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26 votes
Hi, thanks for sharing this idea. This might be useful for situations such as suspense accounts, where entries are intended to net each other off.
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Jeremy Rigby
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5 votesJeremy Rigby
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5 votesJeremy Rigby
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40 votes
HI team, our article here will likely help you identify transactions that have not been included in your VAT return.
You can run the Account Transactions report to compare with the Transactions by VAT box tab of your VAT return.
Jeremy Rigby
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239 votes
Thanks for all sharing and supporting how bulk reconciling transactions and suggestions that have been matched to statement lines in your bank would help your business.
It's great to see the trust you've built in Xero's capabilities to match and help you save time from manually finding and creating transactions to reconcile your bank.
Along with building on the foundations of our platforms, the teams efforts at present have been on improving the ability to create suggested transactions for more statement lines in your org - With a lot of this being backend logics there's not a heap you'll see from the front side of things but Xero's reconcile engine is getting stronger and overtime you should find even less need to create transactions in your org, yourself.
With this work underway there is no development for being able to reconcile transactions that have the 'OK' presented option atm,…
Jeremy Rigby
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2 votesJeremy Rigby
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117 votes
Hi everyone, thanks for your on-going involvement in the idea here.
We understand many of our customers are trading internationally. While we haven't been able to deliver a solution as yet, this is still high on our radar.
Right now, depending on the country selected when setting up organisations will have different field options - Sort code in UK, BSB code in AU and Routing number in US. This explains the differences some in the conversation have mentioned. I appreciate it's not a solution but for the time being any extra detail (IBAN or any other banking detail) for the contact could be added as a note to the contacts record that can be looked up before making payments.
For our UK customers that have set up international bill payments - Though not direct from Contacts you can edit and save international payment details for a supplier through the flow…
Jeremy Rigby
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yep, fully agree!
We have several balance sheet logistics accrual accounts. Some of them carry hundreds of manual journal "accrual" entries per month from all the DEAR Inventory/Cin7Core order types (sales, purchases, stock transfers, production assemblies).
Subsequently and separately, we then get further sets of transactions hitting these accounts over the weeks and months, ie: a plethora of supplier bills that we have to split the bills into separate lines and code and describe very carefully indeed because each account carries more than one service type (freight, handling, port fees, discharge, etc etc), and we ALSO have to quote all our order numbers on there too, so that we can have a chance of matching "purchase cost versus accruals".
As part of that matching check, it is natural for us to then journal out all the variances that we have found. After making that posting, we have the LedgerAccount situation as follows, for example:
(300 x Accruals) + "60 x Purchases" +/- "30 x VariancePostings" = Zero
There is no way in Xero to leave "the past in the past" as regards "ledger transactions".
The ability to "settle ledger transactions against each other other where they are zero-balancing within the same account" is invaluable, and accordingly features in all other ERP's etc. Xero being a very smart package, it is conspicuous by its absence.
Come on Xero. Sort it out.