Payment And Banking

Bank rules - All you need to know

Updated 3 months ago by Praise Arannilewa

Help Center Payment And Banking Bank rules - All you need to know

The bank rule feature on Tyms is an automated system of posting transactions gottten via bank uploads or automatic bank sync through email forwarding. Bank rules are essentially a set of predetermined conditions through which the system checks for matches.

When a match is found, the system then posts the relevant information to a chosen destination and chart of accounts.

Bank rule image

The bank rule section includes various terms that are relevant during the creation process. Here is what they stand for:

Priority: This implies the order in which the bank rules should be executed if a bank statement matches more than one rule. Ex: If priority is 1 for a rule, and 2 for another, the former would be applied to the bank rule.

Conditions: The circumstances for the bank statement to fulfill in order for it to satisfy the bank rule. Ex: If narration contains "Data", post to expenses. The condition to be fulfilled is "Narration contains data".

Rule name: The name of the bank rule; which would be used to identify the set of conditions you'll create. Ex: Salary Detector.

Bank: The bank for which this bank rule should be applied to.

Destination: The section of the application the statement should be posted to if it satisfies the bank rule. Destinations include Sales, Expenses, Journal record, Asset Record.

Category: The Chart of Account for which that statement or transaction should be categorized under from the ones you've created or already existing. Ex: Rent (under Expenses), Subscription revenue (under Sales).

Status: Condition or state of the bank rule; active or inactive.

Share on:

Start now and see the impact

Tyms accounting and finance automation software is suitable for any industry irrespective of your mode of financial operation.