I have been working over the last few weeks on setting up ‘rules’ inside the Xero banking module on my own?practice?accounts and a number of clients. Today for the first time when I imported a bank statement I did not have to categorise ANY transactions. There was a rule in place for everyone.
All debtor and creditor payments were applied to the correct accounts. The credit card payment was transferred to the credit card account, the loan repayment went straight to the loan account and the bank charges were posted straight to the P&L. In busy offices I have often spent a full working day at a bank reconciliation with my pen ticking away at every line when I posted it and then again highlighting every line as I reconciled it. This bank rec involved no pink highlighters, no inky fingers and no half day bent over a paper bank statement. It was fully automated.
Does this mean book keeping is dead? For technology savvy clients the answer is yes. For the old fashioned Irish accounts ‘clerk’ with his red ledgers and tippex we could be waiting a few decades.
If you are interested in automating your accounts process please contact
ralph@domybooks.ie or call Ralph on 0863336665
Fully automated bank reconciliation
