QuickBooks helps in categorizing your common transactions. Banking rules in accounting software is a great tool that teaches QuickBooks how your transactions should be categorized.
QuickBooks rules allow you to customize the banking transactions which you have accepted into QuickBooks Online. QuickBooks rules save your valuable time by setting up the automatic categorization of the regular recurring transactions. Once you know the process of creating QuickBooks rules, you can start performing bookkeeping tasks in an automated way. In this, blog you will come to know the procedure of creating QuickBooks rules. The bank rules is going to search the downloaded transactions from credit card accounts and bank, then will assign particular categories and payees for them.
Furthermore, creating rules is important as well as time-saving, particularly for businesses. Let’s get familiar with the process of creating rules in QB Online.
How to Create QuickBooks Rules?
Follow the steps to create bank rules in QuickBooks Online:
- Initially, you have to choose banking then rules from the left menu.
- Then after, select a new rule for opening the rule window.
- Afterwards, you have to add a name in the rule name field.
- Next, select money in or money out from the drop-down.
- You have to select a credit card or bank account.
- Then after, set the rule conditions.
- If you want that transactions get edited when they meet any of the outlined conditions, create rules with or option.
- You have to specify whether the rule applies to bank text, amount, or description in the conditions field. Then after identifying the content that the transactions contain, doesn’t comprise, or is just for the rule to apply.
- Choose the settings for the rule and specify the payee, transaction type, and the category to apply.
- Select the trash bin icon for removing a condition.
- Finally, choose the save option.
Automatically Add to My Books Option
Targeted rules are automatically created and specific transactions are automatically accepted into the books from the Banking page.
- If you want to turn this option on, choose the “automatically add to my books” option on the Rules window and then click on the option to save.
- Now, after creating an Auto-add rule, any transactions of yours on the “For Review” tab will be added automatically.
You can auto-add rules run when you have to perform the following tasks:
- Log in
- Create or modify a new auto-add rule
- Upload file
Also Read: How to use QuickBooks? – A Complete Guide
After setting up bank rule, the recognized tab of the bank and credit card screen will show an indicator for the transactions that are recognized by the system.
If required, you can add transactions directly from the recognized tab or choose the transaction for editing it before adding it.
Import Bank Rules
In case you have set up the banking rules on another QuickBooks Online company file, you can save time via exporting these rules and after that importing them to the current company file.
Follow the process to import bank rules:
- To begin with, you have to sign in to the company file you wish to export the bank rules from.
- After that choose banking then rules option from the left menu.
- Then, choose the new rule drop-down and after that select export rules.
- Now, in your excel save the export file.
- You have to switch to the company that you need to import the bank rules to.
- Choose banking then rules from the left menu.
- You need to choose the new rule drop-down and then select import rules.
- Choose browse and navigate to and then you have to upload the excel file you had exported.
- Finally, choose the rules and details that you want to import and follow the prompts for finishing the import.
In short, the aforementioned steps have given you a clear understanding of creating bank rules in QuickBooks Online.
Overall, we can see that bank rules save a lot of time in categorizing the regular recurring transactions. Moreover, this blog clarifies and explains what the QuickBooks rules are and how to create up bank rules in QuickBooks Online. QuickBooks rules correctly categorize transactions and manages your banking effectively. The online banking feeds feature is quite easy to use. It naturally remembers the modifications you have made for a definite customer or supplier.
In case you want to know more about QuickBooks rules, dial QuickBooks Online Support Number.