Traditionally, when automatic creation of renaming rules has been enabled for Bank Feeds, QuickBooks would assign a Payee based on bank details and match names from your list of customers or vendors.
For example, if the Bank Transaction details included the name Chevron, and that name already appeared in your list of vendors, that vendor would be assigned as the Payee to the bank transaction.
A very similar process was used for account assignments.
But improvements to artificial intelligence (AI) employed by QuickBooks have continued to enhance the machine learning (ML) features associated with bank rules.
Now, QuickBooks is able to add Payee information with greater than 30% efficiency and accuracy than before based on the transaction data supplied within bank feeds, and to also categorize transaction with increased accuracy.
Accordingly, you will be seeing QuickBooks assign Payee information to many more bank transactions automatically than in the past.
This means you and your clients can spend far fewer hours adding payee information to bank downloads in order to ensure they are compliant and audit-ready.
Like what you're reading?
Subscribe to our FREE newsletter and we'll deliver content like this directly to your inbox.