Bank Activity Overview

Bank Activity simplifies matching bank statements to transactions in R365. With Bank Activity, users can easily create new deposits, withdrawals, and AP payments based on data provided by the bank.

The Bank Activity feature speeds up the bank reconciliation process as well. Each transaction that is matched in Bank Activity is marked as Reconciled. Click here to learn how to complete the Bank Activity process.

If Rule Vault is not enabled in System Preferences, the Rule Vault option in the top ribbon is replaced by a Bank Rule tab.

Navigation

To access the Bank Activity page, hover over Banking in the top ribbon and select Get Bank Activity. The Bank Activity page appears.

Prerequisites

Get to know the Bank Activity page

Before getting started, it is important to note that the bank activity screen consists of four tabs. To better understand the features and terminology of each tab, see Bank Activity page.

Set up bank accounts

Bank accounts are an essential part of Restaurant365. Each Bank Account record represents an account belonging to the organization and can be used in finances and operations processes throughout the software.

Get Bank Activity

Once the Bank Accounts are configured, the Bank Activity process can begin. This process consists of two major steps:

1.  Update Bank Activity. Bank Activity can be updated in one of three ways:

   • Manual Upload - Download activity from the bank (.qfx or .qbo file formats only) and then upload the file on the Bank Activity page. The page attempts to automatically match the bank transaction with its corresponding transaction in R365, if the transaction was previously entered in the software.

   • Direct Bank Connection - Connect bank accounts to R365 and refresh their transaction details by selecting Retrieve Activity.

   • BAI File Transmission - Create a direct link to the bank where transaction details automatically pull into Bank Activity without user intervention.

2.  Manually match, create, exclude, or delete entries that do not match automatically.

Learn how to pull and match bank activity by following the Update and Match Transactions training article.

Review and Apply Bank Rules

If Bank Rules are set up and some of the uploaded transactions match those rules, the system will recommend that the rules be applied to those transactions. The Rule Applied tab is used to review and apply these suggested rules. The tab also displays the vendor, account, and location that will be assigned to the transaction if matched.

Review the records on this tab and make changes to the vendor, account, or location fields as needed. These can then be added to the Matched/Excluded tab either individually or in bulk.

• Individually - In the Add column for the desired row, select the Add button.

• In Bulk - Select the checkboxes for all desired rows or select the Select All checkbox in the column header and then choose Add Selected from the Select Command drop-down.

A transaction is created for each selected row. These rows now appear in the Matched/Excluded tab. Learn more about the different commands in the Get Bank Activity training article.

Delete or Exclude Transactions 

Users can delete or exclude transactions that are not needed. To do this, select the appropriate transaction(s) and then choose either Exclude Selected or Delete Selected from the Select Command drop-down. Select Save Changes.

If the transaction is needed, but should not be subject to the bank rule, either delete the bank rule or update the rule so the transaction no longer fits the criteria.

Manage Bank Rules

Bank rules can be set and managed on the Bank Rules tab of the Bank Activity page or by selecting Rule Vault from the top ribbon if it is enabled. Bank rules are used so the system can attempt to assign a vendor, account, or location to the Bank Activity records imported based on set conditions. Bank rules can only be created by finding an example transaction that a rule should be applied to moving forward. 

On the Bank Rule tab or in the Rule Vault, users can edit the conditions of the rules, which are extremely important to ensuring that specific transactions are matched correctly.

Rules will not apply to transactions on the first creation. To apply them directly after the first creation, undo the import and re-import the bank activity.

To create a rule, select the Add Rule checkbox on an activity row where the vendor, account, or location fields are populated and then select Add (or Bulk Add). To delete a rule, click the trash can icon in the far right of the row.

Auto-match Logical Process Flow

It is important to note that Bank Activity matches transactions indefinitely going back, not forward. The matching process goes through the following sequence to find matches and potential matches:

1. Accounts match, amounts match, and with a date range of +2 days – Mark as Match

2. Same check number and with a date range of +2 days – Mark as Match

3. Dates match – Mark as Match

4. Amounts match and unique (only 1) and with a date range of -4 days – Mark as Match

5. Amounts match and unique (only 1) and with a date range of -7 days – Mark as Match

6. Locations match and with a date range of +2 days – Mark as Match

7. Amounts match with a date range of +2 days – Mark as Match

8. Amounts match multiple records – Mark as a potential Match (M on Unmatched tab)

9. Repeat Steps 1-8 for all undeposited funds account entries after the most recent closed date on the legal entity

If a withdrawal does not have a matching transaction in R365, select the AP Payment button to open a new AP Payment record in a side sheet. With this feature, users can easily create an AP payment using the details gathered from the bank activity.

Resolve Issues Caused by Duplicate Bank Rules

Duplicate bank expenses listed in the Bank Activity screen can prevent the process from running successfully. To correct this issue, delete the duplicate entries. Select the trash can iconat the end of each duplicate entry row and click Save Changes just above the table. This enables rematching the unmatched bank transactions.