Bank Feeds – Accounting Software
Are you still entering bank statement transactions manually into your accounting software?
Did you know that most accounting software have a ‘Bank feed’ feature which enables bank transactions be automatically transferred from your bank into your data file?
This feature eliminates the laborious data entry as well as minimising double entries and reducing errors.
After bank feeds are operating, all that is left to do is allocate each income and expenses accordingly.
Software systems that have the ‘Bank feed’ feature normally have the ‘Bank rules’ feature.
You can set up ‘Bank rules’ to recognise transactions based on a customer/supplier’s name, transaction descriptions even a particular dollar value.
When you set up ‘Bank rules’ the software will recognise future transactions and will determine where they should be allocated. All you need to do is review the transactions and click approve.
If you have questions about the feature, let us help you.
We can set up your ‘Bank feed’ and ‘Bank rules’ and get you on your way to a more efficient data processing for your business.
Don’t delay! Your valuable time is better spent doing other more important things than data entry.