Reconciliation - Ability to reconcile clearing, control, and non-bank accounts in Xero
Ability to reconcile clearing,control and non-bank accounts in Xero.
Purpose: To save time rather than having to copy and paste into excel to reconcile the balance.
AdminXero Team
(Admin, Xero)
shared this idea
Hello everyone, appreciate all your feedback here. To be upfront, we don’t have any plans to develop the ability to reconcile clearing, control and non-bank accounts in the near future.
Some of the technology improvements going on across Xero will create more opportunities for us to explore extending some of the more complex functionality from one part of Xero to another. However, we are some way off from this yet.
That being said, there is the Account transaction report that could be handy in providing a view of both sides of a transaction in Xero. You can include the related account as a column in the report - See more in our help article on this.
Alternatively, if you’re using an external system, you could look into the Xero App store.
Appreciate there are also lots of ways others are using Xero’s to fit their needs - If you have another way you’re achieving this, welcome to share it here :)
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Heather Smith
commented
Thanks Kate - that is a great idea!
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Kate Underhill
commented
Add: to also be able to publish the reconciliation report for these accounts.
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Heather Smith
commented
test
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Heather Smith
commented
Hi Dana thanks for your message - happy for you to add it to the existing one - but I have included a lot of detail here - to try and help influencers understand the importance of it. I hope the detail does not get lost.
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AdminDana A
(Admin, Xero)
commented
Really appreciate the details that you give to us here, Heather!
Totally get how the ability to reconcile/mark-off clearing and non-bank accounts can improve your workflow.
We actually reseeded a similar conversation here(https://productideas.xero.com/forums/939198-for-small-businesses/suggestions/44960296-reconciliation-ability-to-reconcile-clearing-co). And if you’re ok with it, I can merge yours into that idea.
Looking forward to hearing back from you.
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Andrew Syme
commented
Including the ATO Integrated Clearing Account.
(Would be great if this account could be setup with a 'Bank Feed' direct from the ATO ) -
Heather Smith
commented
There are various ways to phrase what is required. I could say 'we need the ability to reconcile all accounts' which is a bit easier to understand, but we typically would reconcile against a bank statement, and many accounts will not have a bank statement - so I am using the phrase 'mark off'.
This is particularly necessary for any sort of clearing account (or bucket account) which by its very nature should be balanced back to zero on a regular basis, however within Xero this is not possible. There is a clunky and time consuming work around that it is done in a spreadsheet, and stored in files, and downloaded updated and uploaded regularly.
The ability to check off all accounts to the balance sheet is core functionality found in all of the similar level competitor solutions. Without this functionality, we are not assured of accurate data. Over the last decade I've regularly come across client files that have a long standing hairball mess sitting in their clearing account - which indicates all of their data in unreliable.
Further to this - I'd like to add with the growing number of Xero files connected to Apps - a clearing account is frequently created - this is another account that it is essential to check off the entries to ensure they match off and the data is flowing accurately. They are very easy to be ignored, and the result is inaccurate data.
Data accuracy is essential for advisory work and tax compliance and so many other areas that people rely Xero for. Please Please Please enable some functionality to allow us to mark off accounts in Xero, so we have confidence our data is beautiful and accurate.