Which statement is true about how QuickBooks Online applies bank rules?

The statement that only one rule is applied per bank activity is accurate. QuickBooks Online utilizes a specific order of operations when determining which bank rule applies to a transaction. When a transaction comes in from your bank feeds, QuickBooks evaluates the rules you've set up to find the first applicable rule based on that order. Once a matching rule is found, it is applied to the transaction, and no further rules will be evaluated for that particular bank activity.

This process ensures that transactions are categorized appropriately without the potential for multiple classifications from different rules, which could lead to confusion or inaccuracies in your records. This structure encourages users to create distinct and clear rules to avoid overlaps that might complicate the categorization process.

Understanding this helps users effectively manage their bank feeds and ensures that transactions are processed in a streamlined manner, enhancing the accuracy of their financial data.