Thursday, February 22, 2024

How to reconcile in Xero?

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Since November 6, 2024, Receipt-AI has been available for One-Click Reconciliation in Xero.

Before November 6, 2024:

This guide will help you reconcile bank transactions (Expenses) in Xero from your laptop or computer. 'Expenses' refer to the costs and money spent on managing your business. There are two steps:

1. Categorize Transaction

2. Attach Receipt

If you are using Xero mobile app:

Learn more: How to reconcile in Xero app

If you are using Xero website:

Step 1: Categorize Transaction

1. Click 'Dashboard' -> 'Reconcile xx items'

How to reconcile in Xero: Login to your Xero account, go to dashboard, and then select 'Reconcile xx items'

2. Select an expense transaction, type in the name of the contact(Who), and choose an account(What).

In this example, we are using a parking expense. If the contact name does not already exist, click '+ New Contact', and select 'Travel' to categorize the transaction. Click 'Add details' to continue.

* Receipt-AI includes the business purposes for your receipt when you upload them using SMS and Email. If you don't use Receipt-AI, make sure to include a description(Why) here.

How to reconcile in Xero: Select an expense of your choice, enter 'Who' (the contact name), and choose an account for 'What' (the category).

How to reconcile in Xero: In this example, we'll use 'Central City Parking' as the contact name and 'Travel' as the account/category. Click 'Add Details' to continue.

Step 2: Attach Receipt

3. Find the document icon and click + Add from file library.

How to reconcile in Xero: Locate the document icon, and click on '+ Add from file library' to find the receipt.

4. Use Receipt-AI to upload receipts to your Xero account using SMS. It renames the file for you to help you quickly find the specific receipt you need.

Select the receipt and click 'Add 1 file'.

How to reconcile in Xero: You will see the receipt uploaded from Receipt-AI using SMS. It renames the file for you to help you quickly locate the receipt you need. Click on the receipt and then 'Add 1 file'.

5. Click Save Transaction -> Reconcile.

How to reconcile in Xero: That’s it. Simply save the transaction and click 'Reconcile' to finish categorizing the bank transaction.

Congratulations! You have successfully categorized your first bank transaction and attached a receipt to it. Well done! The process of reconciliation is aimed at monitoring your transactions and keeping your books clean. With Receipt-AI, we help you upload receipts to Xero anytime, anywhere, without the need for an internet connection. All you need is a US or Canadian phone number. Simply take a picture and text.