Wait, I can share bank rules? Bank rules sharing is a little used tip that will go a long way in saving time if you work with multiple company files in QuickBooks Online. It is fast, simple and easy to manipulate. And did I mention it saved time? 🙂
Bank rules sharing: Start with similar files….
It is probably the most beneficial for businesses with similar vendors and expenses. For example, I work with several pool service companies in SW FL. They are the exact same business type, they just work in different parts of the state. They frequent the same vendors and have pretty much the exact same chart of accounts. This is the perfect scenario for sharing bank rules. Maybe you work with several law firms, they have some vendors that duplicate.
Export the bank rules
Now you are ready to export the rules from the file that has them. Go to the company file,>click banking>update. There is a drop down menu there, click the arrow to expose it. Then click manage rules>new rule>another dropdown>export rules. This will create an excel spreadsheet to import to the new company.
Import the bank rules
To import, open the new company file. Banking screen from dashboard>update>to get to the dropdown. Then click manage rules>new rule>another dropdown>import rules. Follow the screens to add any missing vendors or any missing or different accounts on the chart of accounts.
Saves time = less manual entry
You know I am all about less data entry. That’s why I am a QuickBooks Online gal! There are so many tools out there to use to not have to type in a bunch of entries. Tools (apps) like Hubdoc, Bill.com, ways to automate. See this other post on automating your accounts payable using Hubdoc.
If you have any questions or would like to see a future video on another topic, please reach out to me on Facebook.
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