Free up your time today
Reconcile transactions from your bank, PayPal or credit card accounts in just one click.
Always see accurate data
You’ll be able to control cashflow and make better business decisions if you and your accounting professional can always see up-to-date financial information.
Get anytime access on the go
Whether you’re on a Mac, PC, tablet or phone, you’ll always have instant access to your data. Reconcile your accounts on the go
Create custom rules
Xero will match most of your bank transactions automatically. But you can create clever custom bank reconciliation rules to match more complex transactions.
If you find yourself dealing with an anomaly, try and isolate the issue, inform Xero, and speak to the bank. Hiccups can occur and the ultimate responsibility lies in the user’s hands. Even paper-based bank statements sometimes differ from what is seen on online banking, so it only makes sense that you double-check bank information to be sure.
Compare bank balances that feed into Xero with published bank statement balances to ensure completeness and accuracy of the bank feeds. This can be done by reviewing the bank reconciliation report, which includes a detailed bank statement report on a monthly basis.
Refresh bank feeds every few days to hurry the feed along. If the feeds stop, it’s wise to refresh or reactivate them. However, if you change
the security access to the online bank account, you need to remember to enter the new passwords into the Xero bank feed activation area to keep the bank feed active.
A few moments undertaking an old school check of your bank statements ensures you’re alerted to any issues when they happen and that you’re better placed to deal with them swiftly. Problems are very rare but it’s wise to build into your normal checking process:
A check that bank feeds are active and flowing in on a steady basis.
A monthly check against the statement balance of published bank statements.
Random spot checks to ensure transactions on the bank statement are appearing in Xero.
Janenne Poulter – Client Services Manager