and now we will learn how to use rules to help us with our QuickBooks online bank fees bank
feed Center can input the account and the person involved in the transaction automatically and
that will save you time if you set it up by using rules if you set up rules you can save
time and have QuickBooks bank feed Center input the vendor or the customer that's involved in
that transaction automatically in fact the rules will even allow the bank feed center to input the
income expense or transfer account that's involved in that transaction automatically so that it will
save you time as you go through the review list the rules can be based on either the text in the
bank text memo field or the description field now let me show you what the difference is here we are
back at the bank feed center and this column says description QuickBooks takes a tiny piece of the
bank memo and puts that as the description but if you click on the transaction it opens up with
all the information about the transaction and this long string of text here is what QuickBooks calls
the bank text so the little bit you see here is quickbooks online 'z interpretation of what this
whole memo is and you may well ask what is this whole bank text here that comes from the memo
field in your bank account now I can show you all I'm already logged into my Chase business
account the one that I'm using for this example 35 65 and if I scroll down to the July 31st ATM
for 2.50 cents I can see that the disk what chase bank calls the description is really the full memo
field non chase ATM fee with the capital letters and that's July 31 for 250 this is the memo field
with all of the text so when I come back to QuickBooks Online and I go back to that July
31st you know the one for 2.50 cents that's this one over here you can see the description only
says ATM fee but when I click on it I get the full text here which is the bank text non chase ATM fee
for the two dollars and fifty cents on July 31 which is what this says for the 2.51 census so
exactly what's in the bank memo is what's copied into what QuickBooks calls the bank text and this
description is just an abbreviation the rules can change what's in the review list or enter
the transaction automatically after it makes the change and you can make that choice when you set
up the rule and we'll do it both ways so you can see both results for example let's make a rule
that every transaction that says ATM in the bank text which is the large text field that comes from
the memo in the bank anyone that says ATM will automatically be categorized with the account
owners withdrawals we can make it based on the bank text field not the description field as I
mentioned a moment ago and in this case we will make the rule only for the account and not yet
make a rule for the name of the customer or the vendor so let's go here and let's make the rule
so we go to the top of the banking center and we click bank rules and now on the top right
we click new rule now when it comes to the name of the rule I like to give the name of the rule
as the same thing as the text that is looking for because that helps remind me what the rule is you
don't have to do it that way this choice has to be correct is this rule going to affect the deposits
or the expenses and checks in this case this is a rule for every transaction where money is coming
out of the bank account and what's nice about QuickBooks Online is that you can make the rule
only for the bank account you're working for or for every bank account that you connected in this
case we'll leave it for just the business checking okay well you have to click the check mark ok so
business checking now when the transaction meets all of these conditions so again we don't want to
use description that's not enough text we want to use bank text because that's the entire amount of
the bank memo field and again ATM so we're telling QuickBooks anytime you see these three letters
together in this way in the bank text which is the bank's memo field what do you want it to
do well the type of transaction would be expense not check because ATM is not a check we leave the
payee blank for this rule because we're allowed and the category will be owners withdrawals so
basically this rule says anytime the memo from the bank has these letters put together in this
way please automatically put this account with it so we don't have to go through it ourselves and
put the account ourselves it'll take too much time we will not yet click the check mark to
automatically add it to the books we just want to see what happens to the review list when we
make and save this rule we click Save now let's go back to the review list and see what happened
haha notice this says ATM and there's a green button here that says rule and it automatically
suggested the owners with bawls account this also has the word ATM and it automatically suggested
the owners withdrawals account same thing with these three rule ATM owners withdrawals so we
would save time all you got to do is click add add add and you don't have to go bother going
through it and putting the withdrawals account yourself because you know that's the proper
account because it says ATM now we could add it ourselves but that would still take time if we're
really sure we can go back and edit the rule to make it enter into QuickBooks automatically that
would really save us time so let's go back to Bank rules and this is the only rule so we can
click the check mark here and edit this rule and the only edit we're going to make is this check
mark down here please enter it automatically now that you know which account it is please
enter it without requiring that we have to click Add next to each one when I click Save we get a
message that six transactions have been added to the books and when we come back to the review list
you can see that it's down to 23 from 29 because those other six are no longer on the review list
where are they they're in QuickBooks and we can see that they're in QuickBooks by clicking in
QuickBooks and when we click in QuickBooks look at that ATM ATM ATM they have already been recorded
in QuickBooks and you can check that they have already been recorded into QuickBooks by looking
at the rest of your QuickBooks reports you can make a rule for deposits the same way you make
a rule for expenses and checks for example let's make a rule that every transaction that has in
its description field which is the little field that comes from QuickBooks Online let's make that
have the exact words QuickPay so any one of the little fields that has the word quikpay spelled
this way should automatically have Allen RB as the customer and video income as the account
now remember we're basing it on the description fields and not the memo that came from the bank
so here we go notice in the review list there are quite a number of chase QuickPay in this little
field description again we're not talking about this long text here we're talking only about the
little description that quickbooks online puts as an interpretation of the memo field so we click
bank rules and again click new rule in the top right and again I like to make the rule the nay
the same as the text let's not make it all cats okay quick pay I like to make the name of the
rule the same as the text but this time okay it's not for money coming out this time it's
for money coming in and let's leave it with all bank accounts or you could select the specific
bank accounts that you want to apply this rule to now this rule I'm purposely making a little
different instead of the bank text we'll make it based on the description just to see that
it works you should also know there are other options for criteria you could make it an exact
spelling of something because you might have two rules that are very similar or you could
make it a rule for anything that doesn't contain a specific text you could even make it based on
the amount you could tell QuickBooks let's have a rule that anything of this exact amount has this
specific name in this specific account but for now let's leave it as description and you can
explore and experiment with the different options on your own time but when the bank text contains
exactly this text spell this way it means that it's a deposit because it's for money coming in
and it means the payee should be Alan RV we want QuickBooks to put that automatically and we want
the income account to be video income okay we don't yet want it to automatically put it in
QuickBooks we want to see what it looks like on the review list so again for all money coming
in if it has this if the description contains this and I suggest you explore and experiment
with these options later but if the description contains lit this QuickBooks should put the name
as Alan RB and the account is video income now after we save this rule we can come back back to
the bank review list look at this this said chase QuickPay it suggests the rule video income and it
suggests Alan RB this also had the word QuickPay in the description it suggests the video income
and suggests Alan RB and so on so there are several of these how many one two three four
five six so out of the 23 transactions that are in review six of them we could go through one by
one and click Add but it would be much faster if we went back to the bank rules click Edit to edit
that particular rule and simply told QuickBooks instead of just showing us on the review list
or automatically add it into QuickBooks as soon as we click Save we're going to get this message
six transactions have been added to your books and when we come back to the bank feed center
you can see now there are only 17 on the review list from 23 a minute ago because the other six
have been added in QuickBooks and we can confirm that they're in QuickBooks by clicking here and
now you can see all the ones that say quikpay have been added as the deposit with video income
and Allen RV and that's how you use Bank rules and the bank feed center of QuickBooks Online