sblive Xero Guide

4. Here you would enter the text or value that you want the rule to be based on

5. You can add multiple conditions to make the rule as specific or wide reaching as you require

6. This drop down allows you to choose the contact that the transaction will be applied against. You can choose one of the following options:-

An existing or new contact (follows on to step 7)

The payee from the bank Entered during reconciliation

7. If you have chosen to automatically apply this to an existing or new contact, this will be where you enter the contact name.

8. You can set up your bank rule to allocate one or more fixed-value portions of the transaction to an account in your Chart of Accounts.

After you've set up any fixed value allocations, you need to tell Xero what to do with the balance of the transaction (steps 9 – 13). If this isn’t applicable however, you can ignore this section.

9. This is where you add the description that will be used every time the bank rule is applied.

10. Please choose which account code the transaction will need to be allocated to.

11. This is the tax rate to be used and will need to reflect the VAT treatment of the transaction.

12. Optional – this section relates to tracking categories (see Section XXXX). Please select the tracking option that applies

If step 8 has not been applied, the value of all the lines should total 100%. If step 8 has been used, the value of all the lines, in addition to step 8, should equal 100%.

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