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  1. Bank Reconciliation - Allow Bank Transfer Rules to automatically reconcile both sides of a transfer

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    4 comments  ·  Banking & chart of accounts » Bank accounts  ·  Admin →
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    Gaining Support  ·  AdminAnis Anuar (Admin, Xero) responded

    Hi Peter, thanks for sharing this idea. We understand that for businesses regularly transferring funds between accounts, having both sides of the transfer reconciled automatically would help reduce repetitive steps.

    For now, setting up transfer rules on both bank accounts can help make matching the transactions quicker. We’ve moved this to Gaining Support so we can track interest and help our product teams understand the value of improving transfer reconciliation.


    Josh Conway supported this idea  · 
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    Josh Conway commented  · 

    Our business has multiple accounts (multiple transaction and savings accounts). When we do an internal transfer between accounts, we have to look through our accounts to see which one it was transferred to, I normally do this by searching for the description, for example "ONLINE {ID From Bank} {Transaction description} {Our company name}" in our other accounts because the descriptions are the exact same on both ends of the internal transfer.

    The feature I would like to propose is automatic matching for transfers between accounts with the same bank (between different banks the descriptions are often different).

    Being able to do this would make reconciling our accounts much quicker and I think you can match the transfers with pretty high certainty.

    Happy to provide some actual examples privately if needed.