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What are bank rules

Created on  | Last modified on 

Summary

How to save time, reduce errors and get more accurate reports with bank rules in Sage Accounting.

Resolution

Use bank rules to automatically process transactions imported from bank feeds or bank statements.

For recurring transactions like direct debits, create bank rules to set transaction type, account, customer, or supplier details.

Why use bank rules?

You may have recurring or frequent transactions coming in from a bank feed or statement. For example, monthly payment of utility bills, rent, or deposit interest. Bank rules can automatically create these transactions instead of entering them manually.

How they work

When you create bank rules, you set the transaction type and what conditions apply to it.
 
First, choose how to identify the transaction coming from your bank. This could be a reference date, amount or combination of these. As an example, for your electricity bill, this might be the reference used by your utility company.
 
Then choose the transaction you want to create in Accounting, and specify the ledger account and VAT rate where applicable. For your electricity bill, you might set up a payment for the 7200 Electricity ledger account, with the Lower VAT rate.
 
After creating rules, prioritise them so that we apply them in order. Only one rule's applied per transaction, so it's important to get the order right.
 
Once you’ve set up bank rules, they will be automatically applied to your next batch of incoming transactions.

When a transaction matches a rule

When a transaction matches a rule, a suggestion's displayed asking for you to confirm the match. All you need to do is review the details and confirm that it's correct to create the transaction. If it's incorrect, you can fix it and then update your rules to catch it next time.
 
When you create, edit, or delete a rule, the change will automatically get applied to your next batch of incoming transactions. You can also apply your changes to existing transactions.











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