Nov 1 / Victoria Grimshaw

Three Things You Should Check In Your Xero Regularly

One of the things we hear about when people start using Xero is how easy it is to use initially, and then people realise they haven’t been doing things correctly and have dug themselves holes they have to pay their accountant to fix.  

This is what we’d recommend you look at regularly in Xero:

1.Check that the Statement Balance figure matches the amount in your online banking for the previous day. If it doesn’t, this can indicate problems with your set up, or problems with your feed connection, that need to be fixed.

2. After completing your Bank Reconciliation, check that your Statement Balance and Balance in Xero match. If they don’t (as in the screenshot below), this can indicate a problem which can affect your tax returns and reports.  
3. Check the Awaiting Payment tab in the Sales Invoices screen. If you see invoices listed there that you know have been paid, this indicates a reconciliation problem that needs to be fixed. All invoices you create need to be reconciled to the correct bank statement line(s). 

These are fundamental checks that will help keep your accounts clean and tidy.

Doing your accounts right will help you save a lot of time, money and frustration down the track . Check out our range of online courses to see how we can help with that.