Pandle Feature Release: Bank Rules

Our cloud-based software, Pandle, allows users to collate transactions and import data effectively using automated Bank Feeds. This effectively stores data all in one place and provides the user with access to all of their transactions at once, from any device, whenever, wherever.

But we haven’t just stopped there.

Here at Pandle, we’re consistently developing our software to remain as user-friendly and as intuitive as possible. Thus, we’ve altered the way in which the user and Pandle can check and confirm transactions, with our latest feature, Bank Rules.

From using Bank Rules users can invest more time into their business; no longer lose time categorising and assigning tax codes to transactions – let Pandle do the work!

Create Bank Rules

Users can either create a New Bank Rule from their Imported Transactions screen or head to Tools, Bank Rules. From here, users can simply edit the rule conditions to employ a rule that will enable them to manipulate the way in which their transactions are categorised and assigned tax codes – see below:

Users can select conditions by choosing variables from the drop down menus such as: ‘Money In’, ‘Money Out’, ‘Equal To’ and input an amount or description. This will allow users to generate an algorithm that can be applied across their bank feed to effectively categorise and VAT transactions.

Additionally, users can apply more than one condition to one rule, to target transactions more concisely. For example, users can target a transaction based on its description and value, applying two rule conditions simultaneously: “If Money Out is Equal to £5.00 and the Descriptions contains Trainline”, Assign to Category Travel.

This will allow for multiple transactions that meet a certain value and description to be categorised and assigned a tax code.

Once applied, users will then have to check and confirm all imported transactions which follow this Bank Rule, unless they have chosen to auto-confirm these transactions when setting up their Bank Rule.

Let Pandle take care of your transactions – automatic category and VAT assignment

If users are happy with their new Bank Rules, then they can auto-confirm them by ticking the ‘Auto confirm transactions’ checkbox whilst on the Bank Rules page. This means that when transactions are imported, users will no longer have to check and confirm them manually; they will be automatically categorised, assigned a tax code and confirmed based on the Bank Rule they have created.

This bespoke feature is unique to Pandle; no other bookkeeping software on the market has an auto-confirm algorithm to verify transactions for the user.

This is a particularly useful tool for accountants, who will be able to apply Bank Rules to group payments that are associated with different clients. The feature will maximise productivity, data validity and efficiency, by applying an automated feature that will instantaneously categorise and assign tax codes to transactions.

Bank Rules

How do I know my transactions are being sorted when they’re imported?

After users have applied a Bank Rule, then they will be prompted in Pandle, with a notification such as: “11 transactions automatically confirmed and “7 transactions to confirm”. This lets users clearly identify between the transactions which have been confirmed by a Bank Rule, and the ones which have not. This prevents users from having to manually check and confirm every imported transaction.

Ideally, users can apply Bank Rules to all transactions so that Pandle can automatically take care of all transactions for you, so that you don’t have to oversee any. However, if you would like to ensure your transactions are being taken care of correctly, then you can simply access an Automatically Confirmed transaction, via the Confirmed tab.

Additionally, users can automatically ignore a transaction, as well as confirm one too. For if a transaction is cross-imported and duplicated, then users can select for them to be auto-ignored.

Summary

• Create Bank Rules to generate an algorithm that will automate the way in which your transactions will be confirmed in Pandle. Define Rule Conditions to confirm transactions based on their value or description, category and tax code.

• After the Bank Rules is in place, users can auto-confirm their transactions, so that they no longer have to manually check and confirm them. This automatically confirms transactions into categories, so that the user does not have to manually check and confirm each imported transaction.

• Users will receive notifications from Pandle to inform them of their automatically confirmed transactions and transactions to manually check and confirm.

• Users will have the option to auto-ignore transactions as well as auto-confirm. Applying our auto-ignore feature will ensure transactions are never cross-imported and duplicated.