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34 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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42 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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240 votes
Hi everyone, we've been tracking this idea for some years now and truly value all the feedback we've heard on the desire and time saving reducing the manual steps in reconciliation
would achieve. We completely get wanting to skip that extra ‘OK’ click when you trust the suggested matches.
We’re excited to share that this idea is now in development. At Xerocon this year we shared automated bank reconciliation - Using JAX to automatically match and categorise your bank transactions with your Xero transactions.😊
It's in beta already and being tested by a small group of users atm, and as soon as we have more to share on this rolling out wider I'll give you another update here. Thanks again for helping us shape the future of Xero!
Jeremy Rigby
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2 votesJeremy Rigby
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121 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.