lynda wrote:

 

Which makes @vpcontroller and @GarlynGay's answer 100% correct.

 


aha, got it.  thanks for clearing things up

Highlighted
Level 4

Quicker Categorization with Bank Rules

Please read my post: Adding or Editing Rules Stalls or Freezes

I agree, what a great times saver - if it works.  I'm getting my client's books in order which has many bank and credit card accounts of which I have years of statements that I can bring in through web connect, or convert older pdf files to excel and then to csv files for importing.  Once I get these into the bank feed, creating and/or editing rules is a huge time saver. Unfortunately, I had experienced freezing of sorts, but really just ridiculously long delays when adding/editing.  Using all the techniques of database repair-rebuild, etc... I still cannot get past this problem.  He is using QB Desktop Pro 2017 on a Windows 10 4GB laptop.  I decided to bring his file over to my 8GB Windows 10 laptop where I have several versions of QuickBooks for many different clients.  I ended up upgrading this client to QB Desktop Pro 2018.  All went well and I got back into getting the rules going.  The 1st went great, the 2nd and on towards around the 20th rule. Then I started noticing some pausing.  Sure enough, by the time I got to the 25th or so rule, I'm back to waiting minutes and more minutes after clicking on "New" rule.  Even when I get into the rule, I have to wait even more minutes to get from one field to the next.  It's almost as if, each time I click, the program is scanning the entire file for a vendor, account or anything it thinks it might have in order not to do something unintentional.

Any ideas or sure fire proven fixes are welcome.  Honestly, my client is not paying me to do all this automated stuff.  I'm trying to save him money by saving on my time.  However, if he has to pay me to manually enter every transaction, then so be it.  It does, however, leave a bad experience for him, as well as me.

Highlighted
Community Champion

Quicker Categorization with Bank Rules

Hi @Budget Friendly Bookkeeping:

 

I feel your frustration with QB desktop and bank feeds.  My "cohort" Matthew Fulton @ParkwayInc created an app just to help this issue.  It is called Vendorsync.  Feel free to reach out to him about it.  It moves a lot of data quickly without all of the funky issues of QB desktop bank feeds.

 

Lynda

Highlighted
Level 4

Quicker Categorization with Bank Rules

Thank you for a possible solution to this frustrating tool.  I shall investigate once time permits.

 

Perhaps this APP will help with all the issues.  I'll follow up when I get to try it out.

 

Here's another annoying quirk with Rules.  The COA although something that should be set up and very rarely touched, isn't a strict policy of QB.  They allow the change of the COA be it description as well as account number as well as the type of account etc, etc...

 

The one thing I always loved about QB was the fact that everything updated and flowed with the change made in the COA.  However, this is not the case with Rules.  I came to realize this the other day when I started downloading/importing a bank feed, where most of my Rules did not work.  I then realized it had the old COA numbers.  Now that's annoying.  

And here's yet another.  When the Popup window finally does decide to appear, when tabbing over to the vendor field, sometimes it will accept (find) the vendor as you type/  Other times, it doesn't and nothing happens as you type.  Yet other times, after it does find the vendor, as soon as you tab to the next field, the vendor disappears - WTH??!!

Okay, I'll end with one more.  When tabbing over to the account field, you can't past the account number/description - it just won't accept it.  Then should you start typing the account number, it will accept the 1st number, and then even the second number.  But once you type the third number of the account number, the field goes blank.  Again, WTH??!!

These actions remind me of working with software in the early 90's not in the teens.  It's as if the high school student/intern they hired for the summer, did this to earn credits on an apprentice program or something similar, without the supervisor checking their work.

How do they release these new tools without checking to ensure they follow the functionality that always made QB stand above and beyond their competitors...

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QuickBooks Team

Quicker Categorization with Bank Rules

Thanks for getting back to us, Budget Friendly Bookkeeping.

 

For now, I'd suggest sending a bug report to our engineers. This way, they can investigate what's causing these behaviors. 

 

Here are the steps: 

  1. Click Help located at the top.
  2. Select Send Feedback Online, and choose Bug Report.
  3. Enter the feedback information.
  4. Click Send Feedback.

If you have any other questions or concerns, feel free to reach out to us at any time.

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