 QuickBooks Online 2022. Bank rules one vendor to expense accounts. Get ready because it's go time with QuickBooks Online 2022. Here we are in our bank feed practice file. We set up with a 30-day free trial holding down control, scrolling up a bit to get to the 1 to 5% currently in the home page. Otherwise known as the Get Things Done page, 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 down below. We will be toggling back and forth between the two views either here or by jumping to the sample company file that's currently in the accountant view. Back on over to the bank feed practice file. Going to the top to open some tabs to put reports in. Right-clicking the tab up top to do so. Duplicating it back to the tab to the left. Right-clicking again. Duplicating again as that is thinking. Let's see where the reports are located over here in the sample company and the accountant view which is on the left hand side under reports. Back on over to the business view. It's still thinking but that's okay. We're gonna go forward. Business overview where the reports are at into the reports. We're gonna open a report a well-known and highly distinguished report known as the balance sheet. Going into the balance sheet. Ranging the change in up top from a 101 to 1 12 31 21 and run. Tabbing to the right tab to the right people. Going down to the business overview reports. Closing the hamburger. The other report known as known by profit and loss. Sometimes called the income statement. It's got many names. It's famous. 0 1 0 1 2 1 to 12 31 2 1. Run it. Going to go to the first tab now. Going to the first tab and we're gonna go into our bank feed stuff which under the business view is in the bookkeeping area left hand side transactions up top. Banking tab up top. If you were in the accounting view or the accountant view it would be in the banking tab and the banking tab. The double banking tab tab to the left tab to the top and then we're gonna close up the hamburger. We're looking at the checking account. We're gonna we're gonna set up some more rules here related to this time an expense form or an expense amount that we would like to distinguish in some way shape or form to apply it out to two accounts possibly applying it out to say two locations or something like that and trying to pick up a piece of the description to be able to distinguish between the two. So for example here's an example of of an item here from the same area and let's just imagine that it was it was like some type of expense type of form but I want to pick up the fact that one is for I'm buying it from one location versus I'm buying it for another location and I might be able to determine by something in the description to help me out with that even though it's coming from the same vendor. Now sometime that might be in just the description that you have here or possibly even in the text and numbers on the right hand side all that junk that is within the description. Remember as you're looking at these kind of rules too you might want to make sure that you hit the cog drop down and that you're seeing the full description you want to show the bank details in the memo in other words so that you can use some of this kind of stuff that in the bank memo possibly to break out and be more defined or specific in the type of rules that you can apply then. So we're going to apply these out based on the difference in the description even though we have the same vendor imagining that they're going to be going to our two different locations. I'd like to make the two different locations both with a distinction in class tracking as well as a different account for them. We turned on class tracking and prior presentations and you should be following along with that but if you haven't then I'll go ahead and change it. I assume obviously you might be like sick or something and that might have recalls you to miss some of our stuff here. So I'm going to right click up top and duplicate the tab to show you where the class tracking is. So it's going to be in the cog up top in the cog and then we're going to go into the account and settings on the left advanced settings on the left and then we're going to go in the class tracking right there. Boom. Turn that so you have a green thing on it. Green means on because it's go green is go time green is quick books go. So we're going to go back to the tab to the left. I'm also going to change it to the account interview because I might have to add an account and the business view. That's where I think they are falling short currently. But I feel like they'll fix it at some point not because they listen to me or anything but someone someone listen to somebody banking banking. I'm going to close up the hamburger and then go on down. And so let's pick up these two items and I'm going to have a difference between these two just based on in this case it's in the text but I again it could be anywhere in the memo where you might have some difference that could help you to distinguish between the two. Now notice the next thing you might ask is like well do I want to have a different vendor for the two items even though it's really the same vendor that I'm buying from. But if I have a different vendor it might help me to sort my transactions by vendor a little bit more specifically. So we could have the same vendor or maybe we put a different vendor here. Notice instead of having just primary I might say I want to make it primary one adding the distinguishing factor from the other the other item that's from the same vendor. So I'm going to hit the drop down and let's say we add a new one and I'm going to make this primary one and save it. Now you could have the exact same vendor and just break it out by the differences in the memo with the rules without having a difference