Reconciliation - Bulk 'OK' for reconciling bank transactions
Ability to select multiple/all transactions during reconciliation.
Purpose: To save users time from having to reconcile the transactions one by one.
Thanks for all sharing and supporting how bulk reconciling transactions and suggestions that have been matched to statement lines in your bank would help your business.
It's great to see the trust you've built in Xero's capabilities to match and help you save time from manually finding and creating transactions to reconcile your bank.
Along with building on the foundations of our platforms, the teams efforts at present have been on improving the ability to create suggested transactions for more statement lines in your org - With a lot of this being backend logics there's not a heap you'll see from the front side of things but Xero's reconcile engine is getting stronger and overtime you should find even less need to create transactions in your org, yourself.
With this work underway there is no development for being able to reconcile transactions that have the 'OK' presented option atm, but we keep this top of mind as we continue to make Xero reconciliation even more powerful.
For now, cash coding in Xero can help save time with bulk reconciliations where you'll find Xero's suggested create transactions, and any bank rules you've set up are also presented - Find out more on how this works on Xero Central
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Angela Barbay commented
We are reconciling 300+ credit card receipts per day. Invoices are generated automatically, however when the banking facility statement is imported with the payments we have to click OK for each transaction. 95% are correctly suggested matches based on the reference information in the system. Please consider adding this feature or an alternate solution in the very near future.
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velan bookkeeping commented
It seems like you're asking about reconciling bank transactions and using the term "Bulk 'OK'" in that context. Reconciliation in banking typically refers to the process of comparing your financial records with those of your bank to ensure they match
know more: https://www.velan-bookkeeping.com/ -
Jenelle Daley commented
When reconciling manually entered transactions in bank accounts, ability to reconcile in bulk rather than having to do individually.
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Melanie Currie commented
Please add option to select multiple transactions on the Reconcile screen for the bank, so similar transactions can be coded and posted together without a match (ie, bank fees)
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Yumei Lin commented
Being able to auto reconcile/cash code the bank transaction when you import the bank transaction or the bank transactions processed through Xero
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Karen Cronin commented
It depends on your business model and banking arrangements
Reconciliation is crucial to mine and bank feeds not always appropriate.
Xero seems to only fit one style of operating. -
Claire Taylor commented
Thanks for the update
I realise there is a lot of work needed in the background that we dont see but put simply for me a tick box beside transactions like in bills and sales and to be able to select all the transactions with 'OK' is really what I would like to save time in the reconciliation....
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Tak Wun Wong commented
I just clicked "OK" 5381 times. I think I might have developed carpal tunnel.
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Hui ying Cheow commented
My client not using bank feed, they just provide me their bank statement, so I need to key in manually. When bank reconciliation, it really take time !! We need to click all the transaction itself and mark as reconciliation. Quick book and others account software can just tick all the transaction you need and approve after you check and tally with your bank statement. Xero really need to improve, very not convenience for manually key in user. Quick book and others software cannot scan bill and upload like XERO, if not I already change to others software.
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Bradley Whitford commented
Bank Rules - Auto Reconciliation.
If there is an option for "auto-reconciliation", in Bank rule creation it will save time.
For example. We have created a bank received rule that says that if the "CITIZENS" condition is met, the item shall be recorded as "4200 - Merchandise". Instead of it shows as "Apply rule".
It should be automatically posted and reconciled. -
Mike Malone commented
Most ecommerce clients have a direct feed from PayPal producing hundreds of OK's in bank rec. from invoices generated by their respected sales platforms.
If date and amounts match we need to be able to auto allocate, leaving only those identified as (other possible) unreconciled.
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Naomi Harris commented
great invaluabe idea
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Jennifer Martin commented
Yes need this for quickly matching credit card feeds, which match via an add-on application.
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Samuel Boyd commented
Yes, I need to bulk reconcile bank transfers - particularly from bank accounts to my paypal account. Would be an easy fix, and save hours of hassle.
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Julian Versloot commented
In today's era of electronic banking and connected bankfeeds, it seems pointless to have to do a bank reconciliation. The transaction gets fed into the Xero ledger therefore the bank balance should always match what the bank statement says. I know that I have to allocate each transaction using rules or manually, so really they're just "Unmatched Transactions". To have to "Mark as Reconciled" or perform a Bank Reconciliation process seems redundant to me. The notion of Uncredited Deposits or Unpresented Cheques is surely outdated, as this was only to work out what my actual bank balance was at any given point in time (ie when datafeeds were impossible). Could the reconciliation process be done away with?
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Kevin Day commented
Or a keyboard shortcut! That would be way faster than
click....
click....
click....
click....
click....
click....
click....
click....
click....
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Matthew Cowell commented
A system like the Cash Coding system where multiple transactions can be selected and reconciled in bulk.
It would need to be more flexible than cash coding though i.e. searchable and sorted by more detailed data.
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Yau Pei Wen commented
Agreed! Especially for those F&B company or those company that have many outlets.
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Alice B commented
Yes Russell you are right, good to get that clarified. I couldn't work out how a business with bills and invoices can use Cash Coding
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Russell Trumm commented
I also see someone posted about manually marking transactions as reconciled. This also is not an answer for this topic. Manually marking transactions as reconciled is ONLY for transactions that can not be imported via an electronic bank statement. Most of us use the importation of electronic bank statements. You will mess up your bank reconciliation if you manually mark transactions as reconciled when those duplicate transactions come through via electronic bank statement. I hope this helps!