Xero Bank Accounts - How to Reconcile Invoices, Bills, Spend and Receive Money Transactions in Xero

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In this video you will learn how to do bank reconciliations for invoices, bills, spend money and receive money transactions in Xero.
Timestamps:
00:00 How to Reconcile Invoices, Bills, Spend and Receive Money Transactions Xero Bank Accounts
01:17 How to Reconcile Invoices
07:45 How to Reconcile Bills
10:58 How to Reconcile Spend Money Transactions
16:11 How to Reconcile Receive Money Transactions

[@TheBookkeepingChannel]

✅ Grab a copy of our FREE Xero Setup Guide right here: bit.ly/4d1yCLq 👉 Master Xero without getting stuck with The Ultimate Xero Course for Australia: bit.ly/4e4MghD ►► Do you wish you could get step-by-step instructions for setting up and using Xero quickly and easily? ►► Do you want clear explanations in plain English with all the information in one place? ►► Do you want to feel confident that you’re doing it right? 🚀 Then check out the step-by-step program for business owners to master Xero without getting stuck: bit.ly/4e4MghD

[@XeroTipsandTricks]

Mark, pin your comments to the top so people will see this and you can get more sales. Just a friendly viewer wanting to help.

[@ua-freedom]

This is better than original Xero videos. Thank you for a straightforward explanation!

[@quickwire80]

Have to say, Mark does explain things in exactly the level of detail (quite a lot) that I need for this kind of thing. Thanks for the great content, Mark.

[@hermerabarquez1205]

Hello Mark, you deliver in concise but exact detail to be understood well. Very much appreciated. Thank you.

[@sulavadhikari8728]

Awesome Content. Thank you so much for your great way of explaining things on detail. looking forward seeing more of your videos.

[@WoolyJumper5]

Thanks Mark, you made this much easier than i was expecting.

[@kirisurei724]

You're literally a life saver. Thank you Mark! I hope you are safe.

[@TheBookkeepingChannel]

Happy to help

[@michaeljantapia1267]

best step by step process on how to do things. Thank you so much

[@BelindaJohnstone]

Struggling for weeks until I found your video. Thank you!

[@TheBookkeepingChannel]

You're so welcome!

[@evekahukiwa5769]

Awesome bro! Thankyou.

[@gregeisenman9164]

Thank you so much for the awesome videos! Looking to reconcile Credit Card Statement, would you mind explaining or making a video? Best Regards...

[@karlyvlogs3791]

I learned a lot. Thanks for sharing!

[@TheBookkeepingChannel]

Welcome!

[@linzhang4881]

Great video. Can't wait to learn more :)

[@TheBookkeepingChannel]

More to come!

[@generosobelando563]

Thanks for this video tutorial sir Mark . Looking forward to learn more . Keep safe always Your new subscriber🙏

[@TheBookkeepingChannel]

Thanks!

[@lorenaesposito2360]

Thank you SOOOOO much! So helpful!!!!! Grazie!

[@TheBookkeepingChannel]

You're welcome!

[@normanocampo4466]

Thank you, Mark, I just finished my Xero bookkeeping in your Udemy class, and I just refreshing my memory here on your You Tube account, G Day, Mate

[@TheBookkeepingChannel]

Glad it was helpful!

[@qureshgohria]

Amazing! very well and detailed explanation

[@TheBookkeepingChannel]

Thank you for the nice feedback!

[@MuhammadAli-zv8mh]

Very helpful thanks

[@Learned333]

Excellent video. However I'm still looking for a Xero guide on inventory purchases, and cost of goods sold for a physical goods business.

[@jizellemontilla6235]

Thank youu for making videos. ❤

[@TheBookkeepingChannel]

You are welcome!

[@janetang40]

Great! Thanks!

[@sadeghsehat666]

Thank you, it was so helpful, I just have a question, I've recieved a proforma out of XERO platfrom, I did pay invoice manually without Reconciliation anything, I just did it and it's not same as yours to do Reconciliation, and the money did not arrived yet. What should I do anymore? How can I track it? And also I just have the company information and IBAN number . Thank you so much for helping

[@poonamtambe6605]

Helpful things explained very well its useful

[@TheBookkeepingChannel]

Glad you think so!

[@kevinneilcrook837]

thanks mate! very helpful

[@TheBookkeepingChannel]

No problem!

[@YourLocalHandyman]

Do you have a video which would explain how to reconciliate payments back to a credit card or multiple credit cards for purchases that were made using a credit card for business purposes? IE: monthly subscriptions.

[@shirshahlashkari9636]

Thanks it was helpful

[@TheBookkeepingChannel]

Glad it helped

[@arnold-sb8lj]

Really helpful. follower from Manila

[@TheBookkeepingChannel]

Thanks for following!

[@waisg2665]

amazing you made it easy.

