Bank Reconciliation

WARNING:

Bank Reconciliation is available for Xero clients only.  Please see Unreconciled Transactions which is available for QBO.

Dext Precision uses a combination of Xero’s Bank Statement Report data, bank transactions and payments to provide an interactive view across all of an organisation’s bank accounts.

The format loosely follows Xero’s Bank Reconciliation Report, distinguishing between outstanding payments, receipts and unreconciled bank statement lines.


Bank Account Summary

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Total Unreconciled

This is the total number of unreconciled transactions, outstanding payments and outstanding receipts across all bank accounts. Below the summary boxes is also a card for the full Unreconciled Impact – this card will display the difference between the Statement Balance and the Xero Balance (you can click on the card for the detail).

Net Assets

The Net Assets figure is a calculated balance of all transactions with the Account Class of ASSET minus all transactions with the Account Class of LIABILITY, up the reporting date. This figure is also available as a metric on the Client List and Practice Dashboard . Xero Account Classes are shown below:

Cash Position

The Cash Position figure is a consolidated statement balance of all bank accounts, on the reporting date set. This figure is also available as a metric on the Client List and Practice Dashboard.

TIP:

Foreign bank account balances are converted to the base currency to produce this number – use as a guideline only, where this is a factor, and see below for more info.

No. of Manual Feeds

Dext Precision detects which Bank Accounts are updated with Manual Feeds. The number of manual feeds is displayed in the summary, and those Bank Accounts will also have a small pink broken chain indicator next to their names in the cards below.

Bank accounts detected to have a working bank feed will have a small pink linked chain indicator next to their names. (You can hover over the indicator for more information.)


Bank Accounts

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Each Bank Account is contained within a card. Expanding this card displays three unreconciled categories; Outstanding Payments, Outstanding Receipts and Unreconciled Statement Lines. Expanding one of these categories allows you to see transaction-level detail in a flexible grid view. From each record, you can click straight into Xero to start the reconciliation process. The grid allows you to quickly order by the oldest records (useful if you are approaching month-end), and also see/filter/group the records that are in a “locked” period.

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Foreign Currency Bank Accounts

Dext-Precision detects when a bank account is in a different currency to the base currency of the organisation, and displays accordingly. There’s a toggle that allows you to view the reconciliation totals for a bank account in either the native currency of the bank account or the base currency of the organisation.

TIP:
Dext Precision does not have access to Xero’s exchange rates, so the base currency calculated balances for a foreign currency may not always totally match up to the report in Xero – use as a guideline only.

More about exchange rates in Xero can be found in their support documentation.


All Bank Statements

You can also hit the All Statements button at the top of the insight to work in a full sandbox-style grid with all bank statement records, not just the unreconciled ones.

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Xero guidance on bank reconciliation can be found here.