Skip to content
← For small businesses

Enter your idea

For small businesses: Accounting features

Categories

(thinking…)

Bank Reconciliation - Summary Report with Imported Statement Balance for all banks

Can the new bank summary report have the option of adding in the imported statement balance for each bank account. This would provide a quick way of checking which accounts need more work rather than having to check each reconciliation report for each bank account when there are multiple bank accounts (I have 10+ and it is arduous having to run each reconciliation report just to check the balance)

6 votes

We're glad you're here

Please sign in to leave feedback
Signed in as (Sign out)
Close
Close

We’ll send you updates on this idea

Laurinda Sanders shared this idea  ·   ·  Report…  ·  Admin →
How important is this to you?

We're glad you're here

Please sign in to leave feedback
Signed in as (Sign out)
Close
Close
submitted  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Hi everyone, while not a direct solve for the idea here we wanted to share a recent release that improves customers ability to confirm their bank balances using the new Bank Reconciliation Summary report.

With the new report you'll now find you can enter a Bank statement ending balance. This means where an imported statement balance has not imported, or doesn't match your actual bank statement balance you can now enter an amount and update the report. Xero will then calculate the balance out by based on the amount you've entered in this field.

Currently this is still on a bank by bank run report, you can switch between banks you have in your organisation from the Bank account field.

If there are any plans to develop a view across all banks at once we'll let you know here.

Show previous admin responses (1)

We're glad you're here

Please sign in to leave feedback
Signed in as (Sign out)
Close
Close
Submitting...
An error occurred while saving the comment
  • Craig Lambie commented  ·   ·  Report

    I have also asked for this feature from support.
    In the UK there is this thing called "Open Banking" and there are a number of "money management" softwares that allow you to see the balance of all of your accounts on the date you are looking at the app.

    This is essentially what Laurinda is asking for.
    To know what the balance is
    Attached is a screen shot from the Emma app, UK only. A useful tool to view most of your accounts.

    I am sure that Tink, that provides Xero with bank feeds, would be able to provide this information, it would then be MUCH easier to identify where a statement line was missing.
    ie. Bank Rec report shows that between x date and y date the balance got out of whack from the bank balance reported.
    Then you would only have to go find that PDF to figure it out, not every statement, every month.

    This is a massive time saver, so I do hope that Xero implement, as it wouldn't take much more than they already are doing to report on it.