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Bank rec not balancing on Xero

How to enter a transaction to balance up bank rec against actual bank

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The bank rec on Xero is £299.70 less than the actual bank; meaning, in this instance, more payments have gone out of Xero than the bank; this was caused somehow by duplicate items on receipt bank being posted.  After 4 hours looking for them i cannot locate the error as client has multiple same transactions to same companies; can anyone help with how to post a transaction to balance this up?  Xero support offered Xero help! 

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23rd Feb 2019 23:00

Until you know where the difference lies no-one can tell you what entries to post to achieve a reconciliation.

If you have given up looking and just want to lose the difference just credit it somewhere.

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24th Feb 2019 00:01

Do you have any unreconciled bank transactions? I don't mean statement lines waiting to be tagged, I mean if you go to the bank and click 'transactions' then sort by the right hand side column, any unreconciled postings should float to the top.

Other than that, I would find the last point where the bank agreed and follow it through in order to find the difference.

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to Manchester_man
24th Feb 2019 13:32

Manchester_man wrote:

Do you have any unreconciled bank transactions? I don't mean statement lines waiting to be tagged, I mean if you go to the bank and click 'transactions' then sort by the right hand side column, any unreconciled postings should float to the top.

@OP If this doesn’t resolve it and you genuinely can’t find the error, click on the drop down top right of the list of transactions (?options?), and select ‘receive money’, then enter the £299.70, crediting whatever you want. Once you’ve saved that, you need to go back into the transactions and ‘mark as reconciled’ (options drop down).

Run a reconciliation report and it should all balance with no reconciling items.

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By frankfx
24th Feb 2019 01:13

Your dedication is admirable, or is it?

Discrepancies occur.

So long as the diagnosis is sound , then the remedy should be fit for purpose and efficient, time and money wise.

Acid test : How much will client pay you for the hours of effort? Would you feel comfortable informing the client that hours were dissipated in this way.

Imagine you were an employee of client. You identify the £297 error. Is employer likely to provide a blank cheque on time and salary to resolve the error?

Perhaps the same time expended on added value services would have yielded a better outcome .

The above analysis may seem harsh but you know it is makes sense.

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25th Feb 2019 22:35

You can do a bank exceptions report. Depending on what the proboem is, that sometimes shows the difference.

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