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General Ledger - Account reconciliation function

For accounts where transactions are posted and then additional transactions clear those transactions it would be great to have a reconciliation feature where these can be matched off (only when they net to zero). The the remaining unmatched transactions make up the account balance. This would save us hours each month.

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Carolyn Haley shared this idea  ·   ·  Report…  ·  Admin →
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Gaining Support  ·  AdminPaul Hodges (Admin, Xero) responded  · 

Hi, thanks for sharing this idea. This might be useful for situations such as suspense accounts, where entries are intended to net each other off.

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  • Daniel Olive commented  ·   ·  Report

    I very much support this idea.

    It is very common within other accounting systems that a nominal ledger account can be reconciled. This is especially useful for accounts which have reversing entries, such as prepayments an accruals. It's a massive time saving feature, and actually essential, if the user wishes to see the make up of the balance on an account. (e.g. which prepayments are outstanding)

    Other accounting systems (such as SAP Business One) allow transactions to be ticked, thus marking them as reconciled. Then within the account transaction report, it is possible to run a report either reconciled (showing open balances) or unreconciled (showing history transactions).

    If Xero could add a simple functionality like that, it would be brilliant

  • Perry Farrell commented  ·   ·  Report

    This would be incredibly helpful for our business and the previous business I've worked on before.

    I've heard this is possible in SAP Business One?

    Great idea Carolyn.

  • Neeraj Shah commented  ·   ·  Report

    We definitely need this as every other accounting system I have used had this option. So much easier to look at balance sheets balances instead of having to look through 1000s of lines.