Xero has launched the "Reconcile Period" feature, designed to streamline banking by allowing users to easily compare their bank statements to their Xero accounting transactions. The new feature is available to U.S. and Canadian Xero customers.
The new "Reconcile Period" feature serves as a pivotal step in identifying discrepancies that might exist between your bank statement and the corresponding bank account within Xero.
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The feature will help easily verify the accuracy of your financial data and quickly detect any errors or missing entries for correction because it enables you to easily compare your bank statement to your Xero accounting transactions.
With "Reconcile Period" you can:
- define a specific date range period and balance for bank statement statement line comparison;
- spot missing, duplicate or incorrect transactions;
- confirm completion and accuracy of your reconciliation by saving the specified period when it balances;
- protect your Xero transactions for the specified period from being changed; and
- create a reconciliation report as a permanent record.
This new offering doesn't change the ability to categorize and match bank transactions with your Xero bank account on an "as you go" basis. You can still use the same real-time bank reconciliation workflow if you prefer. The new "Reconcile Period" simply gives you another option for how you manage and reconcile your bank accounts within Xero.
For more information, check out this Xero Blog feature.