Complete Guide to do Bank Reconciliation in Fincon

I’ll show you the easiest way to get into and learn the reconciliation system. So from our main dashboard here as usual on the left-hand side.

You can see the bank reconciliation set up. So in this case, we’ve got the business bank account that has 50 items name to reconciled you get the balance in zero currently based on what we’ve reconciled and the last statement balance sent through from the bank on the 23rd of July. We would stress that it’s always important to reconcile to the actual bank statement. Even if you only do it every second or third time you reconcile the bank account. It’s a good way to Quality check and ensure that no Phantom transactions have come through and zero or triplicates. If you’ve reconciled both cut it will look like this one. Yeah, we can see the last time was reconciled. It matches the start.

The other way you can get to this screen and it’s quite popular under accounts and bank accounts. This will give you the drop-down for each and once again, you can hit reconcile and it will bring you into the screen. So let’s go in and have a look. So I’m just going to click on reconcile.

Now Xero’s bank reconciliation screen is quite similar to to be our and the left-hand side is a bank statement transaction and the right-hand side is what we have matching it with or creating in zero. So once again left-hand side is from the bank. So generally speaking. This is Africa and touches it.

The right-hand side is the transactions in 0 either something we’re matching to we’ve already created all of those go in and create a transaction to match the bank. Perfect. So let’s go through a few options you get in zero to do. So so along the right-hand side here, you can see we’ve got the neck to create transfer and discuss. The first one we’re going to look at is of course a match. Now a good example here. On the 24th of April, we’ve got a Qantas transaction here $218 92 can say it under the spent column and over here. We have two hundred eighteen dollars 90 spent from the bank account the reference big point of this trip. So pretty safely we can issue. Okay. This is corrupt clicking. OK will then wrapping style that transaction. So simple as that if there’s a match in the system, it will find it for you and it will recommend it. Now. Let’s find another example here in some cases. You’ll have more than one match for the same amount. So you then just have to use basic common sense and a bit of research to make sure that you select the right one. So for example here I’ve got a Melrose Parking Services Limited transaction hundred 4850 has been spent and the transaction it’s matching it to is familiar has parking. It is 440 at 15. However, it’s on the 23rd of April that’s been entered in for and the transaction with the bank is a bit later on the first of May.

So just to double-check you can click on one of the matches.
Action is very simple up the top here. You can click on the card transactions. You can do a search for any transaction. Yeah. So first thing you want to do is look at the reconciled accounts and go. Okay. Here we go. There’s the one for Melrose parking if you made a mistake, you can click on that transaction and click remove and redo what that will do is unreconciled the transaction and leave. With the bank statement line, you have on the left-hand side. So you’ll need to redo the right-hand side. Another way you can find transactions so pure. Entering the description of the contact name enter an exact amount to look for. So without Melrose. We had a hundred 4850. So if you do a search for it that way it’s going to bring it up for me. You can see and you can view the status. So let’s go back to the reconciliation screen. Yeah, the top left with now about 48 to reference hours. We’ve got two of them down. Now the next step is to create two, very simple ones. This is very common. When you have transactions you need to deal with on the spot perhaps you don’t have it in the bank can already create will organize a spend money.

You can deposit under the received column here. And you do we create then it will create a receive money. So generally speaking if the transaction has an invoice like a problem bill from a supplier or your invoice the client with all the detail you would enter that in 0 fast so you could then match it here if it’s a simple transaction that you haven’t set up something for Anna Mae. Sphere withdraw or deposit feel free to use the create tab to use spend money or save money. So for this one here, the solution is the supplier or customers. So knob. – Hannah’s system what account well that’s dependent on the transaction so you can see here. It’s a bank fee. So let’s have a look for bank failures that we’ve got one and why we can just say that now the next thing you do is pick the GST code. It’s defaulting to GST free in this case being a bank fee with going to adapt to input taxed. Once that’s done. We simply click OK and we’ve reconciled that transaction. You’ll see now we have 47 up here on the top left. Okay. So the next one is transferring. It’s pretty straightforward first valued only use if it’s an internal transfer from one bank account to another so you can see here. You had a few bank accounts in this demo file for the credit card another one under my name and the main business. And the business savings account along with the one I’m using right now. It’s a business bank account. So let’s say there’s a hundred twenty-five. Ninety was a transfer to another bank. You can go to the transfer tab. Drop that down and select an account that will create a bank transfer once You hit OK for that date and then the other bank account it will have created a transfer of money being received for that day. So that way you can win this match the transfer when it comes up. And so that’s the transfers for internal transfers between business bank accounts credit cards Etc.

The next tab we want to have a look at is discussed. This is handy. We don’t want to be a pro. So make sure you pay attention here. So let’s go down to the transaction. Let’s just say we have no idea what bronze medals are we click on the discuss Tab and we could write please provide safe.

You can hit save here on the left-hand side or you can hit control s and it will save that for me. What that means is when someone else comes into this screams, let’s go from the main screen again.

Reconcile When they go down to that transactions, they will suit under the discussed out there and it can use that to give you information and tire give quieter.

 

Leave a Reply

Your email address will not be published. Required fields are marked *