Speed up your bank reconciliation – setting up Bank Rules in Xero

Posted on 27th November 2020 by Streets What's trending?


Image to represent Speed up your bank reconciliation – setting up Bank Rules in Xero

Sometimes there are regular bank transactions on your statements that you can let bank rules take care of for you, for example, Bank Charges or a regular HP repayment.

The easiest way to set these up is from within the bank reconciliation screen:

1. Click Create rule on the statement line you want to create a bank rule for:

bank rules in Xero

2. In the Create Rule screen enter the conditions to build the rule.

For more details please follow the help guide:

https://help.xero.com/uk/BankAccounts_Details_BankRules

Bank Rules – how they work

  • With bank rules you define the conditions for each rule to match with your imported statement lines
  • After you import a bank statement and go to reconcile your account, your rules automatically run
  • For each bank statement line that matches a rule, Xero suggests a transaction using the conditions you've set
  • If the transaction that Xero suggests based on the rule is not quite right, you can edit it, create a new one, or find a transaction you've already entered into Xero to match with your statement line

No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


Expert insight and news straight
to your inbox

Related Articles


Boost Your Restaurant's Cash Flow with These Top Tips!

Maintaining a healthy cash flow is crucial for the success of any restaurant. Here are five key strategies to get you started: Optimise Menu Prices Ensure your dishes are priced for both competitiveness and profitabilityStreamline InventoryReduce waste and free up cash by using smart inventory management techniquesNegotiate with SuppliersBetter terms ...


Property Finance - unlocking opportunities with confidence and support

Exploring, navigating and understanding the complex landscape of property finance options can not only be time consuming, but hard to understand with the diverse range of financing options that are available in the market. It is essential from the outset for business owners to carefully evaluate their financing and ...


Child Benefit Updates

You may have heard about the recent changes to the High Income Child Benefit Charge which were announced in the Spring Budget. This is something that will affect several of our clients, and the changes can influence whether claims are made for child benefit or whether those that ...


You might also be interested in...