Bank Rules – Same Customer Different Income Accounts 540

QuickBooks Online 2021. No bank rules, more advanced rules when we have the same customer that we want going into different income accounts. Let’s get into it with Intuit QuickBooks Online 2021. Here we are in our quickbooks online bank feed test file and prior presentations we set up the bank feeds for the checking account and the credit card account then added data that is now in what I would call bank feed Limbo in the transactions area. Now we’re going through and adding some of this information from Bank feed Limbo to the Promised Land of the financial statements.

00:34

We’re looking into the bank rules at this point in time. So to set up the scenario, let’s first open up our reports balance sheet and income statement by duplicating some tabs up top, going to the tab up top right clicking on it duplicate, we’re going to duplicate again, right click on the tab up top again and duplicate again. Then we’re going to go on down to the reports on the left hand side we’re going to be opening up then the profit and loss report we’ll do a date range change up top and we’re going to change it from a 101 to zero to 1231 to zero, we’re going to run that report.

 

01:08

And then let’s go on over to the next tab over open up the balance sheet go into the reports on the left hand side, then we’re going to go to the balance sheet the BLS balance sheet report back up top range, change it from a 101 to zero to 1231 to zero, run that report, we will then close up the hamburger hold down Control scroll up just a bit. We’re thinking of a situation here where we have one customer that we have slightly different items related to that we might want to be put into different income accounts, the same idea or concept can be applied to the expense side of things where we would have one vendor or possibly that we would want to be breaking out to different accounts depending on what we paid for.

 

01:50

So if we go to the second tab, the income statement, we’re going to consider this with regard to our Amazon, I’m going to close this up now on our income side, we’re imagining that we have income from Amazon. And we’re imagining that it’s for like, videos, let’s say it’s amazon prime type videos, and possibly we have different types of locations that we want to break out or possibly not break out, that’s gonna be the decision that we want. We want to say okay, on the income statement, do I want to break out this information from Amazon coming from the same customer into different subcategories that might be saved by location?

 

02:23

Or do I want to have a general category putting all of the information into that one into that one location. So currently, at this point in time, we kind of grouped everything together? Now we’re gonna think about the concept of breaking them out. If I break it out into multiple different accounts here, then we got to think about well, how can I do that with the bank rules when they’re when the income is both coming basically, from Amazon. And I just want to break it out based on the on the details of more specifics, possibly by the location.

 

02:53

So sometimes, that if you have electronic transfers, in this case, we do then you might have some differences in the bank the data that you can base a bank rule on so that you can still automate the process as you break it out. So what we’re going to do here is we’re going to set up an Amazon Prime as the parent account. And then we’re going to create sub accounts that are going to go under this parent account and see if we can create rules to break it out into those sub accounts. So that we have the detail of kind of Amazon Prime total, and then the subcategories that might break it out, say by location. So let’s go on over to the first tab here,

 

03:28

I’m going to close up the hamburger, we’re in the transactions tab. I’m sorting by description. So we have these Amazon items. And we can see we have these different descriptions. And so we have the media and then we’ve got this number here, these ones look very similar, except there’s a different number on it. So a lot of times when we make a bank rule, what we end up doing is is trying to make the the rule more broad, meaning I want the rule just to have Amazon in it and say that it’s money coming in and then put it all to that one income account like we did when we first created the rule, we made a more broad rule.

 

04:02

Or we might want to make a more restrictive rule. And often this added bank feed kind of information will be helpful meaning oftentimes the first component in our case, being the customer, if it was a if it was an expense, it would be the vendor, it could be the vendor that we set up. But this added detail might give us more information such as the location and the location might be something that we want to break out in a separate account that we can we can use this more detail to do so sometimes it might say like media edu, or sometimes it might have a difference in the bank jargon in terms of the number that they provide.

 

04:35

And that number might give you an indication of the location which again can be useful because you can break out then a rule for it possibly. Also note that the customer in this case is Amazon, it might be useful to break out different customers if you if you want as well or if it was an expense different vendors for the expense accounts that you will be using. So you could use one customer for all three of the different breakouts or you might do differentiate the customer name, even though it’s the same customer, Amazon, because that could help you to kind of track the items that you want to be allocating to a specific account.

