Rules can save you a lot of time by scanning bank items for certain details you assign for specific payees and categories that are frequently downloaded items. The purpose of the banking rules is to accurately categorize the frequently used transactions. Follow the steps below to set up rules and save time when accepting bank downloads into your QuickBooks Online file.
From the left menu, select Banking then Rules.
Select New Rule to open the Rule window.
Enter a name in the Rule Name field.
From the For Drop-Down, choose Money In or Money Out.
From the In Drop-Down, choose the Bank or Credit Card account.
Set the rule conditions, specifying whether the transaction must meet All or Any of the conditions. You can add up to 5 lines.
To reduce the need for multiple rules, you can create rules with the Or function so that transactions are edited when they meet any of the outlined conditions. To use the Or function, you must specify When a transaction meets any of these conditions then select Addline.
In the Conditions fields, specify whether the rule applies to Bank text, Description, or Amount, then identify the content the transaction Contains, Doesn't Contain, or Is Exactly for the rule to apply.
Select the settings for the rule, specifying the Transaction type, Payee, and the Category to apply.
You can select the Trash Bin icon to remove a condition.
Select Save.
For more information, please contact Angie Uthe, Certified QuickBooks ProAdvisor, at (847) 695-1775 or via email.
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