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How to reconcile transactions in Xero?
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In order to reconcile the transaction in Xero, you should follow these steps:
• You need to select the type of transaction and its date range
• This option will display the total number of variance for the given time and will give details about that transaction
• After click on the Reconcile transaction button, it will start to run in the background
• After refreshing the page you can see a notification that reconciliation has been done
• Now go back to the tab of Export Xero Data and re-enter the range of date and reselect transaction type
• Now at the top of screen variance count would be zero
If while executing the above-mentioned steps you get troubled then just call Xero tech support number where technicians will surely resolve your issue instantly.
Read More:- https://contacthelp.com.au/xero/
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| David Williams 02/18/2019 09:43 |
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Adrian Gates |
10/20/2020 18:40 |
Bank reconciliation is the process to confirm that all the transactions in your bank accounts are recorded in your business accounting records.
In Xero, this is done on the Reconcile tab, by matching bank statement lines from your bank account on the left against transactions in Xero on the right.
Bank reconciliation is the process of matching bank statement lines on the left with account transactions on the right.
Statement lines are the bank transactions imported from your bank account via a bank feed or they’re manually imported. When they’re in your online banking, they’re referred to as bank transactions, then when they’re imported into Xero we call them bank statement lines.
Transactions are created in Xero. These could be invoices, bills, expense claims or cash transactions.
The aim of bank reconciliation in Xero is to match each statement line in the bank account to an existing transaction in Xero, or create a transaction during the reconciliation process.
We recommend reconciling your bank accounts on a regular basis, to ensure your accounting records are up to date and to help find and correct any errors as soon as they occur.
The bank reconciliation process
Xero makes the bank reconciliation process easier by letting you know when bank statement lines are ready to reconcile. The bank account panel on your dashboard shows how many bank statement lines have been imported and need to be reconciled.
If Reconcile [number] items doesn’t display, it indicates there are no bank statement lines to reconcile.
Reconcile [number] items only shows when there are statement lines to reconcile.
For each individual statement line on the Reconcile tab, you can either:
Match it with an existing transaction in Xero, such as an invoice or bill
Accept a transaction suggested by Xero, based on a bank rule you’ve set up or a previously reconciled transaction
Create a new account transaction, such as a spend or receive money transaction, or a transfer of funds to another bank account.
Start a discussion with your accountant or bookkeeper if you’re not sure how it should be reconciled, by adding a note for them to read
How you reconcile each statement line depends on whether a transaction has already been created in Xero to reflect it or not.
Regards,
Adrian
Technical Consultant
https://www.apps4rent.com
https://www.clouddesktoponline.com
https://www.o365cloudexperts.com
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