“Ledgersync finally gave me the ability to control the information that was populating the bank memo in QuickBooks and saved us time in the process.”
Bank Rules have been a part of QuickBooks for many years helping accountants save endless hours of data entry. Over the past couple of years Intuit has continued to build out this underappreciated gadget, especially with QuickBooks Online, but for desktop users, the functionality was still limited. For rules to work you have to create individual rules for each vendor and sometimes two or three. Then we discovered Ledgersync.
Ledgersync finally gave me the ability to control the information that was populating the bank memo in QuickBooks and saved us time in the process. Now we could manipulate the transactions to trigger our rules instead making our rules trigger by the transactions. What's the difference? You can simplify the structure of the rules. Instead of matching a transaction by the truncated vendor name or the exact dollar amount, just add your own coding (such as “Parkway Rocks”) to the memo line and then create the rule that looks for that string. Once it finds that string, you can program it to do anything you want. Then you can start to copy and paste your sting with minor changes to make a universal set of rules.
Now that you have your rules figured out, go to Ledgersync.com and start changing the memos for the transactions that you want to code before you export them.
To help you start making your own rules, we have included a tutorial on how to turn on the bank rules for QuickBooks Desktop, and the best practice for rule creation.