in the vendor that's a matter of preference. And then I'm going to set up a new account just to make I'm going to make up just some expense account. Going to hit the drop down for our example problem purposes it's going to be an expense type of account this time. And let's see what what we want to put it to. I'll just say that it's going to go to I did that. Let's go to other business other business payroll rent. Let's let's take it to rent. Let's go to repairs and maintenance repairs and maintenance. That'll work. Repairs and maintenance L1. So I'm going to put L1 to indicate that it's going to be going to that location. I'm going to say location one. I could indicate the location for example here in the account name. I could make one repairs and maintenance and then two sub accounts repairs and maintenance L1 and L2 to have the sub accounts give me the information of the added detail of location and we're going to look at the class tracking as well. So those are some options you could think about we're going to save that. And then so that's what we have I'm going to put this into the class of location. Number one this class field would only be on there if you turned on the class tracking. Let's make a we could make then a rule for it. Rule time. Going to make a rule and I'm going to add in the rule that it's got it's got the distinguishing factor in the rule not just basically the name but the distinguishing factor so I could tell which rule it's looking at. It's going to be a money out rule. We're going to apply it just simply to the checking. It's going to have all of the conditions that will be applied on down below. It's going to have the description and it contains and I want it to contain not just not just this but the distinguishing factors that are going to be into description which could be here up front or could be something that's going to be further down in like the description like just the numbers or something like that. So I have to make sure that I include in it the distinguishing factors. Note that if it says it contains the distinguishing factors you might say primarica and it might be the last couple digits in the description and you could still tack those on and hopefully it would pick up and distinguish based on that information. In other words it doesn't have to have a huge long description in order to pick up the distinguishing factor hopefully because it says contains and not is exactly the way it is on the description. Okay so that's the idea. We're going to say it's going to be an expense form. That doesn't mean that it's going to an expense account. That means we're going to use an expense form which is like a check form without the check number when it actually records it. It's going to go into the repairs and maintenance L1 account that we set up. The payee is going to have a vendor that's a distinguishing vendor which we could have put as just one one vendor without the distinguishing characteristics or we can add the distinguishing characteristics having two vendors even though they're really the same vendor to give us another way to break out the data class we added to L1. Let's save it and close it. Save it and close it and then let's do the other one before we look at the reports here. The other one is this one same same vendor but we're going to say it's going to go to a different area and I'm going to have the distinguishing factor in this case having life after it. So life is going to be the distinguishing factor. I don't need a different vendor. I could use the same vendor and just have a distinguishing factor in the rule which will then have the same vendor then go into different accounts or I can add a different vendor if I so choose and let's add a different vendor even though it's really the same vendor and that might help me to sort some of my data if I want to sort it by vendor in some instances. That's an internal choice. You can do it either way. I'm going to hit the drop down and we're going to go up here again and say I want a new account because I want to save repairs and maintenance L2. So I'm going to say this is going to be an expense type of account. Expense and let's say repairs and maintenance down here repairs and maintenance but I'm going to add an L2 for location number two and we could do that by having one repairs and maintenance as the parent and then two accounts that are going to indicate location one and two with sub accounts or I can have the two accounts here will also break them out by class as we will see when we get to the income statement after having record this and created the rule. So let's save it and close it and let's make a rule. I'm going to make a rule. This is what you have to do QuickBooks. This is what you have to do. This is what I say it's going to be a money out rule. It's going to go into the checking account. All conditions description contains. It can't just be Primarica. It has to have that distinguishing factor. That's the key which could just be the life. It could be the last couple digits like we talked about before but that's going to be the key to break it out to have two different expense accounts for the same vendor by using some other stuff in the memo. It's going to be an expense type of form we're going to be applying it out to. Here's the category that we set up. It's going to be Primarica the payee which I could have just put Primarica only but I made a different vendor for the different accounts that are going to be applied to and let's do it. Let's save it and close it and check it out. Saved it and closed it. If I go to the rules the rules tab over here and say what rules have been made then these are my new rules. If I wanted to change them we could of course edit them. Now note if I go back to the banking area it actually did not