At Plus Accounting, we are committed to providing our clients with exceptional support and guidance in all areas of financial management. We’re excited to share some recent enhancements to Xero’s bank reconciliation features that can streamline your accounting processes.
New Features in Xero’s Bank Feed
1. Enhanced Transaction Viewing: Xero now allows you to view up to 50 bank lines on one page. This improvement makes it easier to review and reconcile your transactions without the need to navigate through multiple pages.
2. Advanced Filtering Options: A new filter feature has been added to the bank feed, enabling you to search for transactions by date, contact, or amount. This functionality simplifies the process of locating specific transactions, saving you valuable time.
Daily Updates and Accuracy
Xero’s bank feeds update daily and typically reflect transactions from the previous day. To ensure accuracy, your statement balance in Xero should match your online bank balance. For example:
- Statement Balance: £6,666.79
- Xero Bank Balance: £1,335.60
Once all items on the bank feed are reconciled, these figures should align. Discrepancies may arise due to manual payments entered, items deleted in error, or incorrect opening balances. It is crucial to identify and correct these differences before your year-end closing.
Need Assistance?
If you encounter any issues or need help with bank reconciliation in Xero, the Plus Advisory Team is here to assist you. Contact us today for personalised support and ensure your financial records are accurate and up-to-date.
Author: Debbie Marriott, Xero & VAT Advisor @ Plus Accounting
Contact me on 01273 701200 or email debram@plusaccounting.co.uk
Date published: 21 May 2024