Using BANK RULES in XERO
There’s nothing more satisfying to a bookkeeper than coding 300 or more transactions with a single click of their mouse. One of the most powerful functions of XERO is the ability to automate the coding of transactions by using BANK RULES. If you’re not using BANK RULES in XERO then you’re not unleashing its potential. Here are a few tips when creating BANK RULES:
1. “When money spent/received on the bank statement matches Any or All of the following conditions”, use ANY TEXT FIELD instead of PAYEE, DESCRIPTION or REFERENCE. This will give your Bank Rule more flexiablity
2. “Target bank account” can be set to ALL BANK ACCOUNTS. This will assist if you and a new bank account or have multiple bank accounts that need coding
3. “Give your rule a title” by using the Condition, Account and GST within the rule e.g. FEE ACCOUNT_bank charges [GST FREE]. This will help to immediately identify how the BANK RULE will code transactions that you may need to edit.