Bank Reconciliation - Repeating spend & receive money transactions
The ability setup repeating spend and receive money transactions would be helpful.
Thank you
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Maggie Curtis commented
We need to be able to have repeating spend money where we can utilise items on the transaction. Bank rules do not allow for an item to be selected when applying a bank rule, therefore repeating spend money option would be beneficial.
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Melissa Lenos commented
Veeraka, use the bank feed template as your excel to get those into your feed as a bank feed on your cash account. Import monthly as you did before. Then setup your bank rules for those transactions. Once you upload each month you will be able to cash code and if all are ruled it should be one click to reconcile the month of transactions.
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Nadine Harrison commented
My client deals in many cash payments and so I have a "Cash Account" set up as a bank account in Xero. Previously, when the client used Quickbooks, I was able to use a single recurring journal template to post things like a weekly cash payment of wages to multiple employees, it was all done in three clicks. I cannot believe there is nothing similar in Xero. The only way I can find of achieving this is to manually create a Spend Money transaction for each individual employee payment and then manually copy each of these transactions for each subsequent week. What was previously a 1 minute job has now become a 10 minute job. Everyone told me that Xero was better than Quickbooks but I have yet to find any major benefits.
Xero's suggestion to set up a bank rule is not helpful as, without a bank feed or statement upload, you cannot create a bank rule.
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Helen Balaam commented
Not all bank payments and receipts are creditors or debtors. Small business can have all sorts of transfers between owners/other stakeholders and the ability to add the recurring spend money or receive money transactions ahead of time to see the actual bank balance after these transactions is critical for cash management. We should not have to wait until the bank rec process for a bank rule to enter the transaction and it is tedious to enter the transaction anew each month and non value add.
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Christine Lewis commented
Yes please
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Diane McCaffrey commented
Bank Reconciliation | repeating bank tranfers. It would be super wonderful for repeating bank account transfers, this assists with cashflow forcasting
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Molly Ackerman commented
This is something many of my clients are wanting.
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Kirsten Reid commented
Re Repeating spend transactions- I just set up a Bank Rule for those.
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Jessica Ryce commented
Repeating Spend money transactions would be great. and the ability to create a bank aba file for a spend money transaction.
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Trudi Herniman commented
To be able to setup repeating spend & receive money transactions in advance of when they happen, so they can be used for cash forecasting.
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Jenny Johns commented
Is this not the function of the bank rules?
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Daniel Franks commented
Keen to understand this from an ATM / petty cash point of view. How to account for small purchases.
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Veeraka de Mel commented
Especially for accounts where they don't have bank feeds
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AdminXero Team (Admin, Xero) commented
Ability to create a template liek you can for invoices for recurring direct expenses
Purpose: Automate processes and save time