Train the Bank Feed with Rules!
The Bank Feed (where you see transactions imported from your bank and credit cards) is a time-saver, but it’s only as good as the rules you set for it.
The Tip: When you see a transaction you frequently deal with—like your monthly rent payment, a software subscription, or a regular vendor expense—don’t just categorize it and click “Add.” Instead, take the extra 30 seconds to Create a Bank Rule.
Why This is Immediately Beneficial:
True Automation: Once the rule is created, the next time that transaction imports, QuickBooks will automatically recognize it, assign the correct vendor and category, and even mark it for review. For subscriptions, utility bills, and other predictable expenses, you can set it t automatically add the transaction with zero click.
Consistency for Taxes: Rules ensure the exact same expense is always classified under the exact same account (e.g., “Software Subscription” vs. sometimes “Office Expense” and sometimes “Technology”). This eliminates confusion and makes your financial reports perfectly clean for tax preparation.
Massive Time Savings: For a business with 100+ transactions a month, properly configured rules can eliminate half your manual data entry time overnight.
How to Do It:
In the Banking tab, click on an imported transaction you want to automate.
Click Create Rule (or use the drop-down to the right of the transaction and select “Create Rule”).
Give the rule a simple name (e.g., “Monthly Rent”).
Set the conditions (usually based on the Description and Amount).
Set the action: Category (e.g., Rent Expense) and Payee (your landlord’s name).
There’s an option to “Auto-Add” for completely automated transactions, but we don’t necessarily recommend using it. No system is completely flawless. It’s good to get your eyes on the transactions before pushing them through.
If you don’t want to deal with the hassle of categorizing transactions or reconciling your monthly statements, consider hiring a bookkeeper so you can focus on growing your business. Click the button at the bottom of this page to schedule a free consultation.
