Create and manage bank rules for clients

This article explains how to create and manage your own Guess bank rules for categorising a client’s bank transactions.

Setting your own Guess rules will result in less manual work and more accurate bookkeeping for your clients.

Please note:

  • Guess bank rules are currently only available to accountants or bookkeepers who are Practice Partners
     
  • The bank rule(s) will apply to transactions in all bank accounts within the client’s account. It’s not possible to apply rule(s) to specific bank accounts only.
     
  • The client will be able to access the bank rules area to view the bank rule(s) that have been created but won’t be able to create, edit or delete any bank rules.
     
  • The client will be able to see which transactions have been marked for approval as a result of the rule(s) and can approve or edit the explanations.

Creating a bank rule

Log in to your Practice Dashboard and select ‘Switch to’ beside the relevant client to access their account.

'Switch to' button highlighted next to listed client.

From within the client’s account, navigate to the ‘Banking’ tab and select ‘Bank Accounts’ from the drop-down menu.

'Bank Accounts' highlighted on 'Banking' drop-down menu on Overview screen.

Select ‘Bank rules’ in the top-right.

'Bank rules' button highlighted at top of Bank Accounts Summary page.

Within the ‘Custom rules’ tab, select ‘Create new rule’ in the top-right.

'Create new rule' button highlighted as top of 'Bank rules' page.

First, enter a name for the rule and choose whether it applies to money in only, money out only or any transactions.

'Rule name' field highlighted above 'Transaction is' with options to select 'Any', 'Money in' and 'Money out'.

Next, choose the conditions for the rule. You can set conditions for the transaction description and/or amount.

Please note that you can set a maximum of 10 conditions, and all conditions must match a transaction before the rule will apply to that transaction.

Conditions area with options to set conditions for Description, Amount, and add other conditions.

Finally, choose the accounting category, VAT rate and description for the transactions that the rule will apply to. You can add custom categories within the client’s account if you need to and if you leave the ‘Description’ field blank, FreeAgent will automatically use the description provided by the bank.

Please note that it’s not possible to create rules for categories that need to be assigned to a user, property, capital asset or stock item.

'Set outcome' section with fields for 'Category', 'VAT rate' and 'Description'.

Select ‘Save Bank rule’ to complete the process.

Repeat these steps for each rule you want to create in each client’s account. See below for details on how to edit or delete a bank rule.

How the bank rules work

Once you’ve created a bank rule(s) within a client’s account, FreeAgent automatically checks all transactions as they are imported into the client’s bank accounts against the rules.

When a match is found, the transaction(s) will be marked for approval and a ‘Created by rule’ badge will be displayed so they can be easily identified by you or your client.

'Created by rule' badge highlighted on transaction in 'For approval' tab.

You or your client can then approve the bank transaction(s).

Edit a bank rule

To edit a bank rule, navigate to the ‘Custom rules’ tab within the Bank rules area in the client’s account and select ‘Edit rule’ to the right of the rule you want to update.

'Edit rule' button highlighted next to listed bank rule.

Make any relevant changes and select ‘Update Bank rule’.

'Edit Bank rule' screen with 'Update Bank rule' button at the bottom.

Please note that editing a bank rule will not update any bank transactions that have already been explained or marked for approval by the bank rule. The changes will only apply to bank transactions that are imported after the rule has been updated.

Delete a bank rule

To delete a bank rule, navigate to the ‘Custom rules’ tab within the Bank rules area in the client’s account and select ‘Delete rule’ to the right of the rule you want to remove.

'Delete rule' button highlighted next to listed bank rule.

Select ‘Yes, delete this rule’ in the pop-up window to complete the process.

'Delete bank rule?' pop-up window with 'Yes, delete this rule' button.

Please note that deleting a bank rule will not remove explanations from any bank transactions that have already been explained or marked for approval by the bank rule.

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