Bank rules1 are a set of criteria that you define and are applied to incoming bank transactions. Your business likely has recurring or frequent transactions coming in from a bank feed. For example, monthly payment of utility bills, rent, or deposit interest. With these rules, you can automatically create these transactions instead of entering them manually.
Tip: Bank rules help you save time and reduce the chance of human error. Use them with bank accounts connected to a bank feed or when you upload a statement.
How they work
When you create bank rules, you define the transaction type and what conditions apply to it. You may set conditions such as reference or amount to recognize specific transactions. For example if you pay your internet service provider each month, you can likely use the service provider name as the reference. If the amount is also the same each month, you can add another condition for Amount and then use Equals with the dollar amount. If the amount fluctuates, use another conditional expression.
After creating rules, prioritize them so that Sage 50 applies them in order. Only one rule is applied per transaction, so it's important to get the order right.
When a transaction matches a rule
When you first implement rules, the status beside a transaction in the Match Transactions window changes to Rule Found. All you need to do is review the transaction details and confirm that it's correct to create the transaction. If it's incorrect, you can fix it by updating your rule.