Bills to Pay - Feature to save Supplier Statements
Description:
I would like to suggest the incorporation of a new functionality in Xero that allows users to save supplier statements within the system. This feature should not post any transactions to the chart of accounts but instead, save the supplier's name, balance, and date as a memo associated with the statement. This information should be viewable within the supplier's profile.
Implementation:
The saved statement details should be accessible in a dedicated section of the supplier's profile, providing a historical record of statement balances on specific dates. Furthermore, these statement details could be utilized in the Aged Payables report, either as an additional column displaying the statement balance or as a variance from the statement balance. Alternatively, a separate report specifically for statement tracking could be introduced.
Benefits:
Enhanced Reconciliation: This feature would empower users to reconcile supplier accounts more effectively by providing a reference point for historical balances.
Improved Reporting: The ability to incorporate statement balances into reports, such as the Aged Payables, enables users to gain a more comprehensive overview of their financial obligations.
Efficient Communication: Senior members of the accounts team can utilize the saved statements as a reliable reference point during internal discussions or audits.
Client-Focused Transparency: From a client's perspective, the inclusion of statement tracking enhances transparency, allowing clients to understand their outstanding balances more clearly.
Time-Saving: Having statement details readily available within Xero reduces the need for external documentation, streamlining the reconciliation process.
I believe that implementing this feature would significantly improve the accounts payable functionality of Xero, making it an even more robust and giving users more certainty around the accuracy of numbers. I appreciate your consideration of this suggestion and would be happy to provide further clarification or discuss this idea in more detail if needed.
Alex Skipper
shared this idea
Hi team, as shared earlier - we made an update to Contacts a little earlier this year so you can now upload and save a Suppliers statement as a file directly to the contacts record in Xero.
It's also possible to add notes within the details when editing a contact which are visible on the right of the contacts record once saved.
