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Reconciled to Supplier Statement

Started by Daniel McGuren in Feature Requests | Idea

It would be helpful to have the option to mark a contact (particularly a supplier) as reconciled to a statement and the date that the reconciliation took place.

I am currently cleaning the records for a couple of large clients to try and get reliable information from Xero but finding that I am spending considerable amounts of time reconciling some supplier accounts. This little change would enable us to communicate to the client that the balance is reliable and can be paid.

There is the option to attach the statement via the library and upload functions but would be a lot easier if there was an additional report/field that we could just tick to say that the reconciliation was completed.

Regards

Danny
Are you after something similar to the customer statement, Danny - Like what's being requested on this thread?
It's already possible to reconcile supplier bills with payments in your bank account in Xero, and you could run the Payable Invoice Summary report to see payments and amounts outstanding.
 

Kelly M (Community Manager)

Actually no.

At the moment, I print off an aged payables report, manually reconcile to the statement and then manually write on the report if the balance is correct or if I am going to contact for a missing invoice/statement.

I print this off everytime I do this rec other wise the balances may change but, with a client that doesn't keep to terms, it is difficult to remember which supplier accounts are confirmed and which ones aren't.

What would be useful is a report that you can pull off showing the invoices (and aged payables report with invoices outstanding) but with an additional space to log activity or notes (like you have with invoices or the history/activity) or a simple tick button to log reconciled to a statement where you can store the statement to justify the balance.

In audited accounts, at the year end, most auditors will want to see a supplier statement of account to justify the balance on the payables. It would be great if the library in Xero could be used and there was a form of "cross checking" by having a "confirmed" balance on the supplier contact.

Possible?
 

Daniel McGuren

Was there an out come with this thread, I am also wanting to match up statements with Supplier invoices, and be able to mark in Xero that all invoices on statement were matched and correct each month.
 

Sharon Howson

Hi Sharon,

No - I am waiting on Kelly M to respond to my query. Not sure it is possible at the moment :/
 

Daniel McGuren

Apologies for the delay getting back to you here, Daniel. There's currently no way to add a notes column to payable reports right now, to show the reference/confirmation you've asked here.

If this is something you'd like to see too, please do add your vote Sharon. We don't have any immediate plans for this, but we'll watch the comments and votes here and let you know if there's any change.
 

Kelly M (Community Manager)

Thanks for responding Kelly. Appreciate that this slight tweak is not in current plans, just thought it may have been easy enough to sort....

Just makes the reviewing process easier
 

Daniel McGuren

This would be an extention of the functionality requested in "Reconciliation for Clearing, Control, and Non-Bank Accounts".
 

Robert Flook

I am also trying to reconcile supplier statements and I am looking for a report that gives me invoices and payments and something that gets my attention, in addition to the above discussion and lack of reports, the fact that I cannot search by individual contacts. Instead I have to convert to excel the entire report with all the suppliers to then cut the ones I do not need. This is very time consuming for a task that should take minimum time to complete. I would like to see more efficient reports in this area.
 

Flavia Leser

I have an issue with supplier/customer reconciliations/remittance advice. I worked in Sage/Pastel software previously and one could really 'lock-down' the statement/remittance advice, one almost feels like one is working in shifting sands all the time.

What is strange is the way that there is no report that I can see that clearly shows for a supplier/customer, unallocated payments/receipts or over/under payments and gives a true indication of the status of the account. If a payment or receipt is not allocated to a bill/invoice then it does not appear on the 'view recent bills report' nor elsewhere as far as I can see.

Any advice on how/what report is useful and shows all the bills/invoices/payments/un-allocated/over-paid/underpaid transactions for a customer, I would be most pleased.
 

Grace Battiss

Grace - you can go to the individual contact for the suppliers and view the recent invoices, which will give you a breakdown of the outstanding invoices in the accounts and unallocated but received credit notes.

With regards to payments already sent but sat as unreconciled on the bank, you can enter the payments as Overpayments against the contact, which will show up on the record for the contact and allow you to allocate them at a later stage.

Does that help? Happy to show you in a video call if you are still struggling.
 

Daniel McGuren

I would love this feature, as there are 2 of us that work on accounts payable. For now, in the supplier Primary Person last name field, I have put "Reconciled: Month 2021". This way we have a visual that the supplier account has been reconciled, or the month it was last reconciled in. I then go in and schedule the payment at the appropriate date. My system is that only bills with a scheduled payment date on them, have been reconciled. Totally in agreeance with you Daniel, reconciled to statement at a date field would be the fix.
 

Christine Ryan