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Set up and use Bank Feeds Rules

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Summary

This guide explains how to set up and manage Bank Feeds Rules to automatically post bank transactions in Sage 50cloud Accounts.

Description

This guide explains how to set up and use Bank Feeds Rules. If it doesn't answer your question, you can find further help in our Banking Help Centre >

When Bank Feeds transactions are brought into your software, you can pick out identifying information. Then, in the future if similar transactions are brought in, Sage 50cloud Accounts can automatically create these transactions for you. This option reduces the need for manually processing this data and reduces time you spend on bank reconciliation.

Resolution

Before you start

To set up bank rules there are a few things you need to do first:

  • If you haven't already you need to Set up your bank feed 
  • And, if you are using Remote Data Access make sure you are at the main site.

NOTE: Not sure which site you are at for Remote Data Access? Read more > 


Set up a Bank Feeds rule

  1. Open the bank feed window and download transactions.
  2. Select the transaction you are creating a rule for and either Match or Create a transaction. 
  3. Select the transaction in Matched transactions then click Create rule.
  4. Enter a name so you can identify it.
  5. Choose the relevant conditions for the rule to use to match future transactions.
    TIP: If the amount varies on transactions, don't include the amount as a condition. 
  6. Click Add.
  7. Enter the details on where you want to post this transaction and the required details like the department and tax code.
  8. Click AddSave Rule, then click OK.

You've now set up a Bank feeds rule, by default you will need to approve bank feeds transactions, however, this can be turned off in manage rules.

NOTE: New rules will only apply to feeds downloaded after the rule has been created, they are not retrospective. 


Approving transactions

If you have Bank feed transactions that need approving, you receive a notification when opening Sage 50cloud Accounts asking if you wnat to approve them now.

You can review the transactions by clicking Yes or you can click no and review at a later date by going to Bank accounts and click Bank feeds approval.

  1. If required, enter a Date range to filter the transactions. 
  2. Select the transactions you want to approve, then click Approve.
  3. You can reject transactions by selecting the transactions and then click Reject.
  4. Click OK.

NOTE: Approved transactions are created and can be found in the audit trail and rejected transactions are returned to the transaction pane in the Bank feed.


Managing rules

  1. Click Bank accounts, select the relevant bank account.
  2. Click Bank feeds then click Manage rules.
  3. Choose one of the following options:
    • View - to show more details about a rule.
    • Edit - to make changes to the rule. 
    • Delete - to delete the rule.
  4. If you don't want to review transactions posted using this rule, you can clear the Review Before Posting check box.
  5. Click Close.

Not using Sage 50cloud Accounts? If you're interested, you can contact our sales team on 0191 479 5955, option 3 (UK), or 014 470 806 (ROI). Or, if you'd like us to call you back, leave your details and we'll be in touch.


Accountants and Bookkeepers - You have access to Bank Feeds if you are a member of the Accountant / Bookkeeper Network and have a valid contract.

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