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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.

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

Hi team, we appreciate further contributions here.

We'd like to provide an update to highlight automatic bank reconciliation powered by JAX.

This feature can help reconcile transfers between your own bank accounts - When turned on for both bank accounts involved, Xero will identify high-confidence transfer matches as new statement lines are imported. It will reconcile the transaction in each bank account, reducing the need to reconcile each side manually.

Worth noting that this will only apply to new statement lines imported after activation, and transactions where JAX isn’t confident will still need to be reviewed manually.

Thanks again for helping us improve bank reconciliation in Xero.

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  • Josh Conway commented  ·   ·  Report

    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.

  • Debbie Skinner commented  ·   ·  Report

    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.

  • Craig Phillips commented  ·   ·  Report

    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