Automatic bank reconciliation beta

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1. Auto Bank Rec - Mass upload auto-coding

   While using JAX moving forward is great, what about when I'm bringing on a new client to Xero and I have hundreds of thousands of back transactions to upload and code?

   I've added details to the CSV upload for me to use Cash coding to work through them (adding Xero COA code to the front of the description so when it is sorted alphabetically by description, it is sorted by COA code). However, it still can take a significant amount of time.

   If JAX could read one of the input fields and if it contains the COA code, then put it in that category automatically, that would save me some time.

   I've done about 6 conversions to Xero this year for existing companies; this would have been helpful.

   A tool to help convert and bring in new clients would help us, as advisers, get them converted faster, with more detail, and less hassle.

   While using JAX moving forward is great, what about when I'm bringing on a new client to Xero and I have hundreds of thousands of back transactions to upload and code?

   I've added details to the CSV upload for me to use Cash coding to work through them (adding Xero COA code to the front of the description so when it is sorted alphabetically by description, it is sorted by COA code). However, it still can take a significant amount of time.

   If JAX could read one of the input fields and if it contains the COA code, then put… more

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   In discovery  ·  AdminKelly Munro (Community Manager, Xero) responded

   Great suggestion, Ben! Thanks for your comment here.

   Currently, our automation relies on your Xero organisation's reconciliation history and bank rules, new organisations, or those with a limited history, may find it takes longer for the automation to learn patterns initially.

   To get the most out of automation, we do recommend setting up bank rules, keeping your contacts and chart of accounts up to date, and reconciling frequently.

   When you're just getting set up and started there is also the option of uploading a pre-coded bank statement to help with getting your first few months of spend and receive money transactions created and reconciled quickly.

   We appreciate how this process could help in onboarding new clients and setting up their organisations, and this is something we're exploring. I'll be sure to share any progress of this through the idea here.