Xero - beautiful accounting software

Xero Business Community

Xero Business Community

Hi everyone, Come on over to the new discussions in Xero Central. It’s a more intuitive way to connect and chat all things business with one another. Ask questions, dish out answers, and get involved.

You can still view topics in the Xero Business Community to see all the useful knowledge that’s been shared there; and you can restart conversations you feel have been of huge value to you on Xero Central.

If you have brilliant ideas for innovations, you can keep on adding feature requests in the Xero Business Community, and voting on existing requests. There’s more in store, as we come up with the best way to take on your thoughts and share developments
Community > Using Xero >

Xero balances aren't right or don't equal my bank statement balance

Started by Carl Meyer -   in Using Xero

I reconciled some eftpos payments to sales only to discover days later that the eftpos amounts included customer payments which should have been reconciled to accounts payable.
I then unreconciled the eftpos payments and reallocated to the accounts payables and the remainder of each eftpos transaction I reconciled to sales. This has now thrown the balancing out. How do I get back to a Xero balance equalling the bank statement balance?

---
If this example doesn't seem quite right for your scenario please skim down through this thread - there are many other questions (and responses) merged here now around how to get bank balances right and how to understand why your bank balance and balance in Xero might not match. Just trying to keep all discussion on the same topic in the same thread! Thanks, Catherine
Official Xero Reply
This is quite a common issue, so I'm coming back to this thread to add some clear info here :)

Why your statement balance and balance in Xero may be different:

Please take a look at this Help Centre page - it will step-by-step guide you on finding the problem, and how to sort. Start with the video, then read on for more information. This page also has info on how to troubleshoot.

Why Opening and Closing Balances may not be displayed on your bank statement:

Opening and Closing Balances on bank statements usually only show when you’ve got Bank Feeds (although some manual OFX files allow for this).

These balances aren’t used anywhere else in Xero, apart from when running the Bank Reconciliation report on a date where an End Balance has been imported - as an extra check that your balances match.

How to bring in Opening balances from old software:

Conversion Balances are where these are entered. This is instead of importing each 'old' transaction line into Xero. Make sure once they're entered, you press Save :)

Still stuck?

Let Support know your issue - it helps if you also invite them into your organisation so they can investigate.

This is important to all get correct - so do shout out if you need help.
 

Brittany H (Community Manager)