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Ali Abbas
commented
But unfortunately , i can see only bank account number in the contact list under financial information. I could see bank name " name of the bank" field is not visible.. For example.. when we make payment to our supplier thru bank, we will have to provide bank name , account number and name of the supplier before we proceed to pay..
But in xero , the bank name " eaxample UOB bank" is missing. Pls see below screeshot from xero .. Pls advise where do I input the bank name in the financial details. Thank yoAli Abbas
supported this idea
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Suggesting a feature for Xero related to inter-company manual transactions and comparing it with QuickBooks Online (QBO), which seems to offer a more seamless solution for businesses that frequently handle inter-company transactions.
Inter-company transactions can be quite complex, especially for companies that need to manually process them between different entities. It’s common for businesses to need to allocate expenses, revenue, and other financial data between multiple entities, such as subsidiaries or branches, within the same organization.
QuickBooks Online is known for offering robust features that streamline inter-company accounting, which is likely a significant reason why new companies might opt for QuickBooks over Xero. Xero, on the other hand, may need to improve or add specific features in this area to appeal more to companies needing such functionality.
In terms of addressing this, a few potential improvements or features that could help Xero compete more effectively in this regard might include:
Automated Inter-Company Transactions: The ability to automatically generate inter-company journal entries for transactions between companies, which would reduce manual input and minimize errors.
Multi-Entity Management: Offering a more seamless way to manage and reconcile inter-company accounts within Xero. This might include the ability to generate consolidated financial statements that automatically account for inter-company transactions.
Improved Reporting: Customizable and detailed reports that allow users to track inter-company transactions across multiple entities, ensuring transparency and accurate reconciliation.
Integration with Other Software: Allowing easier integration with third-party software to manage inter-company transactions, so that Xero can become more of a central hub for financials across entities.
Enhanced Support for Manual Entries: A user-friendly interface or workflow that guides users through the process of manually handling inter-company transactions and ensures compliance.
If Xero were to enhance their features in these areas, they could make the platform a more attractive option for companies involved in complex inter-company transactions.