Manual Journals - Ability to post journal entries to bank/cash accounts
Remove the limitation on posting manual journal entries to bank/cash accounts. I end up spending way too much time on manual workarounds (payroll entries for example, you have to use a "bill" to replace the functionality of a journal entry). It ends up taking way more time working around the limitation than its worth. As a new user of Xero, I'm incredulous. I've worked with multiple accounting software platforms over the years, and never been exposed to such a massive limitation like this. It's almost a dealbreaker, and for some clients it certainly is. I've been looking for a viable alternative to Intuit for a while. I generally like Xero - customer service is significantly better than Intuit, and the pricing is better too. Unfortunately, if this limitation is not removed in the near future, I fear that I will have to go back to using QBO. Xero please fix so that I don't have to do that.
Scott Holsinger
shared this idea
Thanks for the added detail, everyone. It's good to be able to share this detail back with our teams.
Appreciate why Bank Rules won't help for cash accounts and where you don't have a bank feed coming into the account.
Being open, this isn't something we have plans for changing in the short-term. We'll leave the idea open for our product team to continue considering how we could improve efficiency in some of the situations you've described. If there are any updates we'll share this with you all here.
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Freya Pieroz
commented
If anything is going through the bank account, I create it as a bill or invoice.
Eg. a property purchase closing statement is a bill for the value of the property and the closing costs, with the bill paid from the loan, the prepaid deposit, and the payment leaving the bank account.
I'm quite happy *not* having this ability, as I have been yelled at in the past by accountants who journaled to the bank account without a corresponding transaction having gone through the bank account (as they were taught to do at university), and then were upset that the value of the bank account in the accounting system didn't match the bank statement.
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Zev Hershkowitz
commented
Enable us to include bank transactions as part of journal entries, which will show up in bank reconciliation to be matched.
Often journal entries have bank transactions as part of entry (for example, property purchase closing statement and payroll transactions)
Right now you have to find workarounds (i.e. clearing/wash accounts) to post these entries accurately.