Bank Reconciliation Rules


Bank reconciliation rules are used by the Automatic Bank Reconciliation, Setting up and using automatic bank reconciliations process to determine which bank statement lines should have transactions automatically created for and how these transactions should be defined.

Bank reconciliation rules are typically used in scenarios where you have recurring deposits or payments to your bank account that vary in value, but have some consistent reference and do not relate to any Customer or Supplier Cards, for example:

  • Bills (Utilities, telecommunications)
  • Lease repayments
  • Merchant fees
  • Bank fees etc
  • Bank transfers and credit card payments. If you are setting up a bank reconciliation rules relating to a Bank Transfer from One Bank Account to Another Bank Account ENSURE that both bank account statements are actually imported and reconciled otherwise use the Entering a Bank Transfer feature.

It's the 'Search Reference'  that is recognised off your imported bank statement that needs to be accurate in Readysell.

Bank reconciliations rules only need to be set up if you are using the Import of the Bank Statement feature when doing a bank reconciliation.

Once the Bank reconciliations rules have been set up working off your Bank Statement, note that when you import the Bank Statement the first time around for a bank account, it will create the bank deposits/payments based upon the rules and these transactions are left open to be reviewed and finalised. If you should need to re import the same bank statement lines please be aware that the same transactions will be recreated unless you have finalised the bank payments/bank deposits that were created from the first import.

Fields Reference

NameThe name of the bank reconciliation rule, for your own reference.
Search ReferenceThe text that will be recognised on your imported bank statement (from the transaction details)
DescriptionThe description for the transaction that will be placed on any generated bank payment or bank deposit
TenderThe tender that will be used for the generated bank payment or bank deposit. Be careful not to select a tender that is set to Compress if possbile.
Account Site

The general ledger account site that will be used for the generated bank payment or bank deposit

Tax CodeThe tax code that will be used for the generated bank payment or bank deposit