How to Set up Bank Rules in QuickBooks Online

Authored by: Support.com Tech Pro Team

1. Introduction

How to Set up Bank Rules in QuickBooks Online

2. Set up Bank Rules

Bank Rules allow greater control of bank transactions as they are added to the QuickBooks Online Company.

Bank Rules can be defined via Money In or Money Out and the bank account to the transaction it relates to (if you have more than one bank account).

The transactions can be identified using separate conditions using

• Bank Text, using the logic of Contains or Doesn’t Contain
• Description using the logic of Contains, Is Exactly, or Doesn’t contain.
• Amount using the logic of Equals, Is greater than, Is less than or Doesn’t equal

Up to five separate conditions can be added.

To complete the rule, allocate the Payee, categorize it, apply a tax code, or apply a class and/or Location. In addition, you can add a memo to the transaction.

The following is an example of Creating a new Bank Rule

1. In the new window click on the box in the top right called New Rule

1. Enter a rule name, call it Officeworks
2. Select if this is for Money In or Money Out transactions. Set it as Money Out
3. Select the bank account the rule will relate to
4. Select the appropriate conditions to meet the rule
5. Then select the appropriate actions.
6. Optionally choose a Location and/or Class and/or Memo.
7. If the transaction is to be added to the file choose Automatically add to my books
8. transactions Automatically added will not be found in the review tab 
9.