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  1. Reconciliation - Ability to reconcile clearing, control, and non-bank accounts in Xero

    131 votes

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    62 comments  ·  For small businesses » Accounting features  ·  Admin →
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    submitted  ·  AdminDana A (Admin, Xero) responded

    Hello everyone, appreciate all your feedback here. To be upfront, we don’t have any plans to develop the ability to reconcile clearing, control and non-bank accounts in the near future. 


    Some of the technology improvements going on across Xero will create more opportunities for us to explore extending some of the more complex functionality from one part of Xero to another. However, we are some way off from this yet. 


    That being said, there is the Account transaction report that could be handy in providing a view of both sides of a transaction in Xero. You can include the related account as a column in the report - See more in our help article on this.

    Alternatively, if you’re using an external system, you could look into the Xero App store. 


    Appreciate there are also lots of ways others are using Xero’s to fit their needs - If you…

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    Alex Lacota commented  · 

    An update on how our app is tracking for those still after this feature:

    https://www.rechound.com/post/feb-update

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    Alex Lacota commented  · 

    I have exciting news! After relentless work with the API, we believe we are 95% of the way towards our proof of concept for line by line reconciliations!

    We aim to build out our UI over the coming months and have beta testing available in the new year. We aim to have a website up and running soon with the option to join a mailing list for updates - periodic updates will be posted here as well but we aim for the mailing list to be our main form of communication. I will let you all know as soon as this is available.

    Thanks again for all your input on this topic, it has really helped shape the development for this product :)

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    Alex Lacota commented  · 

    Really appreciate all the feedback from everyone on this.

    As I mentioned, the core functionality of the application will be to manage the completion and approval of balance sheet reconciliations, as there is no current process for this within Xero, and is required from a governance perspective.

    I will be pushing to have line by line reconciliations added to the functionality of this application, but although currently untested, I do foresee some major roadblocks here due to the API functionality within Xero, specifically within the parameters running the journal API, (eg in order to pull out the transactions for a month per GL account, it appears that you need to run a data dump of every single journal ever posted. This would cause a timeout for many businesses.)

    I will periodically post updates on this thread in regards to how we are tracking on this solution.

    Thanks again!
    Alex

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    Alex Lacota commented  · 

    Hi all,

    I am currently working on creating a Xero application which will assist in managing balance sheet reconciliations. We plan on making the management process simple, essentially where you can add a "reconciliation" balance to each account for each month, and the system will notify you if this balance matches the current Xero balance. You will be able to add attachments and descriptions to each balance you enter. Each account can be approved by a specified person if required, by a specific date. The program will also tell you if the periods are locked, and if any old balances have changed, in order to maintain up to date reconciliations.
    You will be able to roll forward past reconciliations to make the current month easier as well, and view the 'last reconciled' rec available in the system.

    Our initial plans don't include reconciling line by line transactions within the system (ie netting off lines as you go), however this may be something that we can add further down the line.

    Would love to hear your feedback on this idea, and whether you would deem this to be useful in the current state

    Thanks!
    Alex

    Alex Lacota supported this idea  · 

  2. Audit Trail Report

    347 votes

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    submitted  ·  18 comments  ·  For small businesses » Accounting features  ·  Admin →
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    Alex Lacota commented  · 

    My application which is currently in development called RecHound will include everything requested on this product idea.

    You can head to our website at www.rechound.com to join our mailing list to be notified when this becomes available.

    We currently have a video with a transaction listing view, you can see there is a "show voided transactions" button in this (not demonstrated, but is currently working). We will also be adding transaction line numbers and journal numbers too. Also, will be adding a data dump file on our homepage which you can filter by account, date etc.

    Thanks,
    Alex