Bank rule for transfer funds

Is there a way I can create a bank rule to automatically transfer funds from one account to another? E.g.,Paying a credit card. When I import a bank statement I cannot seem to be able to create a rule to transfer that payment. it remains in suspense and I have to delete the activity and manually transfer.

No. Bank rules only allocate transactions from an imported statement to appropriate accounts. They do not initiate transactions.

But your post is somewhat confusing. A transfer will show on a bank statement, either as a withdrawal or deposit, depending on which way the transfer went. But transfers only move money between existing cash accounts. Thus, they are a shift in the location of assets. They are never allocated to income or expense accounts.

The imported bank statement for my cheque account lists the transfers to my credit card account in the description. however it categarizes it as being in a suspense account. I was under the impression nothing should remain in a suspense account.
The amount does show as being a debit from the cheque acc and the credit acc shows a credit so the acc’s do balance. My concern is that it is showing in the suspense acc
Thanks for the response

All well and good.

Your bank’s statement doesn’t do this. Manager does this because it cannot reconcile the transaction in all respects. To complete an imported transaction, Manager needs an account to allocate the receipt or payment to. In the case of a transfer, no such allocation is possible. You are moving from one subsidiary ledger of Cash & cash equivalents to another.

Very true. So you have to delete the imported half of a transfer that shows as a receipt or payment and enter the full transfer, with both cash accounts identified, manually.

@Phil you need to read this post from another topic

You have two choices:

  1. If you want to use Manager’s Bank Transfer for the transaction then delete the imported transaction, or
  2. if you want to use Bank Rules for the imported transaction then you need to process the Bank Rule via a clearing account. The below original discussion was applicable to Bank to Bank transfers but has been adjust to Bank to Credit Card transfers for illustration purposes.

Bank/Credit Card Transfers are two separate accountings transactions not a single transaction.

  1. Bank Spend Money - Credit Bank and Debit ???
  2. Credit Card Receive Money - Debit Credit Card and Credit ???

The Bank Transfer feature in Manager allows you to truncate those entries to a single entry - Credit Bank Debit Credit Card. However, when importing statements and using Bank Rules, the processing of those two separate transactions are still required because (rightfully) Manager’s Bank Rules prevents any allocation directly between Bank & Credit Card accounts otherwise you would have duplicate transactions as demonstrated below.

If you substituted the ??? for the opposing Bank/Credit Card account you would now have:

  1. Bank Spend Money - Credit Bank and Debit Credit Card
  2. Credit Card Receive Money - Debit Credit Card and Credit Bank

The Bank account now has two credit entries and the Credit Card account now has two debit entries - hence the duplication. So to use Import Bank Statement you just need in the Bank Rule to post the opposing debit/credit entry to a clearing account where they will cancel themselves out.

  1. Bank Spend Money - Credit Bank and Debit Clearing Account
  2. Cash Receive Money - Debit Cash and Credit Clearing Account

The Clearing Account can be created as either a Current Asset or Current Liability