We are in the business of productivity and aim to save you time wherever possible.
One way to do this is to send items directly to Xero as ‘Paid’, which can save you loads of time on your bank reconciliation in Xero!
When you publish items as ‘paid’ to the correct bank account, it makes bank reconciliation from within the ‘Bank Accounts’ (spend money) section of Xero much quicker!
By removing the cumbersome steps of publishing to ‘Draft’ from Receipt Bank and then approving the item within Xero you will save valuable time that could otherwise have been spent elsewhere.
How does it work?
If you have an item in your Receipt Bank ‘Inbox’ that matches with an item listed in your Xero Bank feed we will make this clear by showing a new and different symbol under the publishing status column:
How do we determine a match?
These matches are determined based on the following:
- Supplier name matches
- If the total amount matches AND
- If the date of payment matches (match for date allows +10 days from the receipt date to allow for payment to be taken from the bank account)
If you hover over the publish button in Receipt Bank you will see the first line of the bank reference. If there is more than one possible match in Xero we make this clear by showing all the matches.
We now have an update of the bank matches feature which is in BETA release. Have a look at the new stuff below!
- If an item matches it now appears in the Payment column as ‘Paid: Bank Match!’
- Hovering above the icon will result in this message:
- You can then open the Item Edit page and review.
- Clicking on Autofill will result in automatic set up for the item to be published to Purchases as Paid with the linked Bank Account specified in the match:
- The item is now ready to be published! You have just saved time and clicks with sending the item to the paid area in Xero for quick reconciliation!