Tag Archives: San Francisco

How To Renaming Rules In Quickbooks Online Banking

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QuickBooks Online Banking saves users a lot of time by allowing you to download your bank transactions directly into QuickBooks. This process will match up any existing transactions that you may have already entered, along with adding any missing transactions that you may not have entered yet. A lot of our clients that require QuickBooks assistance use this, but there is always one area where they might need more understanding, Renaming Rules.

Because of the way banks store vendor names, QuickBooks has a feature to allow you to match up what the bank has on file as the name of a vendor to what you have as a name. This is, at the basic level, the renaming rules. You tell QuickBooks that when you see a name come from the bank, replace it with an existing name that is already in QuickBooks.

Most of my clients understand this, and even if they dont, QuickBooks does this mostly in the background. However, the renaming rules option allows for more flexibility than simply renaming one name to another. Take Verizon for example, which may download as verizon wrls 10001 newyork as the name. If I were to let QuickBooks do my renaming for me, it would rename the downloaded name into Verizon Wireless as my vendor name. However, if I also open up a second account for someone who is located in San Francisco, their charge might show as verizon wrls 70315 frisco. Because this name is different I would have to tell QuickBooks what vendor this is, even though it is obvious that its Verizon.

You access the renaming rules by clicking the Renaming Rules link at the upper right of the online banking window. Over on the left side, you will see a list of all your QuickBooks names. When you select a name, you will then have the option of how QuickBooks matches the name. The available selections are Begins with, Ends with, Contains, and Exactly Matches. After you make your selection, you then enter the text that will determine what QuickBooks matches with. By default, it will have any previously downloaded names.

For our Verizon example, I could setup a renaming rule that exactly matches verizon wrls 70315 frisco, but then if I ever got something from another state I would have to set it up again. This is where the other matching options are useful. For this vendor, I would select Begins with as my method and use verizon wrls as my matching value. This means that even if I were to download verizon wrls 12345 someplace it would still match and I would never have to setup Verizon again.

For some vendors, Begins with works, but for others it may not be the best selection. FedEx for example may download as #3290 FED EX 93040-324-xx-3442. The number at the beginning changes, so Begins with wont work, but Contains would be great here. I could set my rule to Contains as the method and FED EX as the match. This would mean that no matter what the first or last numbers are, it would get renamed to FedEx on my vendor list.

By taking the time to setup vendors with the best matching methods, Online Banking will be faster, which allows you to focus more on whats important; running your business that is!

Financial Professionals Are on the Front Lines in the Fight Against Financial Elder Abuse

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A Wells Fargo financial professional recently helped to save a client from losing money in a scam targeting senior citizens. The 78-year old client thought that he won an overseas lottery. Instead, he became a victim of financial elder abuse via a typical lottery scam. The Wells Fargo professional prevented money from being sent offshore, however money from another bank was sent out. San Francisco financial elder abuse attorneys warn senior citizens that lottery scams are abundant. California elder abuse attorneys warn the public not to fall for lottery scams.

In this case, the senior citizen victim was contacted by unknown individuals claiming to be from the Costa Rican lottery. They told the senior citizen that he had won the lottery and that he could collect a $5 million payout. Then they told the senior citizen victim that there were some formalities and that they would need some personal information to verify his identity. Additionally, they told him that he needed to send money to pay off various taxes and fees associated with the money he had won. The senior citizen victim then went to one of his banks and transferred $88,000 to an offshore account. California financial elder abuse attorneys warn seniors not to transfer money overseas. San Francisco financial elder abuse attorneys say that sending money to offshore accounts is a very risky proposition.

Next, the senior citizen victim went to his Wells Fargo Bank and attempted to set up another transfer of $50,000 to an offshore account. This time the senior citizen got lucky. The Wells Fargo financial professional knew immediately that something was wrong and refused to go forward with the transfer. Since the senior citizen client was convinced that he was one transfer away from getting $5 million, there was an unpleasant exchange between the financial professional and the senior citizen. At that point, the financial advisor contacted the family of the senior and they helped convince him that it was a scam. The financial advisor helped prevent further financial elder abuse by refusing to transfer the money. San Francisco financial elder abuse attorneys say that financial professionals can play a role in the battle against financial elder abuse.