Help with Xero and bank reconciliations - please
I have just taken on a new client, who is currently using Xero. The software looks to be really good, but they didn't really understand what they were doing with the bank reconciliations. Lloyds online banking doesn't appear to be providing the feeds that they need. They have entered all entries manually, which is fine, butI can't see how you tell the software that this is a bank that is going to be reconciled manually. I am sure that the feed problems can be sorted out, but am not surewhat would happen to all of the manual entries if I upload months of bank data. If I go into the tab marked 'bank statements' there are a large amount of bank statement files with nil opening and closing balances and maybe one transaction on them. What would happen if I deleted all of these?
I think that the client has just been ticking away at all entries that match his bank statement but there has never actually been a closing balance to reconcile against.
If someone could please let me know how to reset the whole reconciliation mechanism, it would really help me.