apply out this rule so it's not it's not doing what we would expect the rule has not been applied. If that's the case sometimes we can go back to the rules tab over here and change the description character so I'm going to go down and say okay let's go back into the edit field right here for these two items and instead of using the description I'm going to use the bank text. So there could be some distinguishing factors the bank text for example might be longer than what QuickBooks sees as the description you might be asking what's the difference between those two so they could try to truncate kind of the description so I'm going to use that and see if it picks it up and I'm going to do the same for this second one I'm going to change the description to the bank text and then say okay and then go back to the banking tab and see if it applies it out now if it's using the bank text so you can see there it applies it out this time. So let's go ahead and add a couple of those based on these two rules I'm going to add this one and then add this one so two have been added and then let's go to the banking let's go back to the balance sheet I mean that's what I meant to say balance sheet let's run it to refresh it make sure we're working with fresh stuff and then let's custom let's let's go into let's go into the checking account get it straight I know what I'm doing I know where I'm going follow me I know where I'm going hold on a second customize up top and then I'm gonna filter it and then we're gonna go into the name drop-down and so now here if I filter it I've got the I've got the different filtering options so I got Primerica now Primerica life Primerica 01 I could have just had one Primerica and had all of it in there but notice you got some differences with the filtering options if you set up a different vendor even though they're the same vendor in essence for the different rules that you're gonna be applying and the different accounts that you will be applying out to. So now here's the one with the repairs and maintenance one is that the one we set up I believe it is I don't have one for the repairs and maintenance two so let me I thought I added another one let's go back on over and say I want to add the repairs and maintenance to you let's add that one and then go back on over I might have accidentally added something that I shouldn't have run it again run it again so there's the repairs and maintenance one and two it's an expense type of form if I go back into it it's gonna be into an expense type form which is a form that's kind of like a check but without the check number and there it is on the source document that has been created closing this back out scrolling up to the top back then to the balance sheet we're gonna go to the tab to the right now profit and loss run it again and then I'm gonna go down and say we added this one repairs and maintenance and one and two so now we've got it the same vendor going to these two different locations we also broke it out by class which I'm gonna do by opening up another rubber art going to the tab up top duplicating it reports on the left hand side left hand there's my left hand that's right next to my left hand on my left I'm gonna close up the hamburger and then I'm scrolling down I'm looking for I'm looking for the P&L by class there it is P&L by class P&L by class running let's do a ranging changing 010121 123121 run it and now we've got our breakout by class up top which might be by different location or something like that whatever you're trying to distinguish between and then I can scroll down and say there's our expense side of things where we've got the repairs and maintenance so remember you could break this kind of thing out and notice the second one didn't go to a separate class that's interesting so I'm gonna I'm gonna change that rule again so let me go to that first tab again and change the rule if that doesn't do what you want you go back to the rule and say I didn't assign a class to that second one all these are intentional mistakes by the way I'm gonna go into here and say what if that what if someone else made a mistake and I had to go in and fix it like this then I could then say that I want this going to a class so it's gonna go to a there it is class needs to be too so it'll work next time I'm gonna record it all right I fixed whoever like imagining someone else made like a mistake so then I'm gonna say if someone else made that kind of mistake like that then you could go back on over here and say I'll fix it there it's not gonna fix it here because the rules already been applied so I'm gonna run it again it doesn't change it here because the rules already been applied but you can drill down here and reassign it which you can do for all the unspecified areas if you were using this class tracking so I'm gonna drill the back downs and now I got to fix that because some somebody made an error I'll fix it though I know how to fix it I'm gonna go into here I'm just gonna sign it to the proper class L2 that's where it needs to go and then save it and close it save it and close it scrolling back up back to our reports and then let's hold control scroll up again so now it's in the proper class you could break this stuff out by having the different the different accounts possibly by location or something like that or department or something like that or you can have one parent account and then the two subsidiary accounts broken out that way and or you can have class tracking which is nice in that instance in that kind of scenario because you could break out your net income bottom line by the different classes although of course it takes a bit more work for the data input because you have to add a class pretty much to every transaction to really do it properly so there is that