User Defined Rules and Categories

What are user defined rules and categories?

These rules enable you to classify your records - and use this classification during the bank reconciliation matching process.

How do I assign types-classes?

You can classify your records by using our Rules table (template below). The system searches for text within your transactions and classifies accordingly.

Can I make my own classes?

Absolutely yes! And there's no limit to the number of classes you can have (template below).

Do I need to use classes-types?

No, you certainly don't. There are two basic groups of bank reconciliation matching rules:
--Matches with a unique ID present in each record (most commonly checks), and
--Everything else.

When you're matching with a unique identifier, such as a check number - you can match with high confidence on the amount and check number. No additional attributes (fields) are needed.

However, for everyone else - when there is no unique identifier, you want to assign as many attributes as possible to each record. This helps reduce any false positives (false matches) in the bank reconciliation process. The more attributes that you can assign, and the narrower the type - this reduces the odds of a false match.

Example without transaction types:
We might have matched a V/MC bank deposit to an AMEX internal deposit record:

 

Match with high confidence using multiple attributes

Include in your bank reconciliation matching rules - the ability to match using amount, transaction type, site number (if applicable) and within a date range. See the template below.