article thumbnail

How to reconcile a bank statement

Accounting Tools

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Reconciling a bank statement involves comparing the bank's records of checking account activity with your own records of activity for the same account. To reconcile a bank statement, follow the steps noted below. If so, adjust your record of the deposit.

article thumbnail

Three payment trends accountants need to know

Xero

These patterns can then inform important decisions for you or your clients’ businesses. Manually setting up direct debits, chasing payers and reconciling payments across multiple systems is time-consuming. GoCardless customers can use PayTo directly within GoCardless and then manually enter and reconcile the payments within Xero.

XERO 252
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to reconcile accounts receivable

Accounting Tools

The two information sources for this reconciliation are noted below. To extract this information for reconciliation purposes, print the aged accounts receivable report as of the final day of the reporting period. This matching process is important, because it proves that the general ledger figure for receivables is justified.

article thumbnail

Get set up for the new tax year with Xero Payroll

Xero

Continue your regular routine of reconciling your posted pay runs by scanning through Account Transactions, Gross to Net, P32 and P11 reports. By taking some time to reconcile these reports, you’ll pick up on any irregularities in accounts or employee final payment amounts, saving you rework later in this process.

Payroll 236
article thumbnail

Five steps to a seamless payroll year end

Xero

Step two: Review and reconcile Go to payroll settings to review all the information that impacts your payroll reporting. We know that reconciling your posted pay runs is a regular task for you, but it’s always a great idea to run your eyes down reports like pay history and leave transaction reports to make sure there are no surprises.

Payroll 224
article thumbnail

Steps to ensure a seamless EOFY in Xero Payroll

Xero

Reconcile your payroll accounts After processing all pay runs for the financial year, it’s important to forensically check the accuracy of your reporting. Use the Account Transactions report to identify any transactions that may have been incorrectly reconciled against your Expense Accounts.

XERO 54
article thumbnail

Steps to perfect your payroll this EOFY

Xero

Reconcile your accounts, comparing the Payroll Activity Summary report and the General Ledger. We havet a support article available in Xero Central that provides some useful information about reviewing your payroll transactions at the end of the financial year. Take a look at these steps to finalise your information with the ATO.

Payroll 241