Understanding bank feeds and associated rules. How will it help you?

I hear you ask... "What are bank feeds and how will it help me?"

A bank feed is when your bank and/or credit card accounts are linked electronically to your data file. The transactions are automatically imported (usually every 8 hours) to which the system then automatically matches based on transactions already entered into the system, and applying the rules that have been set up.

Defined rules give you a finer level of control, letting you further customise and automate the bank transactions you accept into your system. This helps save you time and minimise errors!

The bank feed matches is the first preparation leading to the bank reconciliation. Once you go to reconcile the account, theoretically, the matched transactions should be correct and the account should be in balance.

Have a go! Just keep in mind, even though the system is automatically matching and assigning, careful attention still needs to be given to check for accuracy.

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