Banking & chart of accounts

9 results found

1. Edit Bank Account

   When editing a transaction, I want to be able to edit the bank account the transaction is in.

   3 votes

   vote vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   0 comments  ·  Bank accounts  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   Submit Rating
   Idea review  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi 👋 your idea is being looked into by our Community team. We'll be in touch soon to update you once your idea has been reviewed.

   Did you know you can join our Xero Research panel to be involved in early testing and research? Find out more and sign up through our website 🙂

2. Accountant users need to make manual journals to cash

   Remove the restriction to post journals to cash accounts for accountant users. I cannot believe I'm asking this in an idea forum.

   1 vote

   vote vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   1 comment  ·  Bank accounts  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   Submit Rating
   Idea review  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi 👋 your idea is being looked into by our Community team. We'll be in touch soon to update you once your idea has been reviewed.

   Did you know you can join our Xero Research panel to be involved in early testing and research? Find out more and sign up through our website 🙂

3. Bank accounts - compact view

   It would be great if you could enable a 'compact view' of the bank accounts page - I don't need the graphs and would prefer to be able to see more bank accounts without the need to scroll.

   2 votes

   vote vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   0 comments  ·  Bank accounts  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   Submit Rating
   Idea review  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi 👋 your idea is being looked into by our Community team. We'll be in touch soon to update you once your idea has been reviewed.

   Did you know you can join our Xero Research panel to be involved in early testing and research? Find out more and sign up through our website 🙂

4. When you click on the pull down list of Bank Accounts, it would be good to have a small highlighted box showing the number of unreconcilled

   When you click on the pull down list of Bank Accounts, it would be good to have a small highlighted box showing the number of unreconciled lines, this saves having to go in to every bank account each day, or memorise which have items to reconcile.

   •  

   1 vote

   vote vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   0 comments  ·  Reconciliation  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   Submit Rating
   Idea review  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi 👋 your idea is being looked into by our Community team. We'll be in touch soon to update you once your idea has been reviewed.

   Did you know you can join our Xero Research panel to be involved in early testing and research? Find out more and sign up through our website 🙂

5. Have history on chart of accounts to see who opened an account or changed

   Have history on chart of accounts to see who opened an account or changed.

   1 vote

   vote vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   0 comments  ·  Chart of Accounts  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   Submit Rating
   Idea review  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi 👋 your idea is being looked into by our Community team. We'll be in touch soon to update you once your idea has been reviewed.

   Did you know you can join our Xero Research panel to be involved in early testing and research? Find out more and sign up through our website 🙂

6. Automatically recognise realised FX gain/loss when transferring the full balance of a foreign currency bank account

   Problem
   When a user uses Xero's Transfer Money function to transfer the entire balance of a foreign currency bank account, the foreign currency balance correctly becomes zero.
   However, due to exchange rate differences between the original transaction date and the transfer date, Xero may leave a residual balance in the base currency (for example, SGD) within the account transaction history.
   This remaining balance represents a realised foreign exchange gain or loss arising from the disposal of the foreign currency funds. Therefore, Xero should automatically recognise this FX difference and clear the bank account balance.
   The expected accounting outcome should be:
   • Foreign currency balance: 0.00
   • Base currency balance: 0.00
   • Realised foreign exchange gain/loss correctly recognised in the appropriate FX gain/loss account

   ---

   Current system limitation
   Currently, when a user transfers the full balance of a foreign currency bank account using Transfer Money, Xero does not automatically recognise the realised foreign exchange gain or loss generated from the transaction.
   As a result:
   • The foreign currency balance is already zero.
   • The bank funds have already been fully transferred.
   • However, a residual base currency balance may remain in the account transaction history.
   This prevents users from completing the accounting process through the normal Transfer Money workflow.

   ---

   Issue with the suggested Spend Money / Receive Money solution
   Xero Support previously suggested creating additional Spend Money / Receive Money transactions and adjusting the FX amount to clear the remaining balance.
   However, this suggestion is not applicable for Singapore Xero organisations for the following reasons:
   1. The Singapore version of Xero does not provide a function to independently override the base currency amount in a Spend Money / Receive Money transaction.
   2. Creating an additional foreign currency transaction would change the foreign currency bank account balance and would not naturally maintain the foreign currency balance at zero.
   3. These transactions do not represent actual banking activity. They would only be created to force the system balance to clear.
   4. This approach would result in:
   o Artificial transactions appearing in the bank account history.
   o Additional accounting adjustments.
   o Reduced transparency and auditability.
   o More complicated bank reconciliation processes.
   Therefore, Spend Money / Receive Money is not a standard or appropriate solution for Singapore Xero users facing this scenario.

   ---

   Suggested product improvement
   Enhance Xero's multicurrency functionality so that when a user transfers the full balance of a foreign currency bank account:
   1. Xero automatically calculates the realised foreign exchange gain or loss.
   2. Xero automatically posts the FX difference to the correct realised currency gain/loss account.
   3. Xero automatically clears:
   o The foreign currency balance; and
   o The corresponding base currency balance.
   4. The accounting record remains accurate by keeping only the actual Transfer Money transaction, without requiring artificial adjustment entries.

