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  1. Bank Reconciliation - Automatic reconciliation of invoices

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    9 comments  ·  Banking & chart of accounts » Reconciliation  ·  Admin →
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    In development  ·  AdminAnis Anuar (Admin, Xero) responded

    Thanks for sharing your thoughts on auto-reconciliation for invoices and bills. We know that reconciling large volumes of transactions can be time-consuming, even when most just require a quick check, so suggestions like yours are really valuable.

    We’re excited to let you know that this idea is now In Development. Auto-reconciliation is currently in beta with planned rollouts, and the team is working on expanding its capabilities to make reconciling transactions faster and easier, while still giving you oversight and control.

    We’re looking forward to rolling this out more broadly and making auto-reconciliation an even bigger time-saver for many organisations. You can follow our progress and learn more from our blog and support article.

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    Zhe Li commented  · 

    Obviously, there have been considerable manual operations involved to upload bank statements, conversion, etc. I cannot help wondering if there are possibilities to further automate Xero's system to receive bank statements from a variety of banks and automagically normalize the format for further automated reconciliation processing? If not, what is holding us back? Regulations? extent of banks involvement? or simply the business mandate the current way is optimum. I am keen to learn more. I would be honored to hear more from you.

    Zhe Li supported this idea  · 
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    Zhe Li commented  · 

    Obviously, there have been considerable manual operations involved to upload bank statements, conversion, etc. I cannot help wondering if there are possibilities to further automate Xero's system to receive bank statements from a variety of banks and automagically normalize the format for further automated reconciliation processing? If not, what is holding us back? Regulations? extent of banks involvement? or simply the business mandate the current way is optimum. I am keen to learn more. I would be honored to hear more from you.