I have been helping a client this week with checking through his bank statements for October to December last year. Xero had some glitches which caused transactions to be duplicated and sometimes even triplicated in the bank feed ...
If you are struggling to get your bank account correct maybe a handholding session would be a great idea?
This has proved a nightmare to spot and sort out when they can have multiple similar transactions on one day, so let me guide you through some of the techniques I used to help.
The issue with this particular client is they match transactions on their bank feed as and when they have a few moments so they didn't spot the duplications and created duplicate bank transactions in their systems too!
Firstly, regularly use the Reconciliation Report to check your bank balance in Xero matches your statement balance; the, button is top right when you are looking at the bank account. If the Xero balance matches the statement balance matches your paper statement then you are OK and the bank feed has no glitches.
"If it doesn't then that is where the fun starts!"
You can enter whatever date you like on the reconciliation report, so I start with a date at the end of the period I have been working on - for example, the 31st of December - and if the balances do not match at this point then go back in time in jumps until you find the last time your bank balances matched. In the case of this client, I went back to the 4th of October which is where the duplications started.
Then within the bank reconciliation report, you can click on the 'BANK STATEMENT' tab and just put one date on there. I did 4th October to 4th October so I could then compare the transactions imported with my paper statement and spot the duplications. If you then go to the Bank Statement page next to the reconcile area you can delete the duplications.
I then had to go to the account transactions page and delete the duplicated bank payments which had been duplicated on these dates as the transactions I deleted had already been reconciled. That then corrected the bank so the balance at the end of the day was correct.
The issue I had with this particular client was I had some transactions which had been duplicated on different days! So, there were card transactions on the 4th and 6th of October for the same purchase which did take me a while to spot.
If you are struggling to get your bank account correct and you need some support then why not arrange a handholding session with me and I can help you spot the issues?
Until next time ...
Would you like to know more?
If anything I've written in this blog post resonates with you and you're struggling with your own Xero bank feeds, it may be a great idea to give me a call on 01604 217365 and let's see how I can help you.
Alison loves bookkeeping and supporting bookkeepers. She has been helping clients to be better bookkeepers in Sage 50 for over 24 years and has been Xero Accredited in accounts and payroll for a number of years too.
She specialises in a very unique hand-holding method of training, helping bookkeepers and business owners to use their accounts software as and when they need support in setting up and producing their invoices, reports and financial information.
Alison combines her role at Silicon Bullet with her Forever Living network marketing businesses and is often to be seen at business networking meetings as she likes to keep busy.
You know what they say: if you want something done well ask a busy person!
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