 

05:09

So you have that option of that as well. So the goal is do we want a more broad rule that would include all of this together into one rule. And usually when we do that, we and that’s usually what we do, we, we’ve cut off all this added information. So the bank rule will pick up what we want to be more broad. And now we’re going to think about it being more specific. Now, when you make the bank rule, you can go into the item here, and then you can create the bank rule, as we saw in the past, it would be down here, this one’s already got a rule that’s kind of being applied to it.

 

05:40

So or you can go up and make the bank rules and go to the Rules tab up top. Let’s start off there, because we already have a rule related to this item. And so we’re gonna change that rule a bit. We’re gonna look for the Amazon rules. So we had the Amazon rule here, let’s see what we did with that rule, I’m going to edit that rule. Now let’s take a look at it. It said this was amazon prime video rule. And it was a money in rule, we said that all bank accounts and then I changed this to any condition needs to be met to make it more broad. So the more broad rule with these two conditions, either one of them being met.

 

06:15

And that would be either Amazon company. And notice, we just removed all the numbers to all of them, because we want to make it a more broad rule. And then we made the other condition Amazon media, which picks up those two, Amazon components in a more broad rule, we could we could have made it even more broad by just making one condition and just removing everything, just calling it Amazon and calling it money. And that would be a more more broad rule, I’m going to make this rule more specific to the media, the media items, so I can break this out a little bit differently. So I’m going to call this amazon prime video.

 

06:51

And let’s say media, let’s say amazon prime, and I’m going to call it media rule. And then I’m going to make this a little bit more specific, I’m going to remove this one because I do not want this one here. And I’m just going to apply it to the Amazon media to make it a more specific rule. And then down here, we got the so then we may change the category and the payee. Now, the payee, the customer, you may want to keep that or you may want to differentiate it, it’s still Amazon. But you might want a different one, say Amazon media, for example.

 

07:25

So that you’ll have a customer that ties out to the set to the account that you’re going to be tying to you don’t have to do that. But you may want to do that you could use the same customer as you go. And then the category, I’m going to make another category here. And once again, I’m going to call that an income type of account, because we’re talking income side of things. And I’ll call it other primary income, I’m going to call it Amazon media.

 

07:50

And it’s going to be a subcategory then of the Amazon Video, amazon prime video. So there we have that I’m going to save it and close it. So now it’s going to another account, which is a sub account. Also note that if you’re breaking it up by location, you might want to break it out with a class too. So you might say, you know, if you added a new class, which is media class, me the class or if you use the location tracking, then then you could you could use that as well and do a class tracking here and break it out in a vertical format, rather than breaking it out in a horizontal, you know, vertically or horizontally.

 

08:33

So we’ll check that out. Let’s save it and close it. So that’s going to be then our rule there. So then if I go back to the first tab, the banking tab, and scroll down, and if we check that out, now it’s been applied out here. So these three have that rule applied out to it. Let’s confirm one of them. We’re going to go then to the to the balance sheet, and let’s run the report. Now obviously, the checking account is going to be affected on the checking account. Let’s take a look at the income statement. Run that report. And now we’ve got this amazon prime video.

 

09:06

And then we got this breakout of the subcategory for the Amazon media underneath it. Now let’s open up another report. I’m going to right click on this duplicate it just to see what that looked like when I added the classes. Now note to add classes or locations you have to turn on classes and locations, we won’t go into a lot of detail on it. But just realize that if you’re breaking out, you know locations, you might want to do it like in a vertical format with the use of classes or locations. So we’re going to go down and say profit and loss by class.

 

09:38

And then if I break this out, I got a 101 to zero to 1231 to zero, run that report, close up the hamburger and so now if I was breaking this out by class, you could see this this items broken out this way by class also this way so we can break it out here subcategory or possibly I break it out by both subcategory and by class or location, or I just break it out by class and location. So you got different options there. Let’s go back to them the first tab. Now the other item like this item down here, maybe this is another kind of location, these are a little bit more subtle, between these two, the difference between these two, maybe these are two locations as well.

