XBert Type: Standard
Accounting Software: Xero
Country Restriction: All regions
Risk Type: Bookkeeping Risk
Business Function: Sales
Overview
The "Different Account Name Detected for an Income Transaction" XBert identifies income transactions that have been allocated to a different account than usual. This may indicate a misallocation or a change in income categorization.
What it does
This XBert:
Monitors income transactions for consistent account allocations.
Flags transactions where the account name differs from the usual allocation for that contact.
Provides details of the current and predicted account names for review.
How it works
XBert analyzes income transactions and compares the account name used with the historical allocation for the same contact. If a discrepancy is found, it triggers an alert with the following details:
Contact Name: @[CompanyName]
Date: @[DateCreated]
Current Account Name: @[AccountCode]
Predicted Account Name: @[TotalResult]
This helps in identifying potential misallocations that could affect financial reporting.
Example/Use Case
You usually allocate income from Bob's Plumbing to the account "Local Sales." For three months, the income has been allocated to "Overseas Sales," which has a different tax status. This misallocation could lead to incorrect financial reporting and tax implications.
Accounting software
This XBert is compatible with:
Xero
Which countries it supports
All countries where Xero is used.
Processes
This XBert falls under the Bookkeeping – Sales (AR) category.
To action:
Click on the transaction link in Xero to review the income transaction.
Verify if the current account allocation is correct.
If incorrect, reallocate the transaction to the appropriate account.
If this is a new allocation, XBert will learn over time and won't alert for similar future transactions.
Regularly reviewing account allocations ensures accurate financial reporting and compliance.