Xero Transfer Rules

Once you`ve done that, you can indicate in section 2 if you`d like to be asked which account you`d like to transfer to – or if you just want to set this to a specific account. One thing to note: all transfers between foreign currency accounts require an exchange rate. If you have them, you will still have to enter them manually. This brings us to the broadcast rules creation screen. If you need help creating rules, remember that you can email or call us. We were all looking forward to the rules on bank transfers. We`re thrilled that this Xero update has been released! What exactly are the wire transfer rules and why are we so excited about them? You can also create transfer rules by going to Bank Accounts> Banking Rules > Create Rule> Transfer Rule. Bank transfer rules are basically banking rules for bank transfers and credit card payments. Previously, there were rules only for spending and receiving monetary transactions.

Bank transfer rules save Xero users even more time. We are big lovers of banking rules here at BBB, so this is a very exciting thing for us! Keep in mind that this only affects one side of the transaction, you should always match the transaction to which the transfer was sent. An example of this is shown below Once you have signed up with Xero, the first step is to find a transaction that is actually a transfer to another account. One of the most common mistakes when reconciling transfers is clicking OK for the wrong transfer. Always check that your transfers match the relevant data on the left and right sides of the bank reconciliation. In most banks, transfers are dated exactly the same day, but some credit cards may have a period of 2 days. In our example, our rule will always be a transfer to our Mastercard Gold account, so let`s set the transfer to that account. You must configure the bank transfer rule if you want to create a rule for similar future transactions. The most common way to set up a bank transfer rule is to create it when a bank transfer or credit card payment appears on your bank reconciliation screen. The following screen appears.

In this example, we recommend that you make the following changes when you create your transfer rule: For example, during bank reconciliation, you may see a payment from your checking account to your credit card. You know that you make these payments every month, so you want to create a bank transfer rule. You can create a forwarding rule from this screen. Click the drop-down arrow to the right of Create Rule and select Create Transfer Rule. If you haven`t created a bank transfer rule yet, we recommend giving this new feature a try. We love that Xero is getting better and better! Now, the penultimate step, give the rule a title. We suggest calling it something that reminds you of what the rule does. In our case, we set it to “Transfer to Mastercard Gold” It`s better to match the rule with fewer criteria, rather than more, to make sure it works. So, in the first section, we will use the criterion “the beneficiary contains” instead of “equal” If the rule does not work, you need to click on “Manage Account” then on “Banking Rules” and edit the rule you created. Most likely, the criteria do not coincide with the bank transaction if this happens and adjustments are necessary. If you have created your rule correctly, you should be able to see that Xero now suggests applying the rule to the transaction from which you created the rule, as shown below If, for step 4 – Set a bank account as the target, you have multiple accounts for which you want the rule to run, You can choose to run it on all accounts. In our example, we will now run the rule only on our “transaction account” – to access the rules screen, we must click on “Options” and then on “Create a banking rule”.

After saving, we can make sure it works on the bank reconciliation screen! If your rule worked, just click “OK” to reconcile Now, on the Create Rule page, the first thing we want to do is click on the “Money Transfer Rule” tab. There are many benefits, but here are our top three: After saving your rule, you should return to the bank reconciliation screen. For step 3 – set the reference, you should be able to safely ignore it and leave it as default. On the Money Transfer Rule tab, you can specify the criteria for executing the rule.