Crash Courses · Basic
Bank Feeds & Transaction Management
Connect bank accounts, manage the feed, categorize transactions, and build automation rules.
12 min read+150 XP on completionCert: QuickBooks Online
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Bank Feeds & Transaction Management
Connecting a Bank Account
- Left sidebar > Banking > Add Account
- Search for the bank > enter online banking credentials
- Select accounts to connect (checking, savings, credit cards)
- Set the date to pull transactions from
- Wait for import (can take a few minutes)
Once connected: updates automatically daily. Manual update: Banking > Update button.
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Processing the For Review Queue (Daily Workflow)
For each transaction in For Review:
| Scenario | Action |
|---|---|
| Matches an existing invoice/bill | Click **Match** |
| Is a known recurring expense | **Categorize** to correct account |
| Is a transfer between accounts | **Transfer** or Exclude |
| Is a personal expense (sole proprietor) | Categorize to Owner's Draw |
| Is unknown | Research, then categorize -- never leave uncategorized |
Clear the For Review queue to zero every business day.
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Setting Up Bank Rules
Rules save hours on recurring transactions:
- Banking > Rules > New Rule
- Set conditions:
- "Payee/description contains" [text]
- "Transaction type is" Expense/Deposit
- "Amount is" [specific amount]
- Set action:
- Assign to account
- Assign to payee
- Auto-add (review-free)
- Save and Apply to Existing
Rule naming convention: Use clear names like "Chase CC -- Monthly Fee ?*' Bank Charges"
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Common Categorization Mistakes
| Transaction | Wrong Category | Correct Category |
|---|---|---|
| Owner pays personal bill from business account | Advertising | Owner's Draw / Distributions |
| Loan repayment | Interest Expense | Split: Principal to Loan Liability, Interest to Interest Expense |
| Security deposit paid | Rent Expense | Prepaid Deposits (Asset) |
| Equipment purchase | Office Supplies | Fixed Assets / Equipment |
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Excluding Transactions
Use Exclude for:
- Duplicate imports
- Personal transactions (already recorded elsewhere)
- Transfers between two connected accounts (use Transfer instead)
Banking > For Review > check the transaction > Exclude
Excluded transactions move to the Excluded tab and do not affect reports.
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Bank Feed
For Review
Match
Categorize
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