[Xero bank rules | Bank rules Xero | Griffin Chartered Accountants

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Learn about some of the common reasons a bank rule in Xero may not be working. Sometimes if the data specified in the bank rules, is changed on the incoming bank feed transactions, the rules will no longer work. If you.
 
 

why are my bank rules not working? – Xero Central

 
Sometimes if the data specified in the bank rules, is changed on the incoming bank feed transactions, the rules will no longer work. If you. If the rule does not work, you will need to click on “Manage Account” and then “Bank Rules” and edit the rule you made. On occasion, your perfectly behaved Xero bank rules will stop working. Not usually because of anything you have done, but.

 

Xero bank rules not working. WK How To: Xero Bank Rules

 

Hi Ian, you’re not doing anything wrong – step 5 of the bank rule means that text goes in the Reference field. There is no option to have the text go into the Description field. If the text is different for every transaction, you won’t be able to have that text go automatically into the Description using a bank rule, only the Reference field. Ask our community of customers, accountants and bookkeepers.

Share your ideas and feedback to help us improve our products. Skip to main content Search icon Search Xero Central. Reconciling transactions Discussions Bank Rule – description not coming through.

Ian kerry. Through taking the time to set up the rules and the conditions at the outset, the bank reconciliation will be much smoother and faster in the future. From XU Magazine, Issue The streamlined bank reconciliation process in Xero, with the combination of the bank imports and the auto match function, really does speed up and simplify the whole bank reconciliation process.

Bank rules can speed up bank reconciliations even further but many people are unaware they exist and how easy they are to set up This article originated from the Xero blog. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub. When to use Bank Rules Bank rules should be used for regular spend or receive money transactions, or for bank transfers where there are no invoices to support the amount.

There are three types of transactions that bank rules can be created for: Spend money transactions Receive money transactions Transfers of money between accounts All are set up in the same way and all can save you time and help ensure a consistent approach each month to the reconciliations.

So what are the advantages? How to Create Bank Rules You can create bank rules from the bank account page, from the bank reconciliation itself and also from the cash coding page in the bank statement. Once you have done that, in Section 2 you can specify if you want to be asked which account to transfer to – or – if you just want to preset this to be a certain account.

In our example our rule will always match to be a transfer to our Mastercard Gold account so we’ll set the transfer to be to that Account. For Step 3 – set the reference you should be able to safely ignore this and leave it as its default.

For Step 4 – target a bank account, if you have multiple accounts that you want the rule to run against you can select to run on all accounts. In our example we are only going to run the rule on our “Transaction Account”. Now – the second last step, give the rule a title. We suggest calling this something that reminds you what the rule is doing.

In our case we’ll set it to “Transfer to Mastercard Gold”. The last step is to save the rule. Set your second condition to look for a payee that contains ‘Man’. Because you’ve set your rule to All conditions match , it will find all transactions from ‘Print-Man’ as the payee contains both the words ‘Print’ and ‘Man’. When using a bank rule to transfer money to or from a foreign currency bank account, the Select a bank account drop down only shows bank accounts that match the base currency of the organisation.

To use a bank rule to transfer money to or from a foreign currency bank account, you need to create the rule to apply to all bank accounts. Then select the bank account during bank reconciliation. If you need more help, reach out to Xero support. Ask our community of customers, accountants and bookkeepers. Set the contact… The contact will be an existing or new contact.

Enter an Account and Tax Rate under 4. With the remainder, allocate items in the following ratios…. Choose all bank accounts for 6. Target a bank account… Run the rule on. Using bank rules in Xero can make your life easier! It may take a bit of work to initially set the bank rules up, but once they have been created and you start using them, you will love them because they will save you a lot of time and your account coding will be consistent!

 
 

Xero bank rules not working. Bank Rule – description not coming through

 
 

Overview Understand how bank reconciliation in Xero works. What you need to know Bank reconciliation is the process to confirm that all the transactions in your bank accounts are recorded in your business accounting records. The bank reconciliation process Xero makes the bank reconciliation process easier by letting you know when bank statement lines are ready to reconcile.

What’s next? Still have questions? Xero applies bank rules in the order they appear on the bank rules screen. Your most restrictive rules should be at the top of the list. Bank rule conditions and titles can only contain letters and numbers. They can’t include punctuation or special characters.

During bank reconciliation For the relevant bank statement line, click Options , then select Create bank rule. From the bank rules screen In the Accounting menu, select Bank accounts. While cash coding Click the arrow next to any relevant bank statement line, then select Create bank rule. To order a bank rule: In the Accounting menu, select Bank accounts. Select the Spend money rules , Receive money rules , or Transfer rules tab to find the rules you want to reorder.

Click and drag the reorder icon to move rules into the new order. Douglas Johnstone. Gaston Rohde. Daniel Dearing. I had a rule set up to automatically reconcile these transactions as bank charges. The rule I had set up no longer works! Any thoughts? Charles McRobert. There appears to be no way to ‘tweak’ the new feed import as the Statement Import Options only shows the first 10 statement lines imported with the old feed : Only work around is to edit the rules to match how they are now appearing in Xero.

Still have questions? The benefit of this method is Xero will help auto-fill the rule using the description. While reconciling a transaction in Xero. Xero will automatically take you to either the spend money rule or receive money rule depending on which type of transaction it is.

Once you navigate to the bank rule screen, there are 7 areas that need to be filled out for bank rule to work in Xero. Contact We recommend that you set the contact on the rule screen. An example here is if you have a loan payment and the interest is set. You can allocate between interest and principal.

Set the Reference You may or may not want a reference, so many times we will choose the reference to be based on the reference from the bank or to equal the description. Target Which Bank Account s You can choose only one of your bank accounts on the dashboard or all of them for this rule to apply. Title the Rule This is what shows up on your reconciliation screen.