This guide will show you how to use Reconcilaition reports to compare your actual bank balance with Xero balance and ensure they match.
About the Bank Reconciliation reports
The Bank Reconciliation report pack groups together 3 reports into one pack:
- Bank Reconciliation Summary
- Bank Statement
- Statement expections
Run the Bank Reconcilition report pack to check if your actual bank balance and the balance of the bank account in Xero match. If the balances don't match use the report pack to identify and fixt the error.
TIP
PSC recommends that at a minimum, you review the reconciliation summary report monthly, to ensure your Xero balances match your actual statement balance. The more frequently you run this report, the easier you will be able to identify and correct any errors, ensuring accurate cash management.
Bank Reconciliation Summary Report
ABOUT THE REPORT
The Bank Reconciliation Summary report is broken up into sections to show how your bank balances in Xero are calculated as at the report date.
- The report date is the last day of the pack date range (eg. last day of the month)
- If your reconciliation and transactions are up-to-date (as at report date), your Balance in Xero, Statement balance (calculated) and the balance in your online banking for that day should match.
- You can enter the balance from your online banking on the report to compare it to the balances in Xero
| Total | Description |
|---|---|
| Balance in Xero | The sum of all bank transactions entered for the bank account dated on the report date or earlier. |
| Total Outstanding Payments/Receipts | Transactions entered into Xero but not reconciled as at the report date. |
| Total Unreconciled Statement Lines | Statement lines imported for the bank account but not reconciled as at the report date. |
| Statement balance (calculated) | The sum of all imported bank statements as at the report date for the bank account in Xero. The balance isn’t taken from your online bank balance, it's calculated using the bank statement lines in Xero. |
| Bank statement ending balance | The balance you entered at the top of the report, under Bank statement ending balance. This should be the balance in your online banking as at the report date. |
| Imported Statement Balance | Displays the end balance of the statement imported on the report date. If no statement was imported on the report date, Xero displays the end balance of the most recently imported statement. Not all banks import end balances. To hide the balance, click More at the top of your report, then clear the Imported Statement Balance checkbox. |
| Calculated balance out by | The difference between the Bank statement ending balance you entered at the top of the report and the Statement balance (calculated). If you didn’t enter a balance, the Calculated balance out by amount is the difference between the Imported Statement Balance and the Statement balance (calculated). |
Bank Statement Report
The Bank Statement report lists a bank account's statement lines for the date range. The report will also provide you with details such as whether the statement line has been reconciled.
Statement Exception report
If your online bank acount balance doesn't matech the balance showing in Xero, run the Statement Ecceptions report to check for anomalies. The report shows:
- Statement lines created by a user marking a transaction as reconciled
- Deleted statement lines
- All statement lines that Xero has identified as protential duplicateds, and whether they have been deleted or not
Run the reconciliation reports
- Navigate to bank account on dashboard
- Click on the ellipsis and select Reconciliation Repot
- Under Contents select the report you want
- Enter Pack date range (note: if running reconcilaiton summary report select the last day of the period)
- Click update
