Bank Reconciliation - Automatic reconciliation of invoices
Auto-reconciliation for transactions and invoices/bills - I appreciate that the manual reconciliation is to allow for oversight and management of transactions, but when you have several thousand transactions in a month, reconciling them all is very tedious, especially when 99% of them is just clicking "OK" after checking that the names/references match!
Auto-reconciliation would be an amazing timesaver, even if it was just for transactions where the references or customer names onn payment and invoice/bill match. Please consider adding this!
Kit Smithies
shared this idea
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Optimus Fintech
commented
Reconcile financial transactions of your choice at any time. To know more about it, view this website: https://optimus.tech/
for professional tips and ideas.
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Zhe Li
commented
Obviously, there have been considerable manual operations involved to upload bank statements, conversion, etc. I cannot help wondering if there are possibilities to further automate Xero's system to receive bank statements from a variety of banks and automagically normalize the format for further automated reconciliation processing? If not, what is holding us back? Regulations? extent of banks involvement? or simply the business mandate the current way is optimum. I am keen to learn more. I would be honored to hear more from you.
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Zhe Li
commented
Obviously, there have been considerable manual operations involved to upload bank statements, conversion, etc. I cannot help wondering if there are possibilities to further automate Xero's system to receive bank statements from a variety of banks and automagically normalize the format for further automated reconciliation processing? If not, what is holding us back? Regulations? extent of banks involvement? or simply the business mandate the current way is optimum. I am keen to learn more. I would be honored to hear more from you.
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Optimus Fintech
commented
Automatic reconciliation in banking drives the most accurate form of reconciliation results. To achieve this, we have to customize the dashboard with required documents, files, and formats to make it easy. For more details, visit https://optimus.tech/knowledge-base/bank-reconciliation
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Natalie Ford
commented
Hi everyone who commented/voted here, this appears to be a duplicate idea and the initial ones has much more momentum. I encourage you to add your votes to here: https://productideas.xero.com/forums/939198-for-small-businesses/suggestions/44988634-reconciliation-bulk-ok-for-reconciling-bank-tr to see if we can get traction on this!
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Martina Stiemer
commented
Yes we have hundreds of payments daily that are so tedious to reconcile manually
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Hannah Blustin
commented
When a client pays by credit card there is a lengthy manual process to reconcile the client invoice and the actual amount received in our bank account - this is because the two amounts are different due to the credit card fee. Xero should have a feature where you can tell it the amount of credit card fee, and it will then automatically match an invoice and receipt.
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Wendy Gaffney
commented
At the moment to reconcile a PDQ payment we have to manual reconcile to the invoice - this means we have to enter the order number and tick them off, we are running at over 300 orders a day so this can take up to 2 hours a day. It would be good to get the list from Elavon's portal and upload to Xero, so to match them automatically - then leaving us needing only to spot any difference.