How can I use bank rules in my bookkeeping?
Xero offers a way to speed up some of your bookkeeping by using bank rules. These will allow you to fill out the information to spot specific words within a transaction which can then be allocated to a category, supplier and can also be named so that you can recognise it in the bookkeeping and find it for further editing.
Bank rules should only be used for transactions where there is guaranteed to be no VAT reclaimable. Most commonly a bank rule is set up for processing of bank fees, postage, some parking charges and other transactions that repeat often and need to be manually processed each time.
Bank rules can be accessed from your dashboard, on the bank account click the 3 dots, then click bank rule. You can then create as many bank rules as needed following the guides including here.
If you do want to go through setting these up but want some extra support please email damion@co-accounting.co.uk