Bank Reconciliation - Allow Bank Transfer Rules to automatically reconcile both sides of a transfer
Similar to how "isReconciled" is supported by the API, allow it to be specified for the from/to account when creating a Bank Transfer rule. This would simplify the transfer process from external sources that are reconciled outside Xero.
Peter Hobson
shared this idea
Hi Peter, thanks for sharing this idea. We understand that for businesses regularly transferring funds between accounts, having both sides of the transfer reconciled automatically would help reduce repetitive steps.
For now, setting up transfer rules on both bank accounts can help make matching the transactions quicker. We’ve moved this to Gaining Support so we can track interest and help our product teams understand the value of improving transfer reconciliation.
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Josh Conway
commented
Our business has multiple accounts (multiple transaction and savings accounts). When we do an internal transfer between accounts, we have to look through our accounts to see which one it was transferred to, I normally do this by searching for the description, for example "ONLINE {ID From Bank} {Transaction description} {Our company name}" in our other accounts because the descriptions are the exact same on both ends of the internal transfer.
The feature I would like to propose is automatic matching for transfers between accounts with the same bank (between different banks the descriptions are often different).
Being able to do this would make reconciling our accounts much quicker and I think you can match the transfers with pretty high certainty.
Happy to provide some actual examples privately if needed.
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Debbie Skinner
commented
This would be a complete game-changer and I don't understand why it isn't possible yet (and was doing it in MYOB 7yrs ago!).
I'm a bookkeeper and have clients who transfer between multiple bank accounts (some with similar account numbers). To make sure recs are right, I open both accounts on separate screens, cross reference dates & amounts and reconcile at the same time. -
Optimus Fintech
commented
For effortless and quick bank reconciliation steps, view this page: https://optimus.tech/banks-reconciliation
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Craig Phillips
commented
When reconciling transfers between accounts, it would be great if the reconciliation of the transfer in 1 account automatically updates the other so you don't have to reconcile it in 2 places