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  1. Bank Reconciliation - Ability to upload a remittance and Xero to match with existing transactions

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    6 comments  ·  Banking & chart of accounts » Reconciliation  ·  Admin →
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    Gaining Support  ·  AdminKelly Munro (Community Manager, Xero) responded

    Totally get the forward thinking here, thanks for sharing! We're continuing to think about how we can bring more automation to reconciling your accounts and while this isn't something we have direct plans of atm we'll keep a close eye on the support here and be sure to share if there are any updates planned.

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    Stephen Ritchie commented  · 

    Hi Xero team,

    I’m currently participating in the JAX Auto Bank Reconciliation beta and wanted to provide a use case that I would be very interested in working with the product team on.

    We operate caravan parks using Newbook as our property management system and Xero for accounting. Each day, Newbook produces transaction data representing the other side of the transactions that subsequently appear through our Xero bank feeds.

    The opportunity I see for JAX is to allow us to upload this Newbook transaction data and have JAX use it as an additional source when reconciling the bank feed.

    At the moment, the matching is not always a simple 1:1 relationship. A single bank transaction can relate to multiple Newbook transactions, and there can also be differences in descriptions, references and timing. As a result, a person currently needs to review the Newbook data and determine which transactions make up the amount appearing in the bank feed.

    This seems particularly well suited to JAX. Ideally, the workflow would be:

    Upload the day's Newbook transaction data into Xero.
    JAX considers that dataset alongside the bank-feed transactions.
    It identifies likely matches using amounts, dates, references/descriptions and previous reconciliation behaviour.
    Where a bank transaction comprises multiple Newbook transactions, JAX proposes the combination/allocation that reconciles to the bank amount.
    The user reviews and approves the proposed allocation, particularly where confidence is lower.

    In our case, this could potentially remove a significant amount of repetitive daily reconciliation work.

    I can provide anonymised examples containing the Newbook transaction data alongside the corresponding bank-feed transactions and the allocations we ultimately make in Xero. This could provide a useful real-world dataset for testing more complex matching and allocation scenarios.

    As I'm already participating in the beta, I'd be very happy to work directly with someone from the JAX/Auto Bank Reconciliation product team, provide examples and test iterations of this functionality if it is something you are currently developing.

    Please let me know the best way to get the examples to the appropriate product team.

    Regards,

    Stephen

    Stephen Ritchie supported this idea  ·