6 results found
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Automatic reconciliation - Prefer manual reconciliation
Looks like a whizzo idea but I don't trust it to get it perfect every single time.
All I noticed was that lots of transactions that used to appear for reconciling and checking were missing.
I like to track my money personally.
2 votesThanks for your honest feedback here, Steve.
You can check the transactions that have been auto reconciled from the Reconciled tab. If you do see an inaccurate auto-reconciliation, the best thing to do is to correct it. Our system has a feedback loop, so when you make a correction, it learns from it and is less likely to make the same mistake in the future.
We appreciate that some customers may still wish to reconcile transactions themselves and, you have full control over auto-reconciliation.
You can turn it on or off for each of your bank accounts at any time; just click on the ‘Auto-reconcile’ settings button to manage your settings.
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Auto bank rec - Improve matching to existing transactions
Hi - the jax auto reconcile needs a lot more work on it, too many payments from clients are being auto coded to sales GL instead of checking the debtors to see if should go against an invoice we have raised instead, lots of rework having to be done unfortunately
4 votesHi team, we appreciate your feedback here, and this has been shared back with our product team.
To explain a little more on how this feature works; JAX looks for the way to reconcile based on four methods:
- Rule: Applies any bank rules you've set up to automatically reconcile transactions.
- Match: Finds a match based on an existing document in Xero, like a bill or invoice, with the same payee and amount.
- Memory: Creates a suggestion based on how you've reconciled similar transactions in the past.
- Prediction: Suggests a match based on how other Xero users have reconciled similar transactions.
If you notice that JAX is learning incorrect patterns, the best way to correct this is to set up a bank rule, which will tell JAX explicitly what to do. Or you can correct it by using the ‘Remove & Redo' function. By manually reconciling the transaction correctly, you are…
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Bank Reconciliation - ascending/descending order
At the moment, bank payments are coming through in random order.. Could Xero make an option available to view bank reconciliation payments in ascending/descending order?
Thank you.
1 voteIs this in reference to the statement lines being imported by your bank, or the transactions that are automatically being reconciled by Xero, Anna? If the former, I'd recommend getting in touch with our specialists through Xero Central so we can take a closer look into this. Bank feeds will import statement lines based on your banking data, and in Xero these are automatically sorted by the oldest statement line to the latest.
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Bank Reconciliation - automatic bank reconciliation
Automatic bank reconciliation will lead to an increased efficiency and productivity since people are no longer working for longer hours and only a few details will be required which means less time will be taken and also there will be fraud detection which means if someone tries to steal from you it will easily detect the fraud hence it has been prevented
1 voteHi Alvin, thanks for sharing your thoughts on automatic bank reconciliation.
This is great timing, as we’re currently running a beta program for automatic bank reconciliation. You can find more details about the beta and how it works in our blog post and Xero Central article.
We are closing this idea as this feature is currently in development by our team. Once the feature is ready, we will be planning then roll out, and we recommend keeping an eye on our blog for updates.
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Automatic Bank Reconciliation - Enhance Matching Logic to Prioritise Source Documents
While reviewing auto-reconciled transactions I can see that JAX is taking the last time the transaction was reconciled - suggest JAX should be looking at the last few times the transaction was reconciled as it is common to cash code (create) a spend or receive money ini the essence of time when the normal process is to match to a source document. The risk here is that a spend or receive money could be used when there is a source document in the system that is awaiting payment or part payment situation
3 votesHi Melanie, we appreciate the importance of accurate reconciliation, especially in cases where bills or invoices are awaiting payment or partial payment.
Currently, JAX looks at your previous reconciliation history to suggest matches. Your suggestion to consider multiple past reconciliations rather than just the last one is helpful — it can improve the accuracy of auto-reconciliation.
One of the key strengths of this feature is that it learns from your reconciliation activity - If a suggested match isn’t correct and you manually adjust it or use the ‘Remove & Redo’ function, JAX will gradually learn the right match over time, helping improve future suggestions.
You can also improve auto-reconciliation performance by:
- Building a strong reconciliation history: Regular reconciliations help JAX learn your patterns.
- Keeping contacts and chart of accounts up to date: Accurate information helps improve matching accuracy.
- Setting up bank rules: Rules for recurring transactions give JAX explicit guidance…
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Automated Bank Reconciliation - Don't force a match
The attached screenshots show a case where we voided a check in August. In last night's bank feed, the payee cashed the check, but instead of showing the item as needing manual reconciliation, auto bank rec reconciled the check against a completely different payment to a different payee that was paid with a different check number. Needless to say, this would cause havoc later if that mismatched check was presented, and we only caught it today because the bank's Positive Pay flagged what it knew to be a voided check.
If a paper check's match to the bank feed is…
1 voteSorry to hear the auto reconciliation isn't performing as expected Gregory. If you're experiencing performance issues, or something isn't working as you'd expect it to, it's best looked into with a closer lens. Please raise a case with our Xero Support team on Xero Central and our specialists can investigate with you and engage the Product team to look at this. Thanks!
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