Year End
Financial Statements Year-end Tip #4 - Bank Reconciliations.
Please review the bank reconciliation and file a PDF copy with your bank statements to show that your accounts are complete.
We understand that you are using bank feeds. Surprisingly, the most common errors we find with coding bank feeds are:
Unreconciled statement lines in Xero.
Duplicate transactions due to bank feed errors.
Transactions allocated and matched to another period.
Transfers are recorded as income or coded to a suspense account.
For your convenience, both MYOB and Xero have provided short videos on their bank reconciliations. These resources are designed to support you in your financial tasks.
Bonus tip: Suppose you are registered for goods and services tax on a cash basis and have reviewed the bank reconciliation. Then, errors can only result from coding transactions rather than the completeness of the accounts.
