Can Bank Rules Automatically Split Transactions in QuickBooks Online?

A lot of money is spent on splitting the transaction data in an organization. It will adversely affect the budget planning. Besides managing business transactions is a time consuming process. QuickBooks offeres a bank rule features which can help you. You can use the bank rules automatically split transactions in QuickBooks Online to get relief from the monthly payment and managing transaction data. You just have to make a new rule in the QuickBooks application to use this feature.

In this blog, we will explain the steps that how to set up bank rules to automatically split transactions in QBO, how it saves your time and reducing manual data entry errors..

What is Bank Rule?

Bank Rules are the commands that are given to the application for automatic collection of the transaction data. It will automatically categorize them in proper order so that they can be easily accessed by the accounting team. Because of automatic data collection and the reduction of manual error, a lot of time is saved. You can use your bank rules for depositing the data and transferring the data.

You can easily customize the data that is present. If there are changes in the data, they can be easily noticed in the QB application. Bank rules are mainly made to protect the customer’s necessary details and balance from fraud. To create a proper bank rule that will save time and reduce manual errors.

• Unique Keyword: Make a unique keyword for different transactions.
• Trial With Small Data: To verify the accuracy, you have to take a simple trial with a small import.
• Regular Monitor and Update: Properly monitor and update the transaction because of the continuous change in pattern.
• Create Different Rule: Try to make a different rule for different accounts if their transaction patterns are different from each other.

Advantages of Bank Rules Automatically Split Transactions in QuickBooks Online

Bank rules automatically split transactions in QuickBooks Online, which helps the business have an exact idea about how the business is functioning. It helps to save time and improve the accuracy of the report creation process.

Accurate Financial Report

To properly know the condition of the business, you require exact transaction data without any mistakes. Because of the automatic collection feature. You can get accurate data, which can be used in accounting software to create an accurate financial and tax report to prevent any penalty.

Save Time

Because the QuickBooks Online advanced feature automatically collects data reduces manual error. It saves a lot of time for the accounting manager. They can use this time to discuss to find solutions for other necessary problems in the bank.

Budget Planning

An accurate financial report gives you a proper idea of the cash flow process. You can make a better budget plan for your business to have a proper cash flow process. This helps to prevent useless transactions.

Clear Visualization

When a bank rules automatically split transactions in QuickBooks Online, you can get a clear visualization of the cash flow process of your business. This will help you take some necessary rules for your business to enhance the production process.

Tracking of Transaction

When the transaction data is automatically split, is kept in a proper order. It simplifies the process of tracking the transaction and shares it with the necessary supplier. The transaction can be easily accessed by the employees.

Set Up Bank Rules to Automatically Split Transactions in QuickBooks Online

You know the advantages of the Bank rules automatically split transactions in QuickBooks Online from the above content. If you also want to take advantage of these features, then you can set up this rule in your organization’s system. Follow this simple procedure to simplify your automatically split transaction in QB Online.

1. QB Online Application: Open your QB Online Application.
2. Setting: Search and click on the setting option present on the home screen.
3. New Rule: Click the rule and select the New Rule option.
4. New Name: Give the Rule a new name according to its function.
5. Money Transaction Type: In the dropdown option of transaction, select the Money in or Money out.
6. Select Bank Account: You can select a single bank account or all bank accounts that are present in the dropdown option.
7. New condition: Now you have to make a new rule with five conditions. Now add them by clicking “Add a new condition”.
8. Condition Field: In the condition field, you have to make sure that where you want to apply the condition is applied to the description, bank text, or transaction amount.
9. Text or Amount to Apply: Now, enter the text or amount for how the rule will apply in the QuickBooks application.
10. Decide the rule: Now move to setting again to decide the rule is for transaction type, tax, product, or services.
11. Confirm and Exit: After confirming the data, click on the save button and exit.

Conclusion

Yes, the bank rules automatically split transactions in QuickBooks Online, which would not only save time but also enhance the production speed of the organization. QB Online’s automation feature will help to simplify many critical tasks. If you still have any doubts related to the procedure, you can contact our QuickBooks expert team for help.