If you have transactions that reoccur, then you may enjoy REI Hub's Rules feature. Rules help the system recognize newly imported transactions by matching to either description-only or the exact amount of the transaction with a description and then assigning the property and accounts you have specified.
Some important things to know:
Rules are currently available for Revenue, Expense, Fixed Asset Purchase, Splitting Transactions, Ignoring, and Transfer Between Accounts transactions. You can also automate splitting transactions with rules. Other transaction types may be supported in the future.
Credit Card Payments and Owner Contributions/ Distributions are specific types of Transfer Between Accounts transactions. If desired, you can automate these transactions using Transfer Between Accounts rules.
You can optionally ask the system to automatically book transactions that match your rule. If you do so, all existing/past and future matches in your import feed will automatically be booked on your behalf. With this in mind, make sure your rule is specific enough!
To Add a New Rule From an Imported Transaction
1) Navigate to the Import Feed and click Book on an imported transaction
Find the import feed under the Transactions header of the left-hand side menu or from the bank account's black 'View All' button.
After clicking Book, fill out the property and relevant accounts as appropriate.
2) Select the transaction type and enter the details of the transaction
3) Check the box at the bottom to 'Create rule after saving' and hit save
4) Choose how you want the rule to match
Select whether you want the rule to apply to one bank account or across all accounts.
Review the included 'Description Containing' field
Choose part or all of the description of the imported transaction to base your match on. Make sure your choice, such as a business name or account number, will always be the same. Part or all should exactly match the descriptions in the import feed we get from the bank.
Check the box to match by amount as well
This amount must be the same to-the-penny every single time for the rule to automatically book it.
The REI Hub system will look for future transactions of the same description and amount to offer this rule as a match.
If the transaction is an amount that varies depending on usage, like an electricity charge, then only match by description.
5) Check the Booked Details
The Booked column will show a little lightning bolt in a circle to indicate that transaction has been booked by a rule.
6) Visit the Rules page to add, view, edit, or delete rules
Navigate to the Import Feed and click Rules at the top.
Click on the blue part of the description to edit or delete the rule. Click the Add Rule button to add a rule without going through the import feed.
Why Is My Rule Not Booking Transactions?
There are a few reasons, but the most common reason we see rules not book transactions is because the description for the rule doesn't directly align with the description of the transaction.
Additionally, ensure there is a unique identifier in the description of the bank transaction. For example, if your rule is for "Amazon" and is booking to the supplies expense account for 123 Main Street, every Amazon transaction will then go to 123 Main Street -- even if intended for a different property.
A common example we see if there are multiple properties based in the same area and go through the same utility company, the description of the transaction from the bank has no unique identifier to separate these transactions.
Tips to Set Up Effective Rules
Do not include dates or confirmation codes, as these are too specific.
Follow the bank's descriptions. If they always shorten a word (i.e. "transfer" shortened to "transf"), your description should exactly match this abbreviation as well.
The string of characters for the rule's description must exactly match, in order, to the bank's description. If the bank's description says, "James River Waterfront Community HOA" but your rule says, " James River HOA," the string of characters do not match up exactly and the rule will not book anything.
If you match by description and amount, the amount must be the same, to-the-exact-penny, every single time for the rule to automatically book it.
Double-check the details of your transaction: ensure it's booking to the correct account and transaction scope.
To test the descriptions, navigate to the Transactions tab, click Import Feed, and find a transaction for which you want to set up a rule. Use the Filter button to search this description. If it brings up just one transaction, your rule's description is too narrow. If it brings up more than the intended number, then your rule's description is too broad. It needs to be juuuuust right!
Still have questions? Reach out to our Support Team via email at [email protected] or call us at (888)939-6865.