Description

Within the Integration Marketplace, set up the SL Labs: Bank Transaction to Journal Entry Rules App to automate the Journal Entry creation from your configured Bank Feeds within SoftLedger. Creating deliberate rules for converting bank transactions into Journal Entries is crucial for automation and minimizing human error.   By eliminating the potential for human error, such as misclassification or data entry mistakes, these rules enhance the reliability of financial records.

How it works

The App will run once daily to create Journal Entries from bank transactions where a user generated rule has been met. The rules are set up in order of priority to review the text in the "Description" of the Bank Feed to create a Journal Entry with a user specified Ledger Account. You will first determine which Bank Account you are creating rules for, and then create the series of rules for Description->Ledger Account coding.

Note: The Bank Rules App will match Description to Ledger Account for the Month to Date bank transaction lines based on when the App runs daily. If setting up the App for the first time, the initial run will only create Journal Entries from bank transactions for month to date, and then only for month to date transactions daily going forward.

Configuration

Run through the configuration wizard to first select which Bank Account to create a set of rules for (the bank accounts available will pull from your previously linked bank accounts under Cash Management). Then select which SoftLedger Location the Journal Entries for this Bank Account will be created in. Lastly, set up the hierarchy of rules to create Journal Entries triggers by text contained in the Bank Transaction Description:

• Rules
  • A mapping of text to SoftLedger Ledger Account
  • In order of priority from top to bottom
  • The text is case insensitive, partial matches will be included.
  • Ex. the following will match
    • text = Amazon
    • Bank Transaction description = "amazon prime"