Bank Reconciliation - Status terms need to be changed
After a transaction is matched with the online download status should be matched or cleared. Once the reconciliation report is completed the status should change to reconciled. A transactions status should not be deemed reconciled until account is actually Reconciled with the bank statement.
Jamie Loeb
shared this idea
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Dan O'Connell
commented
The terminology of the Bank Transactions tabs are really confusing. You have Reconcile, Cash Coding, Bank Statements, Account Transactions, and Reconcile Period. In the US reconcile typically means reconciled to bank statement, not that it just came in on the bank feed and if you code it is is reconciled. The tabs of Reconcile should be New Transactions, and Cash Coding should be Match/Code. The statuses of bank feed transactions should be "New", "Matched/Coded", and "Reconciled". With outstanding transactions being either labeled "New", or "Matched/Coded". Reconcile and Reconciled should be used ONLY for when transactions are reconciled to the bank statement and are locked down.
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Julie Postma
commented
The blue reconciled button togeher with the green tick suggests that all is correct. Yet, this amount has no process of being checked against the bank statement or actual bank balance (noting here that issues can arise from time to time with datafeeds). All that has happened is that all transactions within the Xero system have been allocated/matched.
Could the term currenlty used as 'Reconciled', be relabelled to 'Allocated'?
Could the words around 'check the bank statement' be moved/highlighted/enlarged, so that it is clear that merely allocating all transactions does not mean the bank account is reconciled?