Use Bank Rules

Using Xero bank rules can make reconciling regular transactions easier, by creating specific rules based on your transaction habits, you can automate how these transactions are categorised, saving time and reducing mistakes.

New rules are set up by defining conditions using transaction details like description, amount, and payee. For instance, you could create a rule that automatically sorts any transaction labeled "bank fees" into the "Bank Charges" expense account. During reconciliation, Xero will suggest transactions that match your rules, allowing you to quickly verify and approve them. This minimises manual work and helps keep your financial records accurate. By using Xero bank rules, businesses can improve their financial management, making the reconciliation process easier and more reliable.

Watch this video, here we learn how to set your contacts up:

Making sure your business is set up in Xero correctly before using it is crucial to ensure accurate and reliable financial information, which allows you to understand how your business is doing and make smart choices.