Bank Feeds is a term that Intuit coined to refer to how to enter data into the bank or credit card register by downloading the transactions through your bank.  And these transactions could be:

  • Created directly from the Bank Feeds into the bank/creditcard register if the transaction was not previously created
  • Matched which means that the transaction was already created before the bank feeds download (such as an Invoice/Payment or a check written) and instead of creating the new transaction, it is recognized as already existing to avoid duplicating it by mistake
  • Renamed by Rules or Recognized which means that QuickBooks will take historical data entry or explicit rules setup to recognize certain text in the bank download to be automatically categorized.  For example, a rule could be set to make any transaction with the text: “American Ai” to be renamed to American Airlines and be classified as Travel Expense

In QuickBooks Desktop (Pro, Premier, Accountant, or Enterprise) 2014, 2015, or 2016 Bank Feeds works this way:

 

But, with QuickBooks Online, it looks a lot different… but the principles are the same:

 

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