Bank Reconciliation: Bulk import recieved payments
Some of our customers are paying upwards of 100 invoices at one time. The ability to import a csv into Xero (that can be extracted from the remittance advice provided from the customer) would save a lot of processing time instead of manually using the Find & Match feature in the bank rec screen.
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Optimus Fintech commented
For more new ideas about banking reconciliation practices, visit this webpage: https://optimus.tech/knowledge-base/bank-reconciliation
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Nicholas Yiannakis commented
Agreed -- Xero does not seem to consider the needs of "larger" users who process transactions in batches of more than 50.....! ~Very disappointing and am looking at alternatives here
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Tom O'Neill commented
We are receiving batch payments from customers for sometimes around 100 invoices at a time, which involves opening their remittance advice document and copying & pasting the invoice numbers across into the matching feature in Xero. Further complicating things when the remittance advice shows payments for each 'item' on an invoice and/or part payments.
Is it possible to have a CSV upload of simply two columns of data: invoice number and payment amount, which would then pre-select the invoices from the CSV?
Provided the totals match, it would then be super simple to reconcile the batch payment.
Thanks -
Dean Wilson commented
All, we utilize a bank lockbox service. The bank creates a batch deposit that comes into our bank account register as a lump sum.
We receive a PDF report of all of the deposited checks (and check stubs). We wrote a utility that extracts the information from the PDF, uses the information to match payments to customers with outstanding invoices (leveraging the Xero API). The daily lockbox deposits run from 1-200 checks. We usually automatically match about 70%-80% payments to a customer's invoice(s). Probably would be higher, but the information from the bank lockbox report often contains errors on check routing numbers, account numbers, etc.
A deposit of 50 checks usually takes about 10-15 minutes to post.
This same utility could be leveraged to utilize CSV/XLSX data files for batch deposits.
Wondering if anyone would be interested in this an application?
Current features
- Stores information for three bank accounts to one customer
- Allows for overpayments to be posted to a customer's account
- Allows for one check to be posted to multiple accounts - we deal with property managers that have as many as 200 properties, all of which are set up as separate customer accounts in Xero.
- Searching by specific invoice numbers for when the name on the check does not match the Xero customer name.Thoughts?
If you contact me, please let me know what you would consider a reasonable price for this service in US Dollars.
please contact me at za6kvwr8@duck.com (email address protected) -
Connor Atkins commented
Definitely needs to be added to Xero. Would save a lot of time.
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Mohammed Kashem commented
Would save so much time with this!!
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Deidre Cyster commented
Bank Reconciliation Import
We would like to import a template which includes the column account code so that it goes to the specified code in that column.
When we attempted it, Xero did not read the account code.
We editing the CSV sheet before we import so that it goes to the correct account.
We would like to avoid the step were we manually capture the bank recon on Xero. -
Tricia O'Keeffe commented
Please add this feature, to upload remittance advices as soon as possible. I am currently looking at other accounting systems that can do this, as not being able to do so in Xero is causing us so much wasted time. We generate approx 1500 invoices a month, and they all need to be manually reconciled currently. They are often paid to us in batches of 100 or more invoices. Please add this feature to your development cycle, thanks Tricia - La Bella Life
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Lewis Boyes commented
Absolutely!
It seems odd to not import the payments when importing invoices. Our customers can make several payments using a combination of payment types (eftpos, cash, bank transfer, paypal) and importing those payments from our custom invoicing system into Xero would speed up reconciliation and matching. -
Lerissa Palm commented
Yes, Daniel, this is the way that we are doing it now.
But that requires manual clicking of each invoice up to 100 times for each batch.
Our remittances come in csv format, so I want to be able to upload that remittance file and match it to the invoices that way. -
Daniel Leapman commented
You can enter a batch receipt from the invoices screen.
Check the box next to each invoice that is being paid in this payment and then click "Deposit" at the top. This will let you create a single payment against many invoices and then match against it in the bank rec screen.There's a limit of 100 invoices but you can split it into multiple batches then match all of them against one bank statement line.