Accounting Rules and Advance Rules
The 'Rules and Advanced Rules' feature offers an advanced mechanism for setting triggers and rules to automate the tagging of transactions with accounting or custom tags based on specific conditions. This functionality simplifies transaction categorization for accounting purposes, enhancing efficiency and accuracy.
How to Set Rules and Advanced Rules
Accounting Settings: Set up rules and advanced rules within the accounting settings to apply them to future transactions automatically.
Accounting Table: Directly establish rules and advanced rules from the accounting table to apply to existing transactions with similar tag values.
Applying Tags
Purpose: The primary function of setting rules and advanced rules is to automatically assign specified accounting or custom tags to transactions that meet predetermined conditions, ensuring uniform tagging.
Tag Assignment: Specify which tags to apply when the conditions are met to maintain consistent transaction categorization.
Advanced Rules
Capabilities: Advanced rules enable the creation of more complex and specific conditions, offering sophisticated rule-building options for precise transaction handling.
By utilizing the 'Rules and Advanced Rules' feature, users can streamline accounting processes, ensuring transactions are tagged accurately and consistently with minimal manual input, thereby reducing errors and inconsistencies.
Steps to Create Rules and Advanced Rules
Creating a Rule
1. Access the Settings:
Navigate to the "Accounting Settings" section and select "Create Accounting Rule".
2. Rule Selection:
Choose "Rule" for basic conditions or "Advanced Rule" for more detailed criteria.
3. Configure Rule:
For a basic rule, select a Volopay field (e.g., transaction type, merchant name) and match it with an accounting field (e.g., category, tax code).
4. Set Tag Values:
Define the tag values for both the Volopay and accounting fields.
5. Finalize Rule:
Click on "Create Rule" to establish the rule. It will automatically apply the designated tags to future transactions that meet the set conditions.
Creating an Advanced Rule
1. Begin Rule Creation:
Same initial steps as creating a basic rule, but select "Advanced Rule" to handle more complex conditions.
2. Select Fields:
Choose relevant Volopay fields (e.g., cards, merchant, vendor, department, location) and corresponding accounting fields (e.g., category, tax code, custom field).
3. Assign Tag Values:
Allocate specific tag values for each selected field.
4. Establish Rule:
Click on "Create Rule". The advanced rule will then automatically tag future transactions that fulfill the combined conditions of the selected Volopay fields.
Custom Fields
Custom fields are a versatile feature that allows you to create additional data fields that can be applied to various transaction modules such as cards, bill pay, and reimbursements. These fields can be incorporated into submission policies to attach specific tags to transactions, enhancing the categorization and tracking of financial activities.
Creating Custom Fields
Accessing Custom Fields:
Custom fields can be created from the accounting fields section within your financial software.
Types of Custom Fields:
1. Option List:
This type allows you to create a field with multiple predefined options. Users can select from these options when tagging transactions, which is useful for categorizing transactions into distinct groups or types.
2. Text Type:
This type allows users to enter free text into the field. This is suitable for adding unique identifiers or notes to transactions that do not fit into predefined categories.
Applying Custom Fields in Modules
Cards: Customize transaction tagging for card expenditures.
Bill Pay: Apply custom fields to organize and track bill payments.
Reimbursements: Enhance data collection for reimbursement processing by using custom fields to specify details like project codes or expense reasons.