Bank Reconciliation in Xero (Part 1)

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  • Опубліковано 20 сер 2024

КОМЕНТАРІ • 31

  • @sarahjones5332
    @sarahjones5332 4 роки тому +3

    Really appreciate your help and effort. It was a great help. TA

  • @ij6654
    @ij6654 6 років тому +3

    Thank you for posting these vids abt xero 😊

  • @caseyc1099
    @caseyc1099 6 років тому +1

    thanks for this video it helps a lot lot

    • @TallBooks
      @TallBooks  6 років тому

      You're most welcome, glad you got something out of it

  • @Marigold2012
    @Marigold2012 3 роки тому +1

    Received money from Stripe on bank account. I have applied 13% HST to the Gross Sales in a "received money" transaction on Xero, reconciliation hasn't done yet as I'm not sure how to split it all up or record it properly. Did I set this up correctly? Or should it have been an invoice?

    • @TallBooks
      @TallBooks  3 роки тому

      Hi Nevena, you can use receive money that's fine by clicking the create tab but click 'add details' in the bottom right to add more than one line. You can also do this as an invoice if preferred then match to the open invoice on the banking screen.

  • @kimtasker-lynch4788
    @kimtasker-lynch4788 5 років тому +1

    Hi. I have another basic issue Im hoping for help with :-) I have two payments made to a contractor but only 1 invoice. I cant seem to reconcile both payments made to him to that one invoice. Why would this be? Eg. Contractor invoice is £95. Two payments went out as £93 (error) and then followed by £2 to make up difference. When on my screen I cant reconcile them.

    • @TallBooks
      @TallBooks  5 років тому

      Select find and match on the first one, then select the invoice in question, you may need to click 'split' on the line to show it's a part payment. This will apply the part payment. The next payment will then match the remaining.

  • @Kiwinnit
    @Kiwinnit 7 років тому +1

    Thanks a lot for the help

    • @TallBooks
      @TallBooks  7 років тому

      Thanks for watching, appreciate the kind words!

    • @Kiwinnit
      @Kiwinnit 7 років тому +1

      No problem! Really helped me out, I'm 17 years old and building an ecommerce business. I think Xero is the way to go!

  • @KimJameson
    @KimJameson Рік тому

    Your video was very helpful. I am brand new to Xero. Is there a way to reconcile the old-fashioned way using my physical bank statement and checking off transactions so that it balances to zero?

    • @TallBooks
      @TallBooks  Рік тому

      Hi Kim, there isn't but you can run the reconciliation report at the end of the month and compare balances, then click the arrow to view the statement which allows you to see each transaction to compare.

    • @KimJameson
      @KimJameson Рік тому

      @@TallBooks Thank you, I will give that a try!!

    • @KimJameson
      @KimJameson Рік тому

      I have one other question (sorry), when you're in the reconcile screen and there is a deposit (received) transaction, suppose that transaction is made up of 3-checks that were deposited. Is there a way to itemize all three of the checks for this one deposit (who they were from, what they were for and how much)? ie... Deposit made for 2,500.00 - consisted of 3 checks from customers 1- from Joe Smith for $1,000.00 - 1- from Bob Jones for $800.00 and 1-from Tim Hall for $700.00. How can I show who paid and to what account to post it to?

    • @TallBooks
      @TallBooks  Рік тому

      You'd need to raise three receive money's outside of the reconciliation screen, all dated for the same date and into the relevant account. That will allow you to them select each one using the match option when reconciling. If not needing contact for all and just a single contact, you can instead use create and then click add detail and put in three lines. For full detail I'd suggest raising a receive money x 3 by contact for the same date then matching them to the deposit in the bankfeed.@@KimJameson

    • @KimJameson
      @KimJameson Рік тому

      @@TallBooks Thank you again!!

  • @dirgampar
    @dirgampar 3 роки тому +1

    How do you know what the transaction is for and what account it belongs to... ?

    • @TallBooks
      @TallBooks  3 роки тому

      By reading the displayed bank text. You can use common sense for coding, for specific support use a bookkeeper or accountant.

  • @pthdxe
    @pthdxe 4 роки тому +1

    how we can get the left hand side bank statement record in Xero?

    • @TallBooks
      @TallBooks  4 роки тому +1

      Hi Brian, 2 ways.
      1 - Connect BankFeeds to automatically have them import each day from the bank.
      2 - Import a statement manually.
      If you google BankFeeds or Importing a bank statement in Xero you will see the step by step instructions.

  • @ronalwoods3181
    @ronalwoods3181 5 років тому

    in your example- you show bank fees april 16 (was it $10.16?) these are defined in ird TIBvol 13
    as zero gst -you changed this to ?inputtaxed? what is this code in regards to nz tax ? thanks

    • @TallBooks
      @TallBooks  5 років тому

      Hi Ronal, I can't speak NZ taxation as I don't specialise in that field, however, if it's anything like our system then bank fees do not contain gst. Therefore GST-Free or Input Taxed is the standard code used.

  • @kaursatveer6519
    @kaursatveer6519 3 роки тому +1

    Hi, if we receive bank interest. How we will record that in xero?

    • @TallBooks
      @TallBooks  3 роки тому

      Hi Kaur, simply use the create option. Who = Bank name, What = Interest Income GST = GST Free

    • @kaursatveer6519
      @kaursatveer6519 3 роки тому

      @@TallBooks
      So do we record this in manual journal or by adding an invoice?

    • @TallBooks
      @TallBooks  3 роки тому

      @@kaursatveer6519 Invoice will show on accruals Profit and loss based on the date you enter it. If you want to put it on the balance sheet instead and avoid an invoice you can use a journal.

  • @leebrendalee
    @leebrendalee 5 місяців тому

    I got news for you, xeros bank reconciliation is absolutely Nothing like QBO. Not in any shape or form. Qbo has bank matching which is. Nothing at all like zero. Xero looks more professional with its bank match but it certainly is not the same. Compared to QBO bank reconciliation after bank match is easy. I'm only here because xero makes no sense with bank rec so I'm trying to figure it out.

    • @TallBooks
      @TallBooks  4 місяці тому

      Xero's bank rec is perfectly fine, get used to the differences and you'll see we use MYOB, QBO and Xero and reconcile in all three there's just different pathways.

    • @leebrendalee
      @leebrendalee 4 місяці тому

      @@TallBooks yes I like it now