 QuickBooks Online 2022. Bank rules, same vendor, filter by customer. Get ready because it's go time with QuickBooks Online 2022. Here we are in our bank fee practice file. We set up with a 30-day free trial, holding control, scrolling up a bit to get to the 125% currently in the home page, otherwise known as the Get Things Done page. In the business view as compared to the accountant view, changing to the accountant view is something you can do by going to the cog up top, switch to the accountant view on down below. We will be toggling back and forth between the two views either here or by jumping to the sample company file currently in the accountant view. Back on over to the bank fee practice file, opening a few tabs to put reports in, right-clicking the tab up top and duplicating. Back to the tab to the left, right-clicking again and duplicating as that is thinking. We're going to go down to the sample company file, see where the reports are located in the accountant view left-hand side under reports. Back to the business views second tab, we're in the bank fee practice file. We're going to look at the reports here which are under the business overviews section and then under the reports and then under we're going to close the hamburger, my computer's thinking, give it a little bit of time, give it a little bit of time, it's working a lot. We're going to go down, we're going to pick a report out and you might you might guess the one we're going at this time. This time we're going into that balance sheet, the balance sheet report going up top, changing the range 0101212 123121, run it, tab to the right, back on down to the business overview into the reports, closing the hamburger, this time opening up the P&L profit and loss income statement, range change 010121 123121, run it. Now we're going to go into the first tab, opening up our bank feed stuff we've been working on, first tab and to do so we're going to go into the bookkeeping section on the left hand side, we're in the transactions up top, banking tab. If you were in the accountant view it would be in the double banking tab, tab to the left, tab to the top, banking, banking, double banking, back on over to the bank feed practice file in the business view, closing the hamburger, we're going to be in the checking account and we're going to be imagining now that we're purchasing stuff and let's imagine it's coming from like a Costco or something like that or a supply store where we buy mostly our supplies but we have some components that go over a certain dollar amount and in that case we would want to capitalize them as a depreciable type of item in that instance. So for example if we bought something online at like Amazon or if we were to purchase things at like an office depot or something like that we might be able to just generally categorize all the stuff that we buy there into say tools or small tools or supplies or something like that but we might be able to then distinguish large items with a dollar amount. Now the dollar amount distinction is kind of an arbitrary distinction, it's not like the only rule that you might follow as to whether something should be expensed or capitalized but it's a good guide and it's one which we can use to kind of go through our automation type of process at least to say hey if it's over this dollar amount we should review it and see if we see if we need to include it into a separate account instead of dumping something like a $10,000 item or something or whatever into just office supplies and this is going to be necessary not only for businesses on an accrual basis but even small businesses on a cash basis are in essence required to do this accrual component of basically taking large items and capitalizing them in other words if I go to the balance sheet let's just consider this real quick because a lot of small businesses will say I just want to be out of cash basis I want to do this as easy as possible I'm gonna expense the thing when I purchase it and so on and so forth but there's some items that that you're gonna have to put on the books as an asset because if nothing else the tax code requires you to do it so if you were to purchase say a building would be the most obvious example even if you paid $100,000 of cash for it because there's such a huge disconnect in terms of when you pay for it and when you use the building in order to generate revenue that you're typically gonna want to say no I'm not gonna do that on a cash basis I'm gonna put the building on the books as an asset so instead of just expensing building expense for the hundred thousand you would be putting it on the books as an asset depreciable asset and then applying that cost over the useful life when you actually use the building in the generation of revenue so that same kind of principle can apply for anything that's over a certain dollar amount so we're gonna put it on the books as an asset as opposed to an expensing it and you can imagine if you did expense a hundred thousand dollar building in say January for example and then you're trying to compare January to February and you're like wait there's a huge loss in January what happened well yeah because you bought a building that you're then gonna use for the next 30 years and we expensed it in January that's not really fair that's not a fair comparison from January to February you could have had a quite a good year in terms of revenue and so on that's why the accrual method is used for better comparison in that format so and and again you're forced to do it for the tax code so we're gonna say okay let's make a dollar amount over here and see if we can take these up now I'm gonna use American Express and just pretend that it was that this is like a supply company that we're purchasing from and if it's over a certain dollar amount then we want to do something to it so like this one for example let's make a rule for it so I'm gonna make it a category transaction and I'm gonna say that it's gonna be American I'll call it American Express again