Categorizing bank transactions using bank rules

1

If you import bank transactions, after they are imported, the transactions will be uncategorized.

When you click the View button, you will be taken to the screen showing the uncategorized transactions.

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Notice that all checkboxes are disabled. This is because Manager compares your bank rules with imported transactions and only transactions with matching descriptions can be bulk categorized.

Let’s create a bank rule for bank charges by clicking the New Bank Rule button on the applicable bank statement line.

Set description. In this case we are directing all bank account transactions from the Checking account containing in the description NAB INTL TRAN FEE to be categorized under the Bank charges expense account.

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After you click the Create button, you will be taken back to the bulk categorization screen and notice the bank statement line successfully matched the bank rule.

You should create bank rules for all recurring transactions and remove from the bank rule any parts of the transaction details that are unique such as reference numbers, invoice numbers and dates. Once-off transactions that are infrequent should be categorized individually by clicking the Edit button.

Once you have added all your bank rules, you will be able to select all transactions with matched bank rules.

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Then click the Bulk Update button at the bottom.

This will bulk categorize all selected bank transactions with matching bank rules and they will be taken off the list.

Bank rules you created will be saved so when you import bank transactions again, Manager will match the bank rules with new bank transactions and reduce the time taken to categorize them.

3

Can you automatically apply tracking codes when using bank rules to categorise transactions. If not do I have to manually apply codes to each transaction, and if so this negates the benefits of using bank rules to automatically categorise

4

Not currently

5

When setting up bank rules - if it is possible to apportion two or more accounts. For example, I want apportion between GST free and GST components amount for insurance as and when this regular insurance payment appearing in the bank statements.

6

Bank rules don’t support splitting yet but it’s definitely in the pipeline.

7

I have 2 bank accounts and 2 credit card accounts. If I run a cash summary or P&L report, I get one report combining all accounts. I want to run separate reports for each account but short of using tracking codes I can’t see how to do it. Putting tracking codes on pages of transactions is not a goer.

1 Like
8

There are no standard reports within Manger which you can run.

To get separate reports you need to do “Export” and import into a spreadsheet. The "export’ button is at the base of each bank/credit card account.

Alternatively if you are using a Windows OS, then you can go to the relevant account’s transaction screen and right click and click print. If the account has more then one page of transactions, then repeat for each page.

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9

A possibility that gives additional visibility is to create a custom control account for each bank and/or credit card account. Assign one bank or credit card account to each custom control account and they will show up individually on your balance sheet.

A slightly simpler approach is to leave your bank accounts in the Cash & cash equivalents account and assign only the credit cards to a custom control account. That one could be designated as a liability account and given a name like Current credit obligations or just Credit cards. This doesn’t give account-by-account information, but separates cash assets from credit liabilities.

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10

Hi,
New to this so apologies. Have set up my chart of accounts & added new ones to suit the business. But they don’t appear on the list when using bank rules to allocate suspended amounts. How do I get them to show up
Thanks
Rob

11

Are you able to show a screenshot of your chart of account ?
Are you talking of BS or P&L accounts.
If P&L did you group them to either Income or Expenses ?
If they are being displayed as uncategorised then you need to correct their grouping

.

12

Sorry what are P & L or BS accounts?
Have allocated under Income & expenses. Cant seem to paste screen shot.

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M screen shot.pdf (156.4 KB)
Managed to do screen shot, hope you can help. Thanks

14

Profit & Loss and Balance Sheet
Your screen shot is of the Summary tab rather then the Chart of Accounts under Settings.
However it does provide some information - it appears that you are running both business and personal sets of accounts. Is this because you are only operating one bank account or some other reason.

That Starting Balance Equity figure shouldn’t be there. If you go to Reports - Starting Balances can you post a screenshot of that, please.

Getting back to your original situation, what accounts were you trying to see under Bank Rules ?

15

I was trying to have two accounts, both separate. One for personal
use (equity) and one for business (expenses). I have added several
headings under the expenses heading eg. superannuation, gas etc. Have
deleted starting personal account for the time being until I get
organised and advise from you. Was trying to see the above mentioned
additions in the bank rules screen, but any I added do not appear on
the drop down list. Is it possible to run two separate accounts?

Thanks

Doc1.pdf (156 KB)

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Heading don’t show up as they can’t be posted to, only accounts will show up as they can be posted to. Why did you add those new ones as headings ?

Thanks, for that screenshot, under BS Equity you need to create a “Capital” account and put in the opening balance 1907.27 credit, then that will resolve the Starting Account Equity issue.

You can run as many accounts as you want, both business & personal - just click “Add Business” as often as you like - just use different names

17

Thanks for getting back to me,

Added new heading under expenses to cater for our needs. We are a
small whitegood repair business. So repair appliances. Need parts in
one category, labour too.

18

Sending screen shots after deleting added headings under Equity and
making Capital account as suggested. Will make ‘new business’ for
personal account.

Thanks

Doc1.pdf (212 KB)

Doc2.pdf (186 KB)

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Heading are the titles like “Income” and “Less Expenses”
Accounts are the items under “Income” and “Less Expenses” where the values are posted to.
So please refer to “Interest”, “Bank Charges” etc as accounts and not headings otherwise I’m getting the wrong picture of what you are referring to.

Your Doc1 screenshot is showing a couple of issues:

  1. Superannuation (top right) is showing as being uncategorised, you need to edit that COA and select Expenses as the Group. Any uncategorised accounts won’t appear in the drop downs such as Bank Rules

  2. Are you a sole trader, partnership or company. While the Capital account set up is good, the value shouldn’t have a minus sign. Edit the COA and change the Debit to Credit. Do this please before going to (3)

  3. After making the above capital account adjustment it appears that the Start Balance Equity will have a new balance of 854 which needs to be fixed. Click on the balance and see what transactions are listed.

Special Note - when ever you see the account Start Balance Equity with a balance, this indicates that there is a transaction which hasn’t been completed correctly.