Any Xero Experts?

[Sy1441]

Paid our commercial rent to our new property managing agents on the 29th of January, all went through fine it seemed from our bank (HSBC) and the transaction appeared in Xero and I reconciled it.

HSBC then placed a fraud alert on the transaction and reversed it.

I then made the payment again on the following Monday.

I've unreconciled the first transaction in Xero and reconciled the second one however the first one is still showing and its now showing the incorrect balance of the account in the summary screen.

Any ideas?

[48k]

Sy1441 said:

Paid our commercial rent to our new property managing agents on the 29th of January, all went through fine it seemed from our bank (HSBC) and the transaction appeared in Xero and I reconciled it.

HSBC then placed a fraud alert on the transaction and reversed it.

I then made the payment again on the following Monday.

I've unreconciled the first transaction in Xero and reconciled the second one however the first one is still showing and its now showing the incorrect balance of the account in the summary screen.

Any ideas?

Go in to the bank account in Xero, click on the Bank Statements tab, click the checkbox at the beginning of the row of the original transaction and click the delete button to delete it.

[Sy1441]

48k said:

Go in to the bank account in Xero, click on the Bank Statements tab, click the checkbox at the beginning of the row of the original transaction and click the delete button to delete it.

Brilliant, done that then was able to remove them from the reconciliation page and it looks spot on now.

Simon

[Sy1441]

Another noob question, I do have an accountant but I like to try and understand things myself.

My Xero balance is different from my bank balance by £800, want to try and resolve this. Have a years worth of transactions, best course of action?

[DaveH23]

I'm not familiar with Xero but deal with other accounting systems.

Whilst deleting the entry will keep the balance correct what you should do is post the reversal as well so your account in Xero is the same as your bank. i.e Payment > reversal > payment.

For the balances being different you just need to reconcile it and understand why. Common reasons are:
Transaction missing
Wrong dates
wrong amount
something entered twice
Incorrect opening/closing balance

You can either reconcile it properly and correct it retrospectively or post an adjustment/write off the difference. My advice would be to reconcile it and correct it.

[Doofus]

Sy1441 said:

Another noob question, I do have an accountant but I like to try and understand things myself.

My Xero balance is different from my bank balance by £800, want to try and resolve this. Have a years worth of transactions, best course of action?

As above, look at the Bank Statement tab and the Account Transactions tab, and invetigate anything Not Reconciled.

An unreconciled item in the Bank Statements tab needs a corresponding transaction, because it's come from your bank statements (although Xero does occasionally duplicate statement imports.)

An unreconciled item in the Account Transactions tab means you've told Xero that something has gone through the bank but the statement doesn't reflect that. It could be as simple as deleting the transaction.

Make sure that what Xero says is your bank balance is actually your bank balance. Once you know that's correct, it's relatively simple to find the items which are incorrect.

[48k]

Sy1441 said:

Another noob question, I do have an accountant but I like to try and understand things myself.

My Xero balance is different from my bank balance by £800, want to try and resolve this. Have a years worth of transactions, best course of action?

Check that each transaction is reconciled, per the advice above.

Then check that the conversion balance for the account from the beginning of your financial year in Xero matches the figure in the closing balance on your bank statement on the last day of your previous financial year.