LawAccounting Bank Rules empower you to streamline your bank reconciliation process by automating the creation of entries based on predefined criteria. This translates to:
- Reduced Time Commitment: Spend less time manually entering data during bank reconciliations.
- Enhanced Accuracy: Reduce the risk of errors by automating repetitive tasks.
- Improved Efficiency: Streamline your reconciliations and free up time for other tasks.
Defining Bank Rules:
Once your bank account is connected, navigate to the “Bank Rules” tab.
Creating a New Rule:
- Click “New” to define a new rule.
- Select the relevant Bank GL account for which you’re creating the rule.
The Rule Configuration Screen:
This screen is divided into four key sections:
1. Basic Information:
- Rule Name: Assign a clear and descriptive name to your rule for easy identification.
- Description (Optional): Provide additional context about the rule’s purpose.
- Priority: Set the rule’s priority for execution. Higher priority rules are applied first when multiple rules are applicable.
2. Bank Institution:
- Bank GL Selection: Choose the Bank GL account(s) to which the rule applies. This allows you to define a single rule for multiple banks if applicable.
3. Conditions:
- Define the criteria under which the rule will be triggered. For example, the rule might be set to create a receipt whenever the bank transaction description contains “ARC” (assuming “ARC” signifies payments from a specific customer, ARC Broker).
4. Actions:
- Based on the defined condition(s), specify the action to be performed. In the previous example, the action would be to automatically create a receipt with the selected customer, ARC Broker.
Benefits of LawAccounting Bank Rules:
- Automating repetitive tasks saves valuable time.
- Reduced errors lead to more accurate financial records.
- Improved efficiency allows you to focus on higher-level tasks.
- Streamlined bank reconciliations free up time for other activities.
