Creating bank rules is always the first step while working on transactional bookkeeping for clients. We have almost completely eliminated manual data entry. Probably because I am the worst when it comes to manual entry. The process feels so archaic and time sucking that I have invested resources again and again to prevent mine or our teams time from being swallowed up preforming remedial tasks.
So of course, I am most pleased when the bank directly connects to QBO. But even when the bank does not sync with QBO or pull enough history for catch up work I use various tools to convert the data. There are ton of converting tools, but we have three favorites Money Thumb, AutoEntry and ScanWriter. Each tool has its strength and level of complexity for converting the data in a useful manner.
No matter how the bank data is brought into the bank feeds, our first step in accepting bank feeds is to enable rules. Rules create consistency and consistency means better reports. Using reports to interpret the data is the real value of bookkeeping.
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Suggested Bank Feeds
When accepting bank feeds, you might have noticed recently a new feature, Suggested Rules. As you code and accept transactions from the QBO bank feeds you will be given a prompt asking if you would like to create a rule for this type of transaction.
The suggested rule will use the data entered from the previous like transactions and ask if you would like to always code these types of transactions this way.
When the Suggest Rule dialog box appears, you can open the create a bank rule dashboard simply by clicking the green 'Get Started' button.
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By clicking the green 'Get Started' button, the create a bank rule dashboard is opened.
The Bank Rule dashboard allows you to configure the rule and specify how you want it applied.
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Once the suggested rule window is opened verify all the data is correct. Suggested rules can be auto added like all other bank rules.
Creating Rules 'On-the-Go' (from this transaction)
Another way I create rules is while I am reviewing transactions in the bank feed.
You can create rules from transactions while you are reviewing them.
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By clicking on the bank feed transaction and choosing “Create rule from this transaction” you can create a rule for all future like transactions. By using this method, you do not have to wait till you have like transactions in a row to create a rule.
My tip is look at the rule and remove any unnecessary lines or conditions. I've found that when I created these rules, sometimes the amount was brought in and added as one of the suggested criteria.
By using either the suggested rules or the create rule from this transaction, it’s easier to let QuickBooks assist you in the rule process to ensure you are grabbing the correct data to make a working rule.
Data entry jobs are almost eliminated by these types of tools and short cuts. I hate data entry, so nothing makes me happier then letting QuickBooks do all the work. Besides, AI is faster, more accurate and allows me to focus on other more important tasks like client consulting.