Automate QBO Bookkeeping with Rules

I am super big on automating anything that can be automated to make bookkeeping and life in general more efficient and easier. In this video I show you how automate QBO Bookkeeping with Rules so that QBO will auto classify transactions.

Here is a video on how to add rules to QBO –

Here are the steps –

  1. The easiest way is to setup a transaction the way you want it to be entered on the banking tab.  Enter the Vendor, Category, Class if applicable, memo.
  2. I like to copy the bank description by highlighting it and clicking CTRL + C so that I can paste this as the rule name
  3. Instead of clicking Add click the “Create Rule” button
  4. Paste the rule name
  5. Check over the details which should all be correct and make sure the auto  add button is on
  6. Click Save

Rules usually work perfectly but here are a few things to watch out for –

  1. Sometimes the bank description and bank text are different.  If the autoclassification is not working then you should try to change the drop down in the rule from bank description to bank text
  2. Some transactions can not be autoclassified.  Some examples are revenue that needs to matched to invoices or deposits
  3. As a double check the financials should always be reviewed to make sure they are accurate

Leave a Reply

Your email address will not be published. Required fields are marked *