Xero
accounting software serves the users at a greater approach to help them in
their accounting and bookkeeping needs. It also offers you to proceed with bank
reconciliation with some easy steps. You need to do bank reconciliation when
you compare your sales and expenses record and against the bank statements, and
it helps you to verify the numbers and accounting status. Now you need to learn
the process of Bank reconciliation and the easy process to perform. You can call
at Xero
customer service and get the easy steps to complete the
process. You can follow this blog till the end to get the complete information
about bank reconciliation.
Steps to perform
bank reconciliation:
1.
Get
bank records:
To
start the process, you will require the list of transactions from the bank. You
can ask for the account statement from internet banking, or you can use Xero
software to access the accounting information. You would require credit card
information as well.
2.
Get
business records:
You
need to access your income and outgoing ledger. You can use logbook,
spreadsheet or accounting software methods to store this information.
3.
Find
your starting point:
When
you get balance accounts, you need to look at the starting balance in your
account and start the reconciliation from there.
4.
Run
through a bank account:
You
need to consider the deposit as income in your accounts. You need to figure out
missing entries.
5.
Check
the income on your books:
Next,
you need to make a match of the deposit to the bank statements and find out the
reasons for missing entries.
6.
Run
through the bank withdrawals:
You
need to check if all the bank deposits are displaying in the record books,
including bank fees.
7.
Check
the expenses on your books:
Check
all the entries carefully to mark every expenses you have made. Also, mark
those payments that are due and missing.
8.
End
balance:
After
completing all those exercises, you need to match the total in your business
accounts, and it should be the starting point for your next bank
reconciliation.
Bank
reconciliation with Xero software:
Xero
helps you immensely to get the right track for bank reconciliation. Below are
some points to denote how it can help you:
1. Xero
helps you make a match.
2. Xero
software setup the bank rules easily.
3. Xero
suggests you get the right direction.
4. Xero
software provides you a proper space and interface to complete the process.
Above
you have been provided a proper solution with a step-by-step guide to performing
bank reconciliation, but if you need further support then contact at Xero
technical support and get the guided support.
Source URL:Bank reconciliation
in Xero
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