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Cloud Accounting has changed the way businesses track their finances forever. While Xero helped to revolutionize the modern-day bank feed, Intuit raised the bar with their QuickBooks Online Bank Feed and Banking Rules. When utilized correctly, Bank Feed Rules can handle a large portion of the transaction review process by auto assigning what a transaction was for including who paid or was paid. But as the saying goes, with great power comes great responsibility, that’s why we created a guide to explain how to use QuickBooks Online Bank Feed Rules.
QuickBooks Online Bank Feed Rule Creation
Part 1
Part 1
The Sum of the Parts That Make a Rule
- Rule name – Give each rule a name.
- For – Select whether the rule applies to Money in (deposits) or Money out (withdrawals).
- In – From the drop down, you can select which bank accounts this rule applies to. The default is All bank accounts.
- Conditions – You have the option to set the conditions that the transaction must meet for this rule to apply:
- From the drop down, select all or any
- From the drop down, you can select bank text, description or amount.
- From the drop down, you can select contains, is exactly, or doesn’t contain.
- In this field, you can enter the bank text, description or amount.
- Transaction type – Select whether the transaction is an expense, transfer, check, or deposit / credit card credit
- Payee – Select the payee (if applicable).
- Category – Select the account the transaction should be categorized to.
Naming your QuickBooks Online Bank Feed Rules for Fast Searching
FOR what & IN which
Establishing the QuickBooks Online Bank Feed Rule Conditions
To Payee or not to Payee
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Class and Location Optional But Great!
The Power to Split
QuickBooks Online Bank Feed Rules
Part 2
Want to learn more about QuickBooks Online Bank Feed Rules? Check out our 2nd installment in the Bank Feed Series