XERO Basics - a simple guide for beginners

[@Digitalguide-c5y]

Cool video.. a client hired me to do clean up his xero.. I have finished reconciliation but statement is negative.. ($600) should I be worried... I have checked everything 😢😢😢😢😢😢 please help

[@xeroguru]

It’s hard to really say without a close look. But here are some things I would check (if you haven’t already): 1) the opening bank balance entered in Xero. Are you confident that’s correct? 2) if you’re able to determine when the bank got out of balance, you can narrow down your search for the following: 3) duplicate bank transactions (unlikely but can happen if anyone has manually entered and reconciled bank transactions 4) duplicate account transactions - So check opening balances on the Conversion Balances screen; - Run the Statement Exceptions report for anything unusual (deleted statement lines, manually created statement lines) - look at the account transaction tab from the bank account menu. Are all transactions reconciled? If there are any unreconciled? Are any of these duplicates? - bank reconciliation report - any outstanding payments or receipts? - is the client using bank feeds? If so when did these start, and we’re bank transactions correctly before bank feeds started. (If client was manually importing transactions, and then bank feeds started, that’s a time that duplications could arise (if client imports transactions that are also included in first bank feeds) (I’m assuming that the client’s account shouldn’t be overdrawn?) Those are some of the obvious things to check. It’s difficult to know what the issue is without proper investigation, but hopefully that helps a little.