Question

which 3 criteria can be specified in a bank rule condition? user who entered transaction bank account description transaction date date transaction was entered tag transaction amount

Answer 1

The 3 criteria can be specified in a bank rule condition are

• Description
• Transaction amount
• Bank account

What is a bank rule?

Most institution uses bank rules to automatically process transactions imported from bank feeds or a bank statement. If we import similar transactions every month such as direct debits, set up rules to automatically set the type of transaction, ledger account, or customer or supplier.

Bank rule does save time, reduce chance of human error and get more accurate reports.

Most business may have recurring or frequent transactions coming in from a bank feed or statement. For example, a monthly payment of utility bills, rent, deposit interest etc. With the bank rules, business can automatically create these transactions instead of entering them manually.

Read more about bank rules

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