Bank Rules - Account Description from Statement Description
Ability to add account description from statement description when setting up bank rules.
Purpose: To easily reconcile similar transactions but have different descriptions.
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Thomas LE commented
On the other hand, your Cash Coding screen is very elementary, basically I do not have any opportunity to allocate account or other things on bulk basis. Manually one by one is apparently slogan of your XERO bank reconciliation work process. Another example is that if I have a bank account that do not any transactions in June, then I cannot reconcile that account until 30/06 for year end closing purpose.
Looking at below date:
Xero Team (Admin, Xero) shared this idea · Feb 15, 2013 ·
should I understand that this webpage is actually unattended by a professional and responsible XERO representative (CEO or development team leader) for more than a decade in technology world?
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Accounts Team commented
Xero should update the bank rule with a feature bank statement line showing in the bank description. This is a basic feature and QuickBooks has it already where we can set up rules.
I will prefer to just tick a box asking Xero to populate the bank descriptions exactly as they come through from my bank account, rather than having to go through and change them each time. -
Chase Martin commented
Jesus I can't believe this isn't possible. I am coming from QuickBooks and this is REAL basic functionality that should be there.
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Cara Savage commented
I cannot believe this cannot be done yet, crazy!!! The fact you can select what reference to come through but not the description...honestly I think this is very lazy from Xero.
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Elspeth Liddell commented
I'm actually so surprised this cannot be done yet. It also means I cannot use rules to allocate bank transactions because it removes the original description which is quite important.
Very annoying and such a simple thing that should really be a standard feature.
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Natalie Katsman commented
Keeping bank memo is very important to make sure rule should still be applied to a particular transaction, transaction didn't fall under a wrong rule, and the rule itself was created correctly. Once applied, you no longer can tell if the application was correct without seeing bank memo.
QuickBooks keeps bank memo. I find seeing it extremely useful when reviewing client bank activity and my team's coding.
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Andrew Dezelak commented
Agree. Xero says it has AI which determines how GL transaction descriptions show up in the Bank Reconciliation but it nearly always has to be edited:
1. Some of my clients pay an invoice with a description as follows: "Client Name Invoice 12345". For every future transaction, Xero's AI continues to put "Client Name Invoice 12345" even though the invoice number for future payments is different and is clearly stated in the bank feed description.
2. Some of my clients pay for different debtors in the one payment, but list the invoice numbers in a part of my online banking that does not come through the Yodlee bank feed. Xero AI assumes what the client name is eg. Jane Doe, each time instead of John Doe as it appears on the statement.
I would much prefer to just tick a box asking Xero to populate the bank descriptions exactly as they come through from my bank account, rather than having to go through and change them each time.
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Ihda Rachmatina commented
We also need this feature, please implement it soon
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CooperAitken Admin commented
This feels like a basic feature that should be there by default
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Rob Cornish commented
Hard to understand why the developers haven't done this already. The lack of this feature means I can't use a Rule as the description from the statement can't be added. Please implement this!
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Christine W. commented
At the very least, there should be an option to keep the bank description as-is within Bank Rules. Cash coding is a huge pain without it.
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Peter Tracey (enspira) commented
If you could add a field just like the reference field so that you can reference one of the bank fields to the description field or if you type in the existing field that will override.
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Luisina Ballarino commented
I'm having difficulty understanding why, after creating a rule and selecting the default contact for that rule, the bank reconciliation process prompts me to change the contact's name, instead of, for example, if I selected the option "complete the reference by me when reconciling," displaying the option to complete the reference field with custom information. That would be more intuitive instead of changing the contact's name (which I already selected in the rule). This could potentially streamline the bank reconciliation process and improve usability for Xero users.
And totally agree with the other users about the description section. It would be useful to have the option to keep the statement's description in that part.
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C. Basira Kroll commented
I would like to keep the description that comes with the bank feed in the description part of the entry!
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David Baker commented
I agree with Lucas. One of my accounts needs to copy the description and amount, just the account (COGS) and tax rate would stay the same.
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James Oh commented
When the description box is left blank, automatically copy the descriptions from the bank statement
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Claudia Marziano commented
The option to be able to set the description for a bank rule as the description on the imported bank statement. At the moment we can only set the reference as the description that is imported with the bank statement - to be able to set it as the description will mean that key information is still being recorded when cash coding :)
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Claudia Marziano commented
Hi,
Currently, when setting up bank rules, for all forms (spend money, receive money and transfer money) there isn't a way to keep the description that is on the original transaction line in the bank rule. You can make a common description for all future transactions that will be reconciled, but the option to take the existing description from the transaction isn't there.
This would be an extremely useful option/tool because for those companies who need to have the original transaction description in all reconciled items, the only way this can be done is by setting the reference as the description. As useful as this is, I think it would be a lot more efficient to be able to have the same option when setting the description.
Thank you :)
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Lucas Lorenzoni Leal commented
This is very important to have more details about the transaction. Otherwise, we will have the same description for all transactions and this will difficult for the reconciliation of other accounts on the balance sheet. Currently, I do not use bank rules for transactions I need to keep the bank description and it takes more time to reconcile the banks.