![]() ![]() ![]() If you prefer to have someone handle the bookkeeping tasks for you, ask us about our monthly bookkeeping packages. Need help fixing Xero bookkeeping mistakes?ĭon’t feel embarassed about contacting us for assistance. Then go to the second bank account reconciliation screen and match the Xero created transfer transaction. To avoid this issue, record the transfer in one bank account. If this is not corrected, Xero will have the wrong bank balance. there is a doubling up or duplicate transaction. When recording a transfer between two bank accounts, business owners tend to code it as a transfer in both accounts, which results in unreconciled transactions in both, ie. 3: Making transfers between two bank accounts twice. Click ‘Match’ instead of ‘Create’ and then match the bill to the payment.Įrror No. This will result in the expense being recorded twice while the Bill sits in Accounts Payables as an unpaid invoice. 2: Creating a new spend money transaction instead of matching a payment in the bank feed to the Bill. Always select ‘ Remove and Redo’ to clear the reconciled line and the transaction.Įrror No. This can cause doubled up transactions in your final bank reconciliation. The coded transaction sits in the bank account as an unreconciled item. When correcting a reconciled bank transaction, selecting ‘unreconcile’ doesn’t reverse the error. 1: Using ‘Unreconcile’ when you’ve made a error. Here are 3 common bookkeeping mistakes in Xero.Įrror No. Yes, you do have to connect bank feeds for every single account and that includes Paypal, TransferWise, credit card account and loan accounts. 3: Not arranging for bank feeds for every single business bank account. Xero Files, HubDoc and Expense Claims are some of the functions in Xero that you can use to manage receipts.Įrror No. 2: Not keeping a copy of receipts or using all the tools available in Xero and HubDoc to manage expense receipts. This is one reason why ‘General Expenses’ are high as business owners use this code to avoid creating a new code in the Chart of Accounts.)Įrror No. 1: Not customising the standard Chart of Accounts in Xero to suit your needs. There are huge amounts recorded as ‘General Expenses’.Įrror No.PAYG withholding payable does not match with the figures in the Business Activity Statement.GST payable/receivable does not match with the figures in the Business Activity Statement.There are balances in clearing accounts or suspense accounts and you have no idea what they are.Receivables don’t match what you think you are owed as some sales invoices are shown as paid but you know your customers have not paid, or vice versa.Payables don’t match what you think you actually owe as some bills that have been paid are still showing up as being unpaid.There are transactions listed as ‘user’ instead of ‘bank feed’ in the Xero bank transactions.Bank balance in Xero does not match with your bank statement.Here are 8 signs that you have made bookkeeping mistakes in Xero. ![]()
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