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Before you start your bank reconciliation

Tasks you need to do before you can start reconciling

Add your bank account in Xero

Add a bank account

Import account transactions from your bank

Get account transactions from your bank into Xero by importing them. You can set up a bank feed so they're imported automatically, or you can import them manually.

A bank statement line is the term we use for each account transaction imported from your bank.

Bank feeds

Bank statement imports

Enter essential transactions in Xero

Enter optional transactions to make bank reconciliation matching easier

How you know when to reconcile

Look for a Reconcile [number] items button on the Bank Accounts screen or the Dashboard in Xero. You'll see this reconciliation button whenever transactions are imported from your bank account into Xero ready for you to reconcile.

How Xero helps you reconcile

Xero follows these steps, in this order, to help you reconcile.

  1. Xero tries to match

    Xero automatically matches imported bank transactions with transactions entered in Xero.

  2. Xero looks for rules set up

    If Xero can't make a match, but can match a condition of a bank rule you've set up, Xero suggests creating a transaction. The suggested transaction contains all the details of the bank rule.

    Bank rules

  3. Xero makes a suggestion

    If there is no match or bank rule to apply, and you have turned on Suggest previous entries, Xero suggests creating a transaction. The suggestion is based on a previously reconciled transaction with similar details. Xero suggests the Who, What, and Why, so the transaction is ready to reconcile.

You'll need to review each match or suggestion to make sure it's correct. If Xero doesn't make a match or a suggestion, or has made an incorrect match or suggestion, you can search for or create a transaction.

 

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