Beginning this week, Xero will begin rolling out JAX-powered Automatic Bank Reconciliation. JAX is intended to make the bank reconciliation process easier by doing much of the manual, repetitive work for you.
Xero users will have the option to 'opt into' this new proccess, and by default the new functionality will initially be 'turned-off.' Even when users 'opt into' the new process, they will continue to see every bank transaction even though JAX will reconcile transactions when highly confident.
JAX will begin the automation of Bank Reconciliations, when the process is turned-on, with simple one-to-one matches. Over time, JAX will expand into more complex bank transactions as it learns transaction patterns. JAX goes beyond simple matching, learning to reconcile transactions based on your historical patterns across Xero. The more you use and guide JAX, the smarter it will become.
All transactions which JAX reconciles will have options to review or adjust. Users can also take over the reconciliation at any point in time.
As we mentioned above, users remain in control. The new 'Reconciled page' gives users complete oversight and control over the automation process after it is turned-on. You will see bank and accounting details in a single view, and a new 'Method' column makes it clear which transactions have been 'auto-reconciled' and which transactions require your attention.
Each auto-reconciled transaction shows 'the how' it was reconciled, and the 'remove and redo' functionality mans you can instantly fix any error made by auto-reconciliation. For example:
This new JAX-powered Automatic Bank Reconciliation will be available to Xero Growing plan (and above) subscribers. Those subscribers can 'opt-in' by going to the Bank Account page, and turning-on Automation.
JAX will help keep your accounts reconciled so that you can transition from retroactive reporting to proactive financial decision making.
Disclosures:
Feature content (including feature graphic) made available by Xero. This content is adapted from an announcement by Xero (United States Region). Content adapted by Insightful Accountant is furnished for informational and educational purposes. Insightful Accountant is not responsible for any of the original Xero content provided within this feature.
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