3 Easy Ways to Master Xero Reconciliation and Avoid Tax Headaches
3 Easy Ways to Master Xero Reconciliation and Avoid Tax Headaches From working with our current clients, below we have come up with the 3 most common complaints our clients have faced when it comes to reconciling transactions in Xero that may have affected their bottom line. 1. Create or Transfer? 🤔 When we go in to our Xero and see the blue tab that states 'Reconcile 100 items', we need to recognise are we creating the transaction to be reconciliated or are we transferring to another bank account? This is where our balancing in Xero can come unstuck or worse, coded wrong and can be costly when it comes to tax time. If you have transferred from one bank account to another and both bank accounts are in Xero, make sure you use the transfer tab in Xero to reconcile the transaction and transfer to the correct bank account in Xero. 2. Bank Feed or Import Statement? 🤔 With your bank accounts in Xero do they all have a Bank Feed or do some of them need to have statements imp