How to do a Bank Reconciliation in Xero: Banking Feeds, Match, Create, Transfer, etc.

[@SteveKing996]

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!

[@BookkeepingMaster]

Glad you like them! Thanks for watching and taking the time to comment

[@annabelgodwin4862]

Thank you for such a knowledgeable and detailed explanation. It is very kind of you to post and most definitely appreciated!

[@BookkeepingMaster]

Glad it was helpful! Thanks for watching

[@mariannecanterbury9688]

Thank you. I find your tutorials very easy to follow and look forward to watching more.

[@BookkeepingMaster]

Glad you like them!

[@bam2ri]

thank you so much for these xero tutorials. very clear and detailed.

[@BookkeepingMaster]

You're very welcome!

[@Mariduck18]

Hi Mr. BookkeepingMaster! I really appreciate this free course. Thank you so much!! :)

[@BookkeepingMaster]

You're very welcome! Thanks for watching

[@travelmood4543]

​@@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.

[@Pesaro27]

Thank you for clear and precise instructions. I wonder if you have a video of how to transfer balances from Sage Line 50 to Xero and the procedure thereafter. Thanks

[@BookkeepingMaster]

Not yet, but I'll add it to my list. Thanks for watching

[@TheSquidworm]

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!

[@BookkeepingMaster]

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.

[@TheSquidworm]

@@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!

[@leebrendalee]

It’s really called bank matching , then do bank rec after I think

[@isharjotkaur9593]

Thank you for sharing such a detailed video. Much needed.

[@BookkeepingMaster]

You are so welcome! Thanks for watching

[@ninjanifunnypetsmaevlog2172]

I'm here again. Thank you for this information it refreshed my knowledge in bank recon.

[@BookkeepingMaster]

Great to hear!

[@MrLittlejohn10]

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

[@BookkeepingMaster]

No problem. I believe you emailed me earlier this week, which I've replied to. Thanks for watching.

[@tpsuthar17]

Thank you clearly explained😍👌

[@BookkeepingMaster]

You are welcome 😊 Thanks for watching

[@sashabudhaiart1186]

Thanks for this! What about income coming in through direct payment - directly paid into your bank account and not through an invoice? Do you just use the CREATE tab?

[@BookkeepingMaster]

Yes, exactly! Well done. Thanks for watching

[@yakutselencetinalp5906]

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?

[@RachelCanny]

Hello Bookkeeping Master :-) How would I match say 10 purchase invoices from a single supplier against 1 'Spent' statement line???

[@BookkeepingMaster]

Hi. You can tick multiple invoices on the 'Match' feature. It should be straightforward. Thanks for watching.

[@mamw518]

Can you explain the double entry ?

[@nicolakirk873]

Very helpful! Thank you very much.😁

[@BookkeepingMaster]

You're welcome! Thanks for watching

[@Addicted2OILau]

I have to listen at 2x speed . Thank you for your help

[@BookkeepingMaster]

No problem. Thanks for watching

[@Darrell-h7w]

Hi Book keeping master, i have set up to many bank accounts and cannot figure out how to delete. or is there a way to reset all of xero and redo bank reconcile

[@Twinny-p8o]

Thank you!!

[@BookkeepingMaster]

You're welcome! Thanks for watching

[@bohooolol]

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?

[@BookkeepingMaster]

Yes, create or match manually. Thanks for watching

[@bohooolol]

@@BookkeepingMaster Are the ones showing up on Match, uploaded invoice in Xero?

[@ContractorEngage]

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.

[@claudetteweideman8424]

Hi I need to allocate deposit to customer account

[@PreetKaur-nt1he]

Will you please elaborate match option ?

[@BookkeepingMaster]

Thanks for the suggestion. I will do what I can.

[@ayechan8760]

I have to knock off a payment from a customer with opening Account Receivable Balance which is locked. So, how can i open the locked account code?

[@faiolatheresabesana232]

This is very helpful. Thanks

[@BookkeepingMaster]

Glad it was helpful! Thanks for watching

[@PaulsVlogs42101]

very helpful, thx

[@BookkeepingMaster]

Glad it helped!

[@Jayyy967]

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.

[@BookkeepingMaster]

The credit card might be able to be added using the bank feed. Please try.

[@Michelle-q4n9l]

Thank You !

[@BookkeepingMaster]

You bet!

[@Paige________294]

When you say the payments are matched against the invoices received, how does Xero know what invoices are received by suppliers? (Newbie here!)

[@BookkeepingMaster]

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.

[@Paige________294]

@@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?

[@charlesyeomans]

What if an invoice is paid for in 2 payments on different days. Or 1 payment is made for several invoices

[@BookkeepingMaster]

You can allocate multiple payments to the same invoice. The invoice will keep appearing until it is paid in full. Thanks for watching.

[@charlesyeomans]

@@BookkeepingMaster Okay thanks, will try it out when do a test on Xero

[@DebbyDonadillo-g3i]

Thank you❤

[@BookkeepingMaster]

Thanks for the comment and for watching

[@allyomeally-watson3285]

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

[@BookkeepingMaster]

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.