we're imagining however that it's like office depot or something like that I'm gonna make a I'm gonna say new vendor or yeah vendor we're gonna save that and I'm not gonna use the classes this time and then we can create a rule I'm gonna make some rules here and what I'm gonna call this the American Express over let's say $1,500 this is the rule for the transactions over $1,500 so it's a money out rule I can make it to the checking account or I can make it to all basically bank feed accounts now I've got multiple conditions so I could say I want you to meet all the conditions in order to apply this rule or any of the conditions any conditions would be less restrictive all conditions more restrictive we're gonna have multiple conditions this time so first is gonna be the description same as what we've seen in the past I wanted to contain American Express so make sure to pick it up even though the memo might have more stuff in it than that but then I'm gonna add another condition adding the condition here this is gonna be a amount condition an condition related to the amount and we want to see that if it's greater than if it's greater than the $1,500 $1,500 that's the rule so it's got to be American Express and greater than $1,500 and we're imagining this is us paying like office Depot I would imagine if it's over $1,500 I'm buying something that's somewhat significant possibly therefore benefiting me not only this month but in multiple months and years which is the justification typically for putting it on the books as an asset as opposed to expensing it it's gonna use an expense type of form don't confuse that with an expense type of account that basically means it's just a check form without a check number the form that decreases the checking account the category is then going to go not into retained earnings I'm going to create another category which is going to be supplied do I have supplies here supply I do have a supplies account actually no I want to put it into equipment so I got to add another category and that means I want to I want to take this into the accountant view to do that so I want to take it into the account so I'm going to actually close it and let's do this again I'm going to go into the cog up top let's switch it to the accountant view so the business view doesn't drive me crazy when I add accounts the business view works good but that adding account things not it's it's not good it's not good I don't think they don't care though maybe they'll fix it I think they'll fix it it can't just be me it's objectively not good it's not like it's I'm not just making things up to be jerk it's not good in any case let's do it again category this is going to be in the American Express American Express and then this is going to go into a new category which I'm just going to call equipment add a new category and let's hit the drop down hit it boom and then we're going to go down to fixed asset now you could call it depreciable asset of property plants and equipment P P and E QuickBooks is going to name that kind of asset as a fixed type of assets and then for some reason it goes to the am amortization accumulated but we want to go let's call it a fixed computer they've got all these different categories I'm going to just say furniture these subcategories don't matter too much other than they give you a suggested name maybe that's why they use them but I'm going to call it equipment now just note that as you're putting these fixed assets in place anything that you purchase over a certain dollar amount that you plan to capitalize you're going to want to kind of match up what's in your system to what's on the whatever your sub ledger is going to be and the sub ledger is not usually going to be tracked in QuickBooks in part because you have to do a sub ledger on a tax return basis anyways so oftentimes it's going to be done in the tax software so you might work with a CPA firm or an accountant firm that's going to do your taxes and you might want to see what their depreciation schedules look like with regards to their categories so that you can match the same categories in your books and allow them to give you the detail which you want to do in our books is basically group it by main category get the financial statements reported properly and then have the detail reported on the tax software that's going to help us generate the depreciation schedules tax software typically being able to do that on both a tax basis and a book basis for us so you're going to want to record it you're going to want to have the detail with it and basically save all the details with regards to any purchases there shouldn't be a lot of them generally because large purchases aren't things that we do on a day to day basis and give that information to your tax preparer at the end of the year ask them to prepare the depreciation schedule allowing us to then record the depreciation adjusting entry that's usually how you'd want to do it but in the case we're talking bank rules here so I'm not going to go in any more detail on that or at least not too much more something's not quite right what are you talking about something's okay so I added it I added it here and so now let's make a rule let's make a rule with it we need a rule happening here so let's make a rule and I'm going to call this the Amazon Amazon American Express over over 1500 1500 and money out rule and I want to say all conditions must be met it's going to contain American Express and it's going to have our dollar amount rule two rules two things have to happen before you do this it's got to be greater than 1500 to apply it out and if that's the case we want you putting it to the equipment account into the equipment account this that's what they were saying there's two equipment accounts huh well let's put it into the other equipment account let's put it into that one so I added an account I shouldn't have done sorry about that any case there it is and it's going to be the pay ease American Express tags I'm not going to