[@TheBookkeepingChannel]

Thank you! 😊

[@fathyyahia8893]

thank you so much its great explanation

[@JosieHess]

Thank you

[@TheBookkeepingChannel]

You're welcome

[@jennygrahek5840]

These videos are so helpful. I have been watching for hours and have learnt so much. Can you please tell me what you do if you have spent money from another account not linked to xero on a business item ie say stationary, and you want to enter it an get the money reimbursed to other account. Do you create a bill (as you have the receipt) and then pay the other account? or do something else?

[@TheBookkeepingChannel]

Thanks for your kind words! Well, you could reimburse via payroll if an employee paid the expense. You could put through an expense claim if appropriate. Or you could journal it to some kind of owner's equity account if an owner paid the expense. So there are a few options depending on the exact situation.

[@Sumbula89]

Hi Mark, great video. Silly question near the 2:12 time stamp in the video, why is it safe to hit ok to reconcile button even when the status of actual invoice was 'awaiting payment'?

[@shwetasingh8704]

Hey mark how do reconcile receipts from supermarkets in my bank feed. I tuna cafe and often buy stuff from supermarkets thanks.

[@lutingfei7440]

Hi Mark, you video has been extremely useful. Thank you. Our business account shows some items that may be not business related (eg:grocery shopping on the way home). How do I reconcile and clear these out of Xero or is this info on another video?

[@TheBookkeepingChannel]

You wouldn't clear them out of Xero because they need to stay in the bank feed. You'll need to reconcile the transactions to an account such as Owner Drawings rather than to a business expense account.

[@sarasalarnia]

would you please guide me how to create debit note and assign to the invoice

[@rorymcgahan676]

Hi Mark, thanks so much for the video, it's extremely helpful. I'm wondering what happens after you've assigned a spend money transaction to the customer? When I find that customer in contacts, it doesn't show anywhere how much as been assigned. I also have corresponding reimbursements from that same customer for the reciprocal amount - do I need to connect the related spend and receive money transactions in some way?

[@TheBookkeepingChannel]

It should be in that customer. There's no need to connect the reimbursements. They are separate transactions.

[@johndeb8620]

thanks

[@grameenagro8342]

Sir if you have another video regarding reconciliation please provide so that we can get help. Thanks

[@TheBookkeepingChannel]

Is there something in particular you want to learn?

[@grameenagro8342]

@@TheBookkeepingChannel Sir bank reconciliation is very important work for xero. Because bank reconciliation update than accounts report update. I want to know advance knowledge regarding bank reconciliation. Sir i would like to work as a cloud accountant by xero. Thanks for your cooperation.

[@CEOako]

Hi, can you share to me on how to set up region on invoice?

[@TheBookkeepingChannel]

You need to set up Tracking Categories first.

[@MaryLouBurgos]

hi mark just wanna ask where did you get that invoices did the client sent his receipts for u to enter it in xero?

[@Learned333]

These were all demo transactions created by Xero, so it is not real.

[@elissiclashes9546]

Hello mark love your videos. Just wondering though what is excatly receive money for. is it business related because it similar to account receivables so its a bit confusing

[@TheBookkeepingChannel]

Receive Money is for when you get paid for something but you haven't got an invoice to match it to. Like bank interest or dividend income. So it has nothing to do with accounts receivable, which is for invoices. Hope this helps!

[@madzf4726]

If i upload bank statement and need to reconcile in the 'received money' do i need to create a new transaction? Thanks

[@TheBookkeepingChannel]

Yes that's right

[@user-ro1tp5oi4z]

Hi I'm hoping you can help me, I paid for something using my card, I have since been reimbursed back but in two transactions how do I match these three transactions together?

[@TheBookkeepingChannel]

You can post the opposite entry to the first one where you spent the money. Or you could post both entries to a suspense account so they cancel each other out.

[@cventixco8038]

Hi, I received 2 small amounts from Paypal to verify my account, how can I reconcile them? what kind of receiving they are?

[@TheBookkeepingChannel]

Reconcile them to a PayPal fees account.

[@frahmarielibag3118]

Hello, Mark! Please help me with this. In bank reconciliation with Tide account, if I create a transaction, what account should I choose for these items under Spent: 1. referrals; 2. reference (monthly); 3.guest talk?

[@TheBookkeepingChannel]

Sorry I'm afraid I'm not familiar with Tide accounts.

[@djliptone]

How to reconcile income from the Paypal? I created the invoice first then client paid by Paypal so I reconcile the Paypal income to my invoice and it is all good. Then when I want to transfer this money from the Paypal to my business bank account I have it shown as an extra income on the bank account and I can't match it with anything plus it looks like I made double income- one from Paypal that I just reconciled and another extra for bank account. Any ideas how to solve it?

[@TheBookkeepingChannel]

When you transfer the income from PayPal to your bank account you need to reconcile it as a Transfer, not as Received Money. That way it won't be counted as income for a second time.

[@djliptone]

@@TheBookkeepingChannel thank you- makes sense

[@annmarjorieabad922]

Can we still reconcile even if the period is locked?

[@TheBookkeepingChannel]

Nope

[@chaunguyen8558]

Hi Is anyone living in Perth can help me how to to accounting on Xero please give me contacts thanks