Question

Change a default category/account for imported credit card transactions

Forum|Forum|2 years ago
September 16, 2023
2 replies
15 views

After migrating from the desktop version and setting up my Capital One credit card to import transactions, I have an account that it automatically started using for a category / expense account. I would really love to have a different default account for the transactions that aren't matched by rules. How do I go about changing this default setting? Thanks in advance!

QuickBooks Online

K

Kurt_M

QuickBooks Team

Welcome to the Community space, @angela94.

Before anything else, we'd like to take this opportunity to thank you for allowing us to assist with your query. We aim to provide concise information that the customer needs to help them address their concerns on time.

Reading your post, know that if you've set bank rules, but they didn't apply to your current transactions, you can recategorize those transactions for now, and then moving forward, the system can easily take note of the changes and apply the rules to your future transactions inside QuickBooks Online (QBO). We'll gladly write down the steps to get you going:

Access your QuickBooks Online company.
On the left navigational bar, go to the Transactions tab and select Chart of accounts.
Locate the account, and then click View register.
Select the transaction, and then click the Edit button.
Modify the needed information.
Once done, click the Save and close button.

In addition, here are some articles to help you manage bank transactions, reconcile an account, and keep your data accurate inside the program:

@angela94, you can always get back to us anytime. Feel free to post here if you have any additional QuickBooks-related queries. Rest assured. We've got your back. Take care, and have a good day!

A

angela94Author

Hi! Thanks for the speedy reply!!

I've been changing the accounts /categories as I go. However, as soon as Capital One syncs with QB, it auto-assigns a default category account if there is no rules in place. What do I need to do for the system to choose a different default category? Thanks!

Angela

C

CharleneMaeF

QuickBooks Team

I understand the importance of changing the category of your bank transactions, Angela.

QuickBooks Online is dependent on the data shared by your financial institution. We're unable to set a default category for your bank transactions. We'll have to select the correct category manually when categorizing them.

As a workaround, I recommend using bank rules to assign the correct category. Here's how:

Go to the Gear icon and then select Rules.
Select New rule.
Enter a name in the What do you want to call this rule? field.
From the Apply this to transactions that are drop-down menu, select Money in or Money out.
From the in drop-down menu, select the credit card account.
Set the rule conditions. You can set a single rule with up to 5 conditions. Set and include the following, then select + Add a condition.
In the Conditions fields, specify whether the rule applies to Description, Bank text, or Amount. Then select Contains, Doesn't contain, or Is exactly to decide how QuickBooks applies the rules.
Select the settings for the rule. Select the Transaction type, Category, Tags, and the Payee to apply.
Click Save.

Additionally, I've added an article that'll help you review your accounts in QuickBooks to ensure they match your bank and credit card statements: Reconcile an Account in QuickBooks Online.

Please keep us posted if you need additional assistance in categorizing your bank data. We're always here to help you out.

Clark_B

QuickBooks Team

Hi there, @StudlyBrad.

Thank you for reaching out to the Community.

Upon checking, it's possible that you turned On the enabled suggested categorization in your bank settings. You can uncheck it so you won't get category suggestions.

Here's how:

Go to the Transactions, then Bank Transactions.
Select the small Gear Icon.
Turn off or uncheck the Enable suggested categorization.

I'll add this article when you want to categorize your transactions: Categorize online bank transactions in QuickBooks Online.

If there's anything else that I can help you with, please do not hesitate to reach out.

T

trevecpa

I have the same issue. Interestingly the default QB is using for expenses without a rule assigned is "Opening balance equity." An Equity account!!! Just like the other community member was experiencing. What good is a suggestion of an Equity account when booking any high volume transaction like credit card activity? I will check to see if suggestions is turned on - we are using the desktop version. When will you fix this simple but very annoying issue?

J

Jeff_S

QuickBooks Team

I appreciate the detailed information, Trevecpa. But may I ask if you are referring to QuickBooks Desktop or QuickBooks Online?

If you are using QuickBooks Desktop, we can try doing these steps:

Go to Edit.
Select Preferences.
Select Accounting.
Then, go to Company Preferences and uncheck Require accounts.

If you are using QuickBooks Online, here's how:

Sign in to your QBO account.
Go to Transactions.
In the For Review tab, go to the Gear icon located in the right corner.

For future reference, check out this article on how to reconcile in QuickBooks Desktop: Reconcile an account in QBDT.

If you need further assistance in managing your transactions in QBO, feel free to reach out again. I'm always here to help.

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