Accounting Tip of the Month: Save Time & Improve Accuracy with Bank Rules

Accounting Tip of the Month: Save Time & Improve Accuracy with Bank Rules

Manual data entry is one of the biggest time drains in bookkeeping. QuickBooks Online (QBO) Bank Rules can automate much of that work. Helping you categorize transactions faster and with fewer mistakes.

Here’s how to use them effectively:

1. Reduce Manual Entry
   QBO automatically imports the date, detail, and amount of each transaction from your connected bank and credit card accounts—no need to key them in manually.
2. Improve Accuracy
   Because data comes straight from your bank, you eliminate typos, duplicates, and missed transactions.
3. Speed Up Reconciliations
   Processing bank feeds daily or weekly makes closing your books faster and keeps reports up to date.
4. Leverage Built-In AI
   The new bank feed interface suggests vendors and lets you hover to see full details—making it easier to code transactions correctly.
5. Create a Workflow
   Clear matches first, then review rule-based transactions. Review your rules monthly to be sure they still reflect your business activity.

Automation saves time, but it still needs attention. Review your rules monthly and disable or delete any that are no longer accurate. Relying too heavily on automation without review can lead to incorrect categorization and misreported income or expenses.

Need help setting up bank rules or creating a smart bank feed workflow? We’re here for that. Schedule a conversation today!