JAX | Automatic bank reconciliation - Detect differences in actual and Xero bank balance
I am an accountant and a lot of my clients are in the construction industry. There actual bank statement balance and the bank balance on Xero are often different. This is mainly due to duplication of bills, not knowing how to use hubdoc properly. Every month I spend a lot of time reconciling the actual bank statement and what in Xero. Is there a way JAX can automatically detect the difference in the actual bank statement (which can be uploaded) and the bank balance in Xero?
Udari Wickremasinghe
shared this idea
Really interesting idea to be explored, Udari. Appreciate the detail in your idea to understand how this can naturally occur.
It's not something we have direct plans of right now, but we'll start to get a sense of interest here and I've shared your idea back with our product teams for consideration as we continue to develop JAX and auto bank rec 😊
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Freya Pieroz
commented
My construction clients often mark items as paid from the bank account when they should have marked them as paid from the credit card.
Or they'll mark invoices as paid by their customer on the day they receive the promise to pay instead on the day that the customer actually promises to pay (so the customer will, on the 14th, promise that they'll pay an invoice at EOM, and my client will mark the invoice as paid on the 14th instead of the 31st or whatever).
Or they'll mark invoices as paid into a particular account and their customer will pay into a different account and then the client will apply that payment to a different invoice because the actual invoice that was being paid has been marked as paid into somewhere else.
Fun times.