put it into a class let's do it save it something's not quite right again it doesn't like the characters no dollar sign maybe no comma can I keep the comma can I keep the comma no it doesn't like the comma okay rule that's how the rule is going to be I follow the rules so there we have it and so now it's it's applying these items out because they're over they're over that dollar amount the 1500 and so there you can see it's basically applying the rule now if you wanted to change that rule if you wanted to adjust that we could go to the rules on the right hand side and say okay I want to I want to change my rule the rules are going to be changing and so we can go into here and say what if it was American Express rule what if I want it over over the dollar amount of let's just call it 4000 4000 what if that's what we wanted I could say okay and go back to the banking tab what's that going to do it's going to it's going to then say that we only have a couple of those items that are applying if it's going to be over the 4000 dollar amount and so once you see these dollar amounts that are in equipment again you want to really track that information with regards to what you spent the money on and make sure that you have that so you can give that to your tax preparer but then it would go on the books as an asset as opposed to as an expense let's go back to that rule again and I'll change the name I'll keep it at that 4000 maybe that works pretty good so I'm going to go down here and edit it I just want to name change it if I'm going to keep it at 4000 let's go to the 4000 and save it so now I might why might want to make another rule now if I go back to the first tab and say well what about what about the stuff that's under 4000 I'm going to put that into say supplies I'm just going to expense it to the supplies so let's choose like this one to make the rule this looks like a good one to construct the rule on I'm going to put it into the category and it's going to be American Express again American Express but the category this time I want to go into supplies supplies is an expense account I don't need a subcategory do I skill success why is that going into supply anyway supplies and we're going to say okay it's going into supplies let's make a rule about it I'm going to make a rule this one's going to be American Express if it's under let's use the character time this it's got to be under the 4000 I said I can't use any characters or QuickBooks gets mad at me I don't know why I like using characters in the name QuickBooks that's another complaint I'm not as big a complaint as the anyways no one cares let's hit the let's then go and this is going to be all we're going to say description it's got to contain American Express same same rule there but then we're going to make a rule that it's got to be over an amount rule over over greater than is it greater than greater than 4000 now you might say hey what happens if it's exactly 4000 you could make a rule to do something if it's exactly 4000 because we're kind of you could see we're kind of missing something there but it should be okay if that that's kind of unusual if it was exactly 4000 so I'm not going to make another rule but you could and then this is going to be an expense type of form that doesn't mean it's going to make an expense that means it's like a check form without a check number and then it's going to go into supplies which is an expense and then it's American Express as the payee looks good let's save it save it and then let's see what happens up top it's it's not recording my rule where's my rule I think I must have done something wrong let me fix it I did it wrong on purpose so that we could fix it if I go into my rules I can I can increase the tab over here and I want to go into it should be less than 4000 less than 4000 and then in the rule I said greater than 4000 that's what I did purposely mistake so I can show you how to fix mistakes like that so I'm going to save it there we have it so now we've got those two set up let's go to the first tab again and all that American Express stuff should be going somewhere everything under 4000 going to the supplies over 4000 to the equipment let's just record two of them out here let's just say I'm going to add this one and then maybe add this one so we could check it on out and then go to the balance sheet to check it run it holding control scrolling up and we can of course say it's going to have something's going to happen to the checking account in the checking account we could check it out first it's always good to check out the checking and let's go ahead and customize and I'll filter it I'll filter it by I'll filter it by the name filter it by the name American didn't I pay American Express American Express there it is okay and then I'm going to run it running that one so there we there we have it we've got the two amounts happening here they're both happening with an expense form but one is going to an equipment account the other is going to a supplies account if I go into them they will be showing then an expense type of form which is in essence like a check form without the check number so there it is let's close that back out and then the other side going back to the balance sheet back to the balance sheet holding control scrolling up is going to be one is in the equipment account on the balance sheet there it is going into the equipment account holding control scrolling down and so now we've got this one because it's over four thousand went into there I bought a piece of equipment so it's going to make me millions for years to come and then tap to the right tap to the right on the income statement side of things we had some supplies that we bought and we went down and said if I go into the supplies area there they are then I bought some supplies right there and it got posted to the supplies account scrolling up going back so that's how you could basically apply a price level rule very common kind of area where you can put that amount factor into play