Central Full Reconcile Feed with all transactions
The more crucial and manual part of accounting is to reconcile all transactions. When a company has multiple bank accounts, credit cards, etc. it is absolutely critical for there to be a central feed that shows all transactions that have yet to be accounted for, add attachments should be a drag and drop now a hard to see icon with an easy preview once added. This should also have a master sync button to push all added feeds to update or have something that auto syncs them with a timer to customize how often to refresh them.
It would make accounting so much faster for those that cannot or do not have things very automated or just starting to use this platform. This is the first thing I want to even see when I open accounting is all outstanding transactions that have not been sorted yet. Everything else is secondary. For those that want report first view, they can easily customize that.
Konstantin Braverman
shared this idea
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Konstantin Braverman
commented
Hi Lacey,
This is because smaller companies and many larger companies I have been a part of do not do book keeping once a month. They do it weekly at least, if not daily. Also, with several accounts we are matching the transaction not just the cards. Many other software systems have a master feed that will be able to see that a transaction is going from one account to another, which is super helpful and speedy.
Having 5 different employees cards it might be best to keep it separate but also to have a way for them to send in receipts at the time of transaction so you can reconcile way more often.
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Lacey Davidson
commented
Maybe I am confused on this. I am experencing the new credit card feed for the master account. We have been using Xero since 2016, and have 4 credit cards under the main account holder. So I have 5 credit card bank feeds from Chase (one for each employee). The new system put all the feeds together, by date. That is not how we reconcile transactions. Each employee has to submit business expenses at the end of the period, and I will reconcile those when I know what accout and location to bill them to. So now, all 5 cards go into one feed by date. This is a huge problem when dealing with 5 cards and about 200 transactions in a four week period (I feel bad for bigger companies). Is this just me being frustrated or is this new change HORRIBLE!?!?!?!?