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Is there a way to Reconcile multiple Cash transactions instead of having to go into each invoice and Reconcile individually. Really time consuming and unnecessary if not.

Reconciliation of balance sheet accounts, such as payroll liabilities. I reconcile balance sheet accounts on a quarterly basis to make sure liabilities are being paid timely and correct.

To achieve full accuracy in financial reconciliation practices, you can check the following page to track the working source:

https://optimus.tech/product/reconciliation

Hey Xero, i have moved three smallish companies to Xero and i absolutely love the product. I would like to move my holding company but there is one shortfall. Disbursement recons. recovery of payments from clients. platform should be the same as bank recons, allocate a payment to a reference allocate an invoice to a reference and march the transactions to ensure recovery from the client. again just like the bank recons. match match match. any disbursement that does not match a recovery is a query and should be investigated. please help this would really change my Xero world.

Myob has this function...

We are now Xero certified!!

We have a brand new website at https://www.rechound.com which contains pricing, FAQ and a bunch of resources on how you can finally reconcile any balance sheet account in Xero. You can now also sign up for a free 30 day trial :)

Let me know if you have any questions or would like to get in touch!
You can message us on the website or at info@rechound.com

Hi all,

Hopefully we are only a month or so away from release!
If you'd like to become a Beta tester we still have some space - just shoot an email to info@rechound.com and we can get you set up. There's no obligation here at all, pretty much just free RecHound until we go live! :)

For more information we have a new blog post here:
https://www.rechound.com/post/may-update

Cheers!
Alex

Beside the invoice number, reference, cost centre field, allow the admin user to add several customised field can solve many problems. User can add a reconciliation number field and pairing themselves as reconciled

Hallo

I think it will be a great new feature, if you are able to reconcile your loan accounts in all you separate entities on separate Xero’s. A report linking and matching entries in different loan accounts in all your entities.

An update on how our app is tracking for those still after this feature:

https://www.rechound.com/post/feb-update

I watched your You Tube Video and it looks fantastic. Huge thank you for developing this. It is a game changer. I would love to test drive it when you are ready.

Well that was a bit of work!

We now have our proof of concept completed for our application - see the video below for an idea of what we have been developing!

Very eager to hear your thoughts on this. Thanks to you all for your support and feedback thus far :)

https://www.youtube.com/watch?v=P1NRB-csHjg

Once the multiply bank reconciliations program is working could the product tema create another non bank reconciliation report.

Alex Lacota, that is very exciting news. Can't wait to see it when it's done.

I have exciting news! After relentless work with the API, we believe we are 95% of the way towards our proof of concept for line by line reconciliations!

We aim to build out our UI over the coming months and have beta testing available in the new year. We aim to have a website up and running soon with the option to join a mailing list for updates - periodic updates will be posted here as well but we aim for the mailing list to be our main form of communication. I will let you all know as soon as this is available.

Thanks again for all your input on this topic, it has really helped shape the development for this product :)

I would agree with Peter! Reconciliations are not only for bank accounts. All clearing accounts such as PAYGW, GST, Super payable need to be reconciled to "nil" to ensure nothing has been left unpaid. dumping them to excel is a workaround but its time Xero introduced this feature.

This functionality would be very beneficial, I am in retail and all clearing accounts tor Amex etc there are hundreds of transactions, that need marking off, line by line.
Far easier to know what has not been reconciled than look at spreadsheet with hundreds of lines and mark off individually.
Alternatively could allow manual journal entry to bank accounts, which would allow the use of the functionality, and not use bank feeds. This could be done on account by account basis, like allowing payments to non bank accounts

Really appreciate all the feedback from everyone on this.

As I mentioned, the core functionality of the application will be to manage the completion and approval of balance sheet reconciliations, as there is no current process for this within Xero, and is required from a governance perspective.

I will be pushing to have line by line reconciliations added to the functionality of this application, but although currently untested, I do foresee some major roadblocks here due to the API functionality within Xero, specifically within the parameters running the journal API, (eg in order to pull out the transactions for a month per GL account, it appears that you need to run a data dump of every single journal ever posted. This would cause a timeout for many businesses.)

I will periodically post updates on this thread in regards to how we are tracking on this solution.

Thanks again!
Alex

Hi Alex

Yep. I'm seeking line by line reconciliation too.

I agree with Arron that knowing an account doesn't reconcile is the easy bit. The hard bit is working out why it doesn't reconcile. Having some way of noting that you have identified a transaction, which remains on the record when you return would be really helpful.

Also, I am not sure @Dana A has understood the issue as they are referring to reconciling balances within a company. The majority of reconciliations are with 3rd parties (e.g. HMRC, Bank loans, Intercompany loans) so the information being compared is outside of Xero. A good first step would simply be the ability to tick off transactions and for the tick to remain (unless removed). A formal reconciliation system, similar to the bank rec system, could follow in due course, though I am not sure it needs to be that sophisticated.