How to do a Bank Reconciliation in Xero: Banking Feeds, Match, Create, Transfer, etc.
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- čas přidán 23. 07. 2024
- Learn how to do a bank reconciliation in Xero.
Part 1 of this series covers bank feeds and posting and reconciling transactions from the bank feed.
Next Video: • How to do a Bank Recon...
Episode Outline:
0:00 Episode introduction
1:25 Bank feed introduction
4:30 Bank feed transactions
5:10 Match
6:30 Create
8:19 Transfer
8:48 Discuss
9:21 Suggested matches
#xero #bankreconciliation #accounting
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Thank you. I find your tutorials very easy to follow and look forward to watching more.
Glad you like them!
Thank you for such a knowledgeable and detailed explanation. It is very kind of you to post and most definitely appreciated!
Glad it was helpful! Thanks for watching
thank you so much for these xero tutorials. very clear and detailed.
You're very welcome!
Thank you for the free Xero courses. They've been a big help in learning for my Xero Advisor Certificate. The clear and detailed lessons have really improved my skills. I have watched all of them!
Glad you like them! Thanks for watching and taking the time to comment
Thank you for sharing such a detailed video. Much needed.
You are so welcome! Thanks for watching
Hi Mr. BookkeepingMaster! I really appreciate this free course. Thank you so much!! :)
You're very welcome! Thanks for watching
@@BookkeepingMasterI really really need a training for reconciliation. I would be mor happy to know if you provide paid training as I have been been given a new role of reconciliation and need to cover many scenarios.
Very helpful! Thank you very much.😁
You're welcome! Thanks for watching
This is very helpful. Thanks
Glad it was helpful! Thanks for watching
Thank you clearly explained😍👌
You are welcome 😊 Thanks for watching
Thank You !
You bet!
Thank you❤
Thanks for the comment and for watching
Thank you for your all videos! They are really helpful!
Let's say we have sales invoice as £500 from the company XX Ltd and there is bank payment for this invoice but just £200. How we will reconcile this?
Thanks for this. I haven't watched all of the video yet, but I know I've found the right one within the first 60 seconds when you compare with the Quickbooks method and say Xero is complex! I've been really struggling to make sense of Xero which seems to have highjacked the word reconciliation and used it in a completely different way. I've even seen quite a few Xero consultants recommend that users "turn off" the annoying Bank balance that shows up disagreeing with the Xero "bank" balance when it doesn't agree. There must be 1000's of Xero users out there who have balance sheets that never agree with their bank!
Yes, I feel your pain. It gets easier the more you use it, but it could be better. Unfortunately, Sage seems to be adopting the Xero reconciliation method, too. Thanks for watching.
@@BookkeepingMaster In video 3 you show on the reconciliation report where it's possible to enter the actual bank balance, but my client's Xero doesn't have this entry box, just a blank piece of screen where it should be. I know you are not here to trouble shoot, but thought I'd mention this just in case you have a quick answer to why this is different from your video!
It’s really called bank matching , then do bank rec after I think
I have to listen at 2x speed . Thank you for your help
No problem. Thanks for watching
Hello there! What would make my bank statement balance in Xero actually differ from my actual Chase bank statement balance? I've tried refreshing the bank feed but this does not correct it. It is off by thousands, not just a small amount.
Many thanks for all the information and videos, can I ask you in your option which accounting software is best for Construction & trades business.....thanks
No problem. I believe you emailed me earlier this week, which I've replied to. Thanks for watching.
How would I reconcile a credit card payment? I have a chase credit card account and chase business checking account both are linked to Xero. Would I simply transfer to credit card account on the business account reconciliation page? FYI I use my business checking account to pay my credit card account.
The credit card might be able to be added using the bank feed. Please try.
Hi! very detailed explanation! Question, what if there is no suggestion at all? How would you recommend on doing it? Just go through create? or is there a more systematic way?
Yes, create or match manually. Thanks for watching
@@BookkeepingMaster Are the ones showing up on Match, uploaded invoice in Xero?
My client marked the sales invoices as paid in Xero by going into the invoice. Now the bank feed has come through, how does that work? Will there be a received money in the reconcile screen or will Xero recognise a duplicate transaction? Thanks
Yes, it should match the transaction with the bank feed transaction. They will be matched(joined) together. A duplicate will not be created, if matched correctly. I hope this helps. Thanks for watching.
When you say the payments are matched against the invoices received, how does Xero know what invoices are received by suppliers? (Newbie here!)
The invoices should already be on the software. Xero will then know what is outstanding and which relate to the payments made. I hope this helps. Thanks for watching.
@@BookkeepingMaster Thank you for your response. Perhaps I should take one step back to try and understand better. How are the invoices "already on the software?" For example, if I received a pdf invoice from a supplier - how does Xero know about that?