Bank Reconciliation - Automatic payment allocation to oldest invoices first
If you have multiple invoices for the same client, a feature that allows you the option to automatically apply bank transactions receiving money from the client to the oldest invoices first moving closer to date would be mighty helpful. At the current moment, we have to manually split out each transaction to the invoices when reconciling bank transactions; it stands to reason that if you have a client with multiple invoices and they pay off in chunks, you would want to apply payments to their oldest debt first; having this as a selectable option for a contact / bank rule would be great.
Alfred Pardoe
shared this idea
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Danlee Hollard
commented
During bank reconciliations where there are transactions with "other possible match found", the payment is matched to the invoice with the closest due date, which is not always the oldest invoice. It would be ideal if we were able to configure transactions to match to the oldest invoices first.
We have several customers who receive recurring monthly invoices and in almost all cases, they would be paying the most outstanding invoice. -
Jarred Walmsley
commented
Agreed, such a stupid method to allocate it to the newest one first, why wouldn't you be clearing older invoices first?
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Elspeth Twist
commented
Why is Xero's suggestion for monies received not the oldest customer invoice.
If I have a customer that I have raised two invoices for, for the same amount. Why does Xero not 'suggest' the oldest invoice in the reconciliation screen?
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Helen Mallett
commented
I'm getting sick of chasing customers only to find out they paid and we've reconciled against a newer invoice. Same for supplier invoices too.
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Nicole Gaber
commented
This is huge, and critical for us, it is SUCH a huge waste of time by only showing latest invoice, causes major issues, please this should be an easy setting