Bank reconciliation - account allocation
When a contact is selected in the bank reconciliation it would be very helpful if the account and tax rate could be pre-filled from the details in the contact record. Example - I have setup Caltex as a contact with the default account as MV - Fuel & Oil and default tax code of GST on Expenses. When I select Caltex in the bank reconciliation as the Who the account MV - Fuel & Oil is prefilled to the What and GST on Expenses is pre-filled in the Tax rate. This is similar to how the account and tax rate are pre-filled when a Bill is entered.
Sharon Williams
shared this idea
Hi Sharon, you can already do this in Xero!
The most effective existing tool is Bank Rules. You can set up rules that autoamtically idenitfy specific bank statement details, and allocate them to a predetermined Contact, Account, and Tax rate. Once set up, Xero suggests the correct coding, requiring only a click of "OK" to reconcile.
Xero also uses memorisation feature that remembers how the last transaction for a specific contact was coded, auto-filling the details for subsequent transactions.
We have a bit of help around this in Xero Central about bank rules and reconciling your bank account but if you need an extra hand you can raise a case with our Xero Support specialists. 😊
