Xero have recognised an issue that can arise from time to time in the Xero Bank Reconciliation. So to help users identify and understand whether or not they have been affected, they have made a minor (but significant) change.
When all the statement lines have been reconciled, a message will now appear explaining that the statement balance in Xero may not match the bank account balance, and that it’s a good idea to cross-check the two to make sure they match up.
The message is to remind all users of Xero that the statement balance isn’t a live account balance from your bank, but is calculated using the data already in Xero from the start (i.e. conversion balance) and any daily imported statement lines. Sometimes, data can be duplicated or even omitted altogether and this can throw the balance out, so it’s worth checking!
If there is a difference between the statement balance in Xero and the bank account balance, you’ll have to track it down and correct – something we’ve done on a number of occasions
Accware Limited is a Xero Partner and we provide a full accounting and support service to a wide range of SME’s using Xero and other Cloud software .