and now we will learn how to save time by setting up and using rules rules give us gives the bank
feed Center the ability to input the account and input the person associated with the transaction
automatically QuickBooks Bank feed Center can input the vendor or the customer automatically if
you set up a rule QuickBooks Bank feed Center can also input the income or expense or the transfer
account automatically the rules are based on the text in the downloaded as field so if we
go over to QuickBooks and we see the transaction list you can see there are several columns with
many different fields but the one that the rule is based on is this downloaded as I suggest you make
it a little bit wider if QuickBooks cooperates and lets you pull the column wider now I show you in
two previous videos that if you want you could click this check mark and get the rest of the
bank memo but be careful the rule is not based on the text here in the bank memo the rule is based
on the text in this field download it as and even though we discussed how they go together to make
the complete description that comes from the bank unfortunately it's only the text in this field
that QuickBooks is going to look at when deciding if it should execute a rule so for those of you
who like to take formal notes I wrote down these two notes with Chase the actual description from
the online account is split between the downloaded as field and the Bank memo field unfortunately the
rules will only look at the text in the downloaded as field so you must make your fools according to
what you see exactly in this field for example let's make a rule that every transaction that
says service fee will have Chase Bank as the payee well it's very simple in the top left of
the transaction list we click rules okay now if we want to make a new rule all you have to do is
go to the bottom left where it says manage rules and click add new now here's the add new rules
window first you have to give it a rule name so I think that since we said service fee is what we're
looking for I suggest you make the rule name the text that's actually in the field this way you can
copy it and paste it here now it says description but they're really talking about the downloaded
as field and let's rename the payee to Chase because if it's a service fee its reen's that
we're paying chase so now once I save this rule as soon as I go back to the transaction list and
the review list you will see many of them have been matched and changed save now I'm going to
close notice the rule has been added to the rule list when I close this out aha we go back to the
transaction list and we can see 24 transactions were changed by rules the yellow ones are the ones
that are still on the review list and the orange ones are the ones that were changed by rules we
can get there by scrolling all the way down to the orange section and you can see the status
is ch a abbreviation for the chase and the payee in anytime it says service fee in the downloaded
as field or monthly service fee and the downloaded as field it changed it to chase I could click the
orange bar here and limit my view to only what's here I could click the yellow and limit my view
to only the other ones if I wanted actually if you scroll down you can still get that so they
were changed by rules but now unfortunately we can't enter them if I click here and I want only
the ones changed by rules I could click this check mark to select all of the ones that were changed
by rules and enter them in one shot the problem it well look what happens though when we try to do it
and approve up we can't because we did not yet choose an account to go with these transactions
so we have to go back to the rules and we have to click that add the service fee rule click the
check mark because we're going to edit this rule so click the check mark to tell QuickBooks this
is the rule we're editing manage rules ok well actually I think if you just double click you can
go back to the rule really you should double click ok but it's not enough to rename we have to choose
an account in order to choose an account we have to click this plus sign and then and a categorize
categorized means choose the account that should automatically be placed in the transaction in this
case we're going to choose bank fees expense so that is consistent with my instructions now let's
modify the rule to make the account bank fees expense so we have the payee as chase and the
account as bank fees expense now when I click Save I can go back to all the ones that were changed by
rules and if I scroll down you can see aha not only does it have Chase as the payee but now it
has bank fees expense as the account because that's what I set up now if I click back act
batch actions and I click add and approve they all disappear from the review list and 24 have been
added or approved to the records and I can click here and open the register and you can see all of
the ones with the lightning bolt are the ones that were just added or approved let's try another one
how about we make every transaction that has in the downloaded as filled ATM withdrawals have the
payee as mark and the expense as transportation expense well it's very simple in the bottom left
where it says Matt you know first when you're in the transaction list you click rules then in the
bottom left manage rules add new the name of the rule can be marked if the description contains
ATM let's rename the payee field to mark click the plus sign and let's recap your eyes it as
transportation expense now when I click Save that means when I come back here I close this window if
I come back here 23 have been changed by rules and if I scroll all the way down I can see the
23 that have been changed by rules notice every time it says ATM here in this field the payee
is changed to mark and the account has changed to transportation expense and in batch actions I can
approve all of these at once and now 47 have been added and there's only 81 remaining so you can see
how these rules will save us time now I'd like to do one more as an example because we haven't done
any with income yet so let's do this one let's make a rule that every transaction that says
Google has the customer name as Google and the account as income from web service so we click
rules manage rules add new ok let's make the rule named Google if the description contains Google
then we rename the payee field to Google click the plus sign and categorize it as income from
web cert services save now when we come back we can see there were two payments from Google that
I received one on the 23rd and another one on the six of course the one on the six was pretty small
but you can see it automatically made the payee as Google and automatically made the income account
as income from web services now I can accept these ignore ad and approve and now 49 have been added
by rules and I only need to review the other 79 so you can see how rules help us out just a couple
of things to note you must have a rename in each rule you cannot have a rule that only changes the
account if I try to make a rule with only changing the account description contains okay let's say
let's put the word fee okay description contains fee just for an example okay and I don't want to
rename I only want to categorize to this expense insurance expense if I click Save I get this error
message you have to rename it you have to put the name before you put the account and I'd like
to close the video by inviting you to explore the criteria of setting rules in other words you don't
only have to put specific text that is contained in the description when the text contains fee but
then you could add additional criteria by clicking this plus sign or the description starts with a or
the description ends with B or the description matches exactly some specific text then it can
execute the rule down here so this gives you a lot of flexibility because sometimes you have
similar things coming up in the description field and you don't want to confuse two transactions
that have a very similar description so you would use this extra criteria to make sure
QuickBooks understands which ones to put these accounts and which ones to put the other accounts