Bank Rules

This Business Intelligence feature has been developed to anticipate which bank transactions will be matched to which ledger code. Once a bank rule has been created, the system will indicate that there is a possible rule match for the bank transaction, and then the system users can review the match before the account postings are made.

The rules can be configured to match based on the Transaction Type (Incoming / Outgoing), Description, Date, and amount.

To create a bank rule, go to Financial Accounting>Banks, click on the action button and choose the Bank Rules option

Once you click on the "Bank Rules" button, the Manage Bank Rules slider will open.

To create a new rule, click on the “+ Create” button.

Another slider will now open; this is where you will define the logic of the bank rule you want to create.

Step-by-Step Explanation:

1. Name the rule something that is easily identifiable to you

2. Select your transaction type. This will be an option for incoming or outgoing transactions.

3. Next, choose your explanation type; these are the possible options.

4. Choose which object you are basing the rule on; there are three options here. We are going to create an example based on the transaction description.

5. Once you have completed steps 1–4, you will have a screen that looks something like the below example.

Now that the basic information has been defined, we can create the conditions for the rule.

6. Now we select the rule condition and parameter; these options will differ depending on the object you selected; in this example, we have chosen “Contains” and the customer's name. See the table below for all possible object, condition and parameter combinations.

7. Now we select the customer to allocate the payment to when the parameter and condition set are met

Our complete example now looks like the below image.

You need to click Add to add the condition to this rule.

At this point, we can hit submit and that will mean this rule will mark all incoming transactions where the description contains “National” as a potential match for my customer, National Contracting Company.

Or we can choose to add another condition and follow steps 1–7 again. Allowing you to create several conditions within one bank rule. Our example below shows the bank rule having multiple parameters and customers.

This will result in the bank rule marking incoming transactions for those descriptions as potential matches for the corresponding customers selected at point 7.

Edit/Delete Bank Rules:

We've added the ability to change or delete bank rules. We demonstrated how to do it using an example.

Note: Bank Rules can be edited or deleted if there are no pending transactions (bank rule-applied transactions).

Below is an example bank rule: MyDigital

In the banking screen, you can search by the bank rule and if it shows 0 next to the rule, that means there are no active transactions or the rule hasn't been applied yet.

If the bank rules have not been implemented, you will see an edit icon on each column in the bank rule. You can also edit or delete at this point.

The rule has now been established and applied to all incoming transactions and matches. The number of transactions to which the bank rule has been applied will be displayed in the banking screen next to the bank rule.

The conditions will be disabled if you go to the bank rules screen and edit the bank rule right now.

If you delete it from the "Manage Bank Rules" page, an error will be displayed.

Below is the error message

You need to match the bank rule applied transactions.

Once the transactions are matched, you will see the delete condition option enabled in the bank rule, or you can delete the whole bank rule as well.