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Hi Gregory, thanks for raising an idea in the forums here. To try get a better understanding of your workflow, is there a reason you would generally want to create the Transfer transactions prior to reconciling in your bank account?
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Gregory Hannan
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153 votesGregory Hannan
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Hi Kelly,
My suggestion is not related to Bank Reconciliations as such. I have recently converted from MYOB to Xero. One thing that Xero is missing is the ability to define/save template transactions (recurring transactions with no defined recurrence frequency). For example, purchasing petrol for the car. A template "Petrol" transaction can already have the correct expense account defined thereby avoiding assigning the purchase to the wrong expense account. Since Xero does not have template transactions, the next best option is to copy a previous transaction so that the new transaction will at least use the same expense account as the transaction that was copied. Similarly, in the absence of Xero having template Transfer transactions, I would like to be able to copy a previous Transfer transaction. I have several liability accounts which are defined in Xero as "Bank Accounts" but which are really "clearing house" accounts. Hence, making payments to those "clearing house" accounts requires me to use Transfer transactions. An example is the ATO Income Tax Account which I have defined in Xero as a "clearing house" liability account so that I can manually reconcile this Xero account compared with the ATO Income Tax account (accessed via ATO online services). To make sure that the correct details are entered for a Transfer to the Income Tax liability account, it would be easier to copy a previous Transfer transaction. I hope all this makes sense.