Bank Rule

When you import bank accounts to Spotlight Forecasting, they are automatically assigned the default bank rule. Although each bank rule looks the same, you can edit each one individually. You can use this to define which account is your main bank account for payments and receipts, and set any overdraft rates.

Set the default bank account

When you set one of your bank accounts as the default, all cash journals and movements post to this default account.

  1. Within the forecast, open the Balance Sheet tab.
  2. Open the Current Assets section, then locate the bank account you'd like to edit.
  3. Click the Bank rule button alongside the account.

    Note: All bank accounts have a distinct Bank rule button beside the account name.

  4. To set this as the default bank account, select the 'Use this bank account as the default account for all rules’ check box.
  5. Click Next, then click Next again.  
  6. If required, add a note, then click Save Rule.

 

Set up an overdraft interest rate

You can set up the overdraft interest rate so that the interest expense automatically calculates on an overdrawn bank account. 

  1. Within the forecast, open the Balance Sheet tab.
  2. Open the Current Assets section, then locate the overdrawn bank account you'd like to edit.
  3. Click the Bank rule button alongside the account.

    Note: All bank accounts have a distinct Bank rule button beside the account name.

  4. In the Overdraft Rate (%) box, enter the interest percentage rate.

    Note: Interest expense will appear in the Profit and Loss against the Interest Expense account.  Once an interest rate is entered interest will automatically calculate if the bank account is overdrawn.  

  5. In the Interest Account drop down, select the correct interest expense account in your Profit & Loss.
  6. Click Next, to view the Interest Calculation terest percentage rate.

    Note: Interest is calculated using the average of the opening and closing balance. The formula is:
    (Opening balance + Closing balance) / 2 * Interest rate / 12

  7. Click Next.
  8. If required, add a note, then click Save Rule.

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