Setting up Bank Rules in your Xero file will save you loads of time when completing your reconciliations each month. This Xero function allows you to memorise data for recurring transactions in your bank accounts, for example monthly bank charges or interest.
By clicking the link at the end of this article, you will be directed to the Xero Info Centre that details the different areas where bank rules can be created and how they can be used. The link also includes a video that explains how Bank Rules can make your reconciliation of bank accounts quicker and easier.
Tips to remember when setting up rules:
– At least one bank account must be set up before a bank rule can be processed.
– To enter the Bank Rule Screen you must click – Accounts > Bank Accounts > Bank Rules.
– Alternatively a Bank Rule can be processed through the Bank Reconciliation Screen. This is quick and easy when you find a transaction that will reoccur in the future.
– There are two types of bank rules – “Spend Money Rule” and “Receive Money Rule”
– Remember to create the 7 conditions for your rule