How to Rename Rules for Transactions in QuickBooks Online?

QuickBooks is a user-friendly and affordable software for accounting which helps small medium and large businesses to effectively manage their finances and accounts. It offers many integrated processes and a huge number of features which make the bookkeeping process painless and trouble-free.

QuickBooks software has an exceptional feature namely ‘Rename Rules for Downloaded Transactions.’ This feature comes handy each time there is a little change in the payee name in your statement. QuickBooks Renaming rules helps you to untwine an exchange or transaction name that may consist of an array of numbers, alphabets, and codes. Instead of adding a new payee all the time, you can simply rename the rules. The feature allows you to easily record transactions, saves time, and recognize transactions that are present under one merchant.

Example of QuickBooks Renaming Rules

Suppose you are a perfume wholesaler and have bought perfume from several locations of the same manufacturer – MBC Duo Fragrances. When you download the transactions from your financial institution using the Downloaded Transactions Window, the names of Downloaded Payees display as MBC DUO FRAGRANCES – 010, MBC DUO FRAGRANCES – 020, and so on. This fills up and clutters your payee list, and creates confusion and disarray. But with the help of QuickBooks’ feature of renaming rule, you can club all the transactions of the downloaded payee under one merchant or vendor such as “MBC Duo Fragrances”.

Steps to Rename Rules for Downloaded Transactions in QuickBooks

Method 1:

1. Go to QuickBooks and click on “Banking”, then select “Downloaded Transactions” and open “Download or Import Transactions from Your Financial Institution“.
2.  Click on “If Downloaded Payee“.
3.  Now delete all the numerical information from the text field of the downloaded payee. Delete the date, transaction number, etc and so on until only the name and no other non-essential information is remaining.
4.  Once you are done with this, open the “Downloaded Payee” drop-down menu by clicking on the arrow for the transaction for which you are creating the rule. Open the “Edit Rule” option and affirm by clicking on “OK”.
5. Once this is done, open the “Then” drop-down menu and choose “Rename To“.
6. Type the new name for the payee as per your wish in the given text field and click on “OK” to save the changes you have created.
7. To change more transactions that match the payee, you can click on the “Add Multiple” button.

Method 2:

1. Firstly, Download or import exchanges from your financial institution on the Downloaded Exchanges Window.
2. Choose the Renaming Rule windows at the top of the window.
3. Now click on the + button at the base.
4. Lastly, Set up your rule in a conditional (If/Then) sentence. Enter the content in the text field. The rule will be applied to any sentence that starts with, contains and ends with the exact same thing that you have entered in the rule.

If the above-mentioned solutions fail to Rename the rules for downloaded transactions in QuickBooks, you may contact professionals. Additionally, QuickBooks provides a 24/7 active service and promptly tries to solve all the technical problem that you face while using the QuickBooks software. You may contact the QuickBooks Enterprise Support team via e-mail support or via live chat. You can also choose to simply dial the toll-free number: 1-805-257-5030. 

See Also:

• QuickBooks Install Diagnostic Tool
• Resolve QuickBooks Error 15215
• Different QuickBooks File Extensions and their usage