   ---

   Example scenario
   A USD bank account receives USD 16,800,000, recorded at SGD 21,759,346.81 based on the exchange rate on the receipt date.
   The full USD 16,800,000 is later transferred to an SGD bank account using Transfer Money, recorded at SGD 21,742,560.00 based on the exchange rate on the transfer date.
   Result:
   • USD bank account balance: USD 0.00 (correct)
   • Remaining SGD difference: SGD 16,786.81
   The SGD 16,786.81 difference represents a realised foreign exchange gain/loss and should be automatically recognised by Xero as part of the Transfer Money process.
   Currently, users are required to find manual workarounds, but these workarounds are either unavailable in Singapore Xero organisations or do not represent proper accounting treatment.

   ---

   Benefits
   • Provides an accounting workflow that reflects real-world foreign currency transactions.
   • Avoids creating artificial bank transactions.
   • Improves audit trail transparency.
   • Reduces manual adjustments and user errors.
   • Provides a more consistent multicurrency experience across Xero regions.

   ---

   Requested enhancement
   Please consider adding functionality so that when a user transfers the full balance of a foreign currency bank account using Transfer Money, Xero automatically recognises the realised foreign exchange gain/loss and clears both the foreign currency and base currency balances.
   In addition, Xero Support guidance should be updated to avoid recommending Spend Money / Receive Money adjustments in regions where the required functionality is not available.

   Problem
   When a user uses Xero's Transfer Money function to transfer the entire balance of a foreign currency bank account, the foreign currency balance correctly becomes zero.
   However, due to exchange rate differences between the original transaction date and the transfer date, Xero may leave a residual balance in the base currency (for example, SGD) within the account transaction history.
   This remaining balance represents a realised foreign exchange gain or loss arising from the disposal of the foreign currency funds. Therefore, Xero should automatically recognise this FX difference and clear the bank account balance.
   The expected accounting outcome should be:… more

   •  

   • 

   1 vote

   vote vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   0 comments  ·  Reconciliation  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   Submit Rating
   Idea review  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi 👋 your idea is being looked into by our Community team. We'll be in touch soon to update you once your idea has been reviewed.

   Did you know you can join our Xero Research panel to be involved in early testing and research? Find out more and sign up through our website 🙂

7. Westpac Bank Feed Correction

   Correct the Westpac Bank Feed so the fields are passed through to Xero correctly. Currently the Description (from Westpac) is put into the Payee field (which should be Merchant), resulting in truncated description payee.

   This causes us several issues in our reconciling process, particularly with being unable to identify who made a purchase without logging into the westpac portal, as well as not being able to set up rules to consistently process against a contact without the merchant being passed through correctly.

   I believe the matching of a transaction to a bank line is also impacted by this. We often get incorrect matches because xero is unable to look at the merchant, and so only matches on amounts. Any transactions we have with the same amount get lumped together as a "match", which both impacts manual and JAX auto-reconciling.

   Correct the Westpac Bank Feed so the fields are passed through to Xero correctly. Currently the Description (from Westpac) is put into the Payee field (which should be Merchant), resulting in truncated description payee.

   This causes us several issues in our reconciling process, particularly with being unable to identify who made a purchase without logging into the westpac portal, as well as not being able to set up rules to consistently process against a contact without the merchant being passed through correctly.

   I believe the matching of a transaction to a bank line is also impacted by this. We often… more

   1 vote

   vote vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   0 comments  ·  Bank feeds  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   Submit Rating
   Idea review  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi 👋 your idea is being looked into by our Community team. We'll be in touch soon to update you once your idea has been reviewed.

   Did you know you can join our Xero Research panel to be involved in early testing and research? Find out more and sign up through our website 🙂

8. Good afternoon. I've got a client who's staging for making tax digital. They're a client who is a cash-based business, so therefore doesn't

   Good afternoon. I've got a client who's staging for making tax digital. They're a client who is a cash-based business, so therefore doesn't reconcile a bank account, and they're just using the Xero mobile app to record receive money and spend money transactions for their cash. We've come up against a roadblock because it looks like the Xero mobile app doesn't allow you to do receive money transactions, only spend money transactions to the cash account. Is this correct or is there a workaround?

   1 vote

   vote vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   0 comments  ·  Bank accounts  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   Submit Rating
   Idea review  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi 👋 your idea is being looked into by our Community team. We'll be in touch soon to update you once your idea has been reviewed.

   Did you know you can join our Xero Research panel to be involved in early testing and research? Find out more and sign up through our website 🙂

9. Expenses - Claims for International freight

   Within Expenses, have the ability to claim International Freight charges. Many freight forwarders charge a credit card for larger values and do not offer direct debit facility. We do not have company credit cards, so it is charged to a personal card and claimed. My only work around is to charge it as a bill to the freight forwarder, then pay the individuals credit card.

   1 vote

   vote vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   1 comment  ·  Reconciliation  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   Submit Rating
   Idea review  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi Timothy, just trying to better understand your idea. Currently it's possible to enter a foreign currency expense claim through Xero expenses.

   An employee could submit a claim for the amount of the international freight charge to be reimbursed by the business. Is there something missing in this feature that would help here?