If your connected bank account is not used solely for your rental business, the same personal transactions arrive in your feed every month and have to be ignored by hand each time. This guide explains how to create a bank rule that flags those transactions as ignored automatically, so all you need to do is confirm them.
What you need to know
Bank feeds and bank rules are available on the PRO plan.
This feature is currently available in the USA, UK and Canada.
Ignore rules are available on desktop. Mobile steps will be added here once ignore rules are released on iOS and Android.
An ignore rule is a suggestion, not an automatic exclusion. Matching transactions are flagged in your feed and stay in your totals until you confirm them.
Ignoring a transaction never deletes it. You can restore it from the "Ignored" filter in Bank Feeds at any time.
When to use an ignore rule
Use an ignore rule for anything that lands in your feed every month and has nothing to do with the rental business. Common examples:
Personal spending on an account you also use for the rental business
Transfers between your own accounts
Salary and other personal income
Credit card repayments
If a transaction only ever appears once, it is quicker to deal with it in the feed. Find out how to ignore a transaction manually.
Create an ignore rule
Step 1: Select "Bank Rules" in the left hand menu, then select "+ New rule". You can also expand a transaction in Bank Feeds and select "Create a rule" to start from that transaction's details.
Step 2: Under "When a transaction matches this rule", select "Ignore transaction". Landlord Studio will hide the category, property and split fields, because an ignore rule does not categorise anything.
Step 3: Set the conditions that identify the transaction. You can match on "Description" (contains or equal) and "Amount" (equal, less than or equal, greater than or equal), with up to five conditions on a single rule.
Step 4: Choose the bank account the rule applies to. By default the rule applies to every connected account.
Step 5: Give the rule a name you will recognise later, for example "Ignore personal transactions". Landlord Studio will show this name against every transaction the rule flags.
Step 6: Select "Save".
"Type of money rule" is switched off on ignore rules. Ignore rules apply to both payments and expenses, so a rule you set up for personal spending will also catch personal income that matches the same conditions.
Confirm transactions matched by an ignore rule
Transactions are checked against your rules as they are imported. Anything matched by an ignore rule appears in the "To review" tab in grey, with an "IGNORE" badge and the name of the rule that matched it, for example "Rule: Ignore personal transactions".
Frequently asked questions
Can one rule categorise and ignore at the same time?
No. Each rule does one or the other. Use "Categorize transaction" for rules that assign a category and property, and "Ignore transaction" for rules that set transactions aside.
What happens if two rules match the same transaction?
The rule higher in your list wins. Drag and drop your rules in "Bank Rules" to set the order, and keep your more specific rules above the general ones.
Will an ignored transaction show up in my tax reports?
No. Once you confirm it, the transaction is excluded from your reports in the same way as a transaction you ignored by hand.
Related
Learn how to create bank rules that categorise transactions automatically.
Find out how to unreconcile and ignore transactions manually.
Get started with setting up bank feeds.
If you need help setting up an ignore rule or restoring a transaction you have ignored, reach out via the in-app chat or at support@landlordstudio.com.