 

10:19

And it’s more subtle of a difference that’s broken out by the number. So let’s do the same thing here. Let’s open this one up, and I’m going to sit there and let’s make a rule for that. I’m going to call this then Amazon, Amazon location, you know, one, I’m going to make a different vendor. For for it, or this is a customer, not a vendor, it’s going to go into the category rather than sales, we’re going to put it into a new category, adding this is our account, it’s going to be an income type of account, we want to put it to the other primary income. And I’m going to call it Amazon location, one subcategory of amazon prime video.

 

11:05

So we’ll do the same thing that I’m going to save it, and then I’m going to apply the rule out. So let’s let’s make a rule based on that. So let’s go ahead and rule rule it. So we’re gonna have the same rule of top Location One, it’s gonna say it’s a money in rule, and all or any, I’m only gonna have one description, so either should work bank text containing, and then I need the whole thing, Amazon company, and then I’m going to use the number, normally I get rid of a number, because the number, it makes the rule more restrictive. And I often want to make it more broad, but this time, I’m relying on the number to help me to break out location one versus location two. So I’m going to keep that rule, I’m going to save it.

 

11:46

And so there we have that. So now we’ve got this one broken out for that for this item broken out. And it didn’t, it didn’t apply to the ones above it. So let’s see if I can go back to that rule and see why I’m gonna go to the rules up top. Looking at that Amazon rule, we just set up, let’s edit it. And see I made it too restrictive. Somehow, I’m going to go all the way to the end, I’m going to get rid of this part, I just want the differentiation in the number enough that it picks up. So now I’m just going to pick take it to there, let’s try that I’m going to save it again.

 

12:26

And then I’m going to make a different rule. For the ones with this number, I’m going to say alright, this number, we’re gonna make it this is going to be Amazon location two, that’s based on the second number being a differentiating factor, I’m going to make another category which is the account another account, which is going to be an income type of account. Other primary income, calling it Amazon location to sub account of sub account of amazon prime video, same same concept, I’m going to say save it.

 

12:26

And there we have it, we could apply a class if we want, I’m going to create a rule, same kind of concept, Amazon location to money in contains, and then I want this number. But I don’t want everything past that point, because I don’t want it to stop it from applying it to the to the to the what I wanted to apply to. So there we have that. And so I’m gonna I’m gonna keep that I think that’s good. Save it. And then if we add those items, so here, it’s applied here and here. So I’m going to confirm and confirm.

 

12:26

And so then if I go back to my my income statement, and we run that report, so now we’ve got Amazon location one location two here, under under the Amazon category that is a sub account breaking it out, and those different rules should now apply. We had one more here. Let’s do the one last one. I think this is a different number, I’m not sure. But it didn’t pick it up. So I’m assuming it is. So we’re gonna say Amazon location number three, Amazon location three.

 

12:26

And then I’ll save that. And we’re going to say that this should be going to the category of a new category, it’s going to be income account. It’s going to be an income type of account, income, and then other primary Amazon location three. And I’m going to say, All right, let’s create a rule for it. Rule Amazon location three. And then I get I wanted to pick up this numbers, but not anything past that. So there we have it. And let’s go ahead and save that.

 

12:26

And then I’m going to confirm that one, confirm. And then back to the income statement, run the report refreshing it. And now we’ve got we’ve got our Amazon kind of kind of broken out. Now those rules hopefully should then be applied forward so that we can break it out by these locations. And once again, if you make the rule by class or by by location by by vertical, as we did here, you could do a similar kind of breakout, you could make that rule and then you can generate a profit and loss by location. If you want to use class tracking or location tracking in that way you can use the bank feeds to help with that process, too.

 

12:26

And then go back to the banking tab and see if it applied out the rule as we expect it to. So then we’re going to go down and say there, there it is. So it looks like looks like it’s applying out the rule the way we want it. And now this rule, we can make a different rule for this number, right, so I can confirm these two, let’s confirm that, let’s confirm that, let’s confirm the media ones here.

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