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8.Click Let’s go! to complete the connection.
QuickBooks Online Certification Guide 72 PROCESSING TRANSACTIONS IN THE BANK FEEDWith your transactions now in QuickBooks Online, you are ready to allocate them to the required expense categories. There are 4 types of transactions that you will work with in the bank feed. Similar Records Found (Match)– transactions that QuickBooks recognizes that match the bank download Rule– a rule that you add to QuickBooks that automatically categorizes transactions QuickBooks “Rule”– suggestion that QuickBooks makes based on historical information from QuickBooks Uncategorized Expense/Uncategorized Income– QuickBooks needs your help to categorize the transaction. 1. Click Home. 2. Click to Review. QuickBooks displays the bank feed window.
QuickBooks Online Certification Guide 73 3. In the For Review tab, first review the Match transactions.
QuickBooks Online Certification Guide 74 4. After reviewing the transactions, click Match to confirm and enter the transactions in QuickBooks Online. 5.For transactions labeled in Green, QuickBooks suggests a category you can click Addif the category is correct or click the transactions to expand it and edit the category and other information as needed. 6. For transactions that are not matching, you’ll click on the transaction to process. 7. Complete the information as needed. 8. Click Add to complete the transaction. NOTE:After adding transactions to QuickBooks, they move from the For Reviewtab to the In QuickBookstab. NOTE: When you first download, QuickBooks downloads the last 90 days. If these are not needed, select the transactions click Batch ActionsClick Exclude Selected.
QuickBooks Online Certification Guide 75 BANK RULESOn the Banking page, you can set up rules to tell QuickBooks what to do with bank items that meet conditions. Rules help you control, customize, and automate how you use the Banking page in QuickBooks. Even without rules, QuickBooks makes it easier for you to accept bank transactions quickly. When QuickBooks downloads your bank transactions, it does the following: •Cleans up cryptic bank descriptions •Suggests logical categories based on bank descriptions •Remembers changes you made before, and applies those changes to similar transactions •Looks for matches among the transactions you already entered into QuickBooks Rules go beyond the automatic processing to give you a finer level of control. They scan downloaded bank items for certain criteria you specify, and then assign particular payees, categories, classes, locations, and more to them. Rules can even help automatically split items between categories and more. To add a rule: 1.In the navigation bar click Transactions> Banking. 2.Click drop-down arrow Manage rulesfrom the list.
QuickBooks Online Certification Guide 76 3.Click New rule.