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Banking & chart of accounts: Reconciliation

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Bank Reconciliation - Recording refund through bank reconciliation tab

Recording refund through bank reconciliation tab rather than doing a cash refund on the bill/invoice

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Gigha Burt shared this idea  ·   ·  Report…  ·  Admin →
Completed  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Hi community, thank you for your value inputs and feedback here. We recently released the ability to reconcile credit notes meaning you can easily match a refund for your customer without needing to apply this separately to the credit note and then search for the refund payment to reconcile.

You'll find you can now search and select Credit Notes through Find & match when reconciling. When you reconcile a credit note this will apply a refund to the credit note transaction in Xero. Find out a little more on how this works on Xero Central, or dive into the demo company to try it out first 🙂

We appreciate this doesn't currently accommodate if you have created an overpayment for the original amount and we have a separate idea you may like to support for this here.

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  • Shannon McMonigal commented  ·   ·  Report

    Agreed. It's so time consuming to have to go and find the credit note and add on a cash refund. It'd be great if we could just search for credit notes. This applies to both bill and invoice credit notes.

  • Optimus Fintech commented  ·   ·  Report

    Reconciling Bank accounts might be tedious if bank reconciliation software/application is not chosen. Usage is also must to seek effective results throughout the financial reconciliation process.

    Here is the reference link that explains how Optimus Bank Reconciliation works and yield results seamlessly.

    https://optimus.tech/banks-reconciliation

  • Dawn Torres commented  ·   ·  Report

    Such a shame it would be so simple, instead of trying to work out the quickest method to get a refund from a supplier when goods are returned

  • Gouwah Rinquest- Jaipal commented  ·   ·  Report

    I do agree with this. it is a duplication of effort when one has to go create a bill only to apply a credit to a supplier or customer account. and then set it off against the bank reconciliation.

  • Chelsea Crump commented  ·   ·  Report

    There should be an option on the bank reconciliation to do customer & supplier refunds instead of having to go into individual credit notes, posting a refund then matching the transaction in the bank reconciliation! This is just duplication of effort