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Banking & chart of accounts: Reconciliation

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Bank rule - Ability to set up overpayments to a supplier

We have standing orders set up for multiple properties for water rates, business rates, electricity and rent all of which are invoiced quarterly/six monthly/annually.

Can we have the ability to create bank rules for supplier overpayments to a contact??

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Paul Bullock shared this idea  ·   ·  Report…  ·  Admin →
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Gaining Support  ·  AdminDavina Roper (Admin, Xero) responded  · 

Hi everyone, thanks for sharing your feedback on this idea about creating bank rules for supplier overpayments. 💙 We appreciate you explaining how this could help save time when regular payments are made before bills are received or when amounts don’t match.

This idea is now open for community support through votes and comments. If you’d find this useful, please add your vote and share how you’d use this functionality, including any examples from your own workflow.

We’ll keep an eye on the feedback and engagement this receives. Thanks again for helping us understand which improvements would make the biggest difference.

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  • Shannon Murphy commented  ·   ·  Report

    It would be quite useful and save us time to get work done quick

  • Cora Breen commented  ·   ·  Report

    This would be a great help and timesaver!

  • Craig Allen commented  ·   ·  Report

    Has this not been implemented yet?

    Having a number of clients who pay weekly amounts in advance to an American tech giant before being invoiced at the end of the month as well as the monthly payments to utility companies before the quarterly bills.

    This would speed up the bank rec.

  • Michelle Higgins commented  ·   ·  Report

    This would be a huge time saver as we have so many payments being made for creditor accounts.

  • Brian Clancy commented  ·   ·  Report

    This would be a huge time saver now with the auto bank reconciliation in place

  • METTE HINTON commented  ·   ·  Report

    To have a rule like for regular pension payments where the actual invoice is not issued until the end of the months but regular payments are going out ahead of the invoice date.

  • Jessica Salmon commented  ·   ·  Report

    Our practice would benefit significantly if bank rules for overpayments were possible on the debtor side.
    We have homeowner estates with monthly accounts and they pay in bulk.
    Credits need to be carried forward on their accounts as overpayments and allocated against future billing (billing is imported in batches at month end due to varying utility charges)

  • Jacques Allers commented  ·   ·  Report

    We require all payments received to be allocated directly to a specific customer if certain criteria is met from an exciting bank rule. Currently the bank rules can't be posted directly to a contact. Therefore the option must be added to setup a bank rule to post to the GL or a contact as an overpayment.

  • Lisa Cooper commented  ·   ·  Report

    This would be really useful for a property developer client who uses multiple utility companies and is paying numerous DDR's during the month, when payments don't match invoices.
    Would also be helpful to create a rule to allocate multiple payments to a single invoice.

  • Kathryn Slingsby-Johnson commented  ·   ·  Report

    To be able to create bank rules of overpayments would significantly help improve efficiency. For example, Google can take daily payment for which the invoice is not received until the end of the month. This circa. 20 overpayments.

  • Eloise Wright commented  ·   ·  Report

    It would be a huge help if overpayments on account could be created in bank rules, rather than just direct payments. It's very helpful in particular with clients who have a huge number of bank transactions to clear and a tendency to only provide partial records... If you could 'auto apply' a rule, for example "all outgoing money to Screwfix, put as an overpayment on the Screwfix account"