So I’ve logged onto Xero today and yippee, my bank feeds are activated and yesterday’s two transactions have come through automatically. Seems amazing.
This means that when I click the Reconcile Now button, I can view these transactions and choose either to import them, or to match them to an existing transaction. (I’m a little confused as to why these transactions aren’t appearing yet in my Account transactions listing but I imagine that’s because I haven’t coded them yet.)
So, driven my animal cunning, I click the Cash Coding tab and I see this screen:
All seems pretty straightforward. I choose what accounts I want to allocate these transactions to (one goes to income, the other to drawings) and then I click the Save & Reconcile button. (I’m not sure I really want to reconcile these transactions, as I’m yet to manually import all the transactions from July up until now, but there doesn’t seem to be any other options.)
I get a message saying that the second transaction has been rejected because the ‘cash coded statement line was not valid’. What a bummer. Time to get some help.
I type the error message into the ‘Ask a Question’ box in the top-right. The help responses don’t have an exact match to my error, but I do find a document that tells me that ‘all fields other than tracking and description fields (if you use them) are required’. Sounds fine, except I’m not sure what a tracking field is. Anyway, I obediently type stuff into the fields where I hadn’t entered anything and try again. Great, it works.
I go to the Bank Statement tab of the Bank Reconciliation report and it looks amazing! I guess what I like best about this report is it looks a whole lot like my actual bank statement. Also, because the transactions were imported via a bank feed, the Reference column is exactly the same as what my printed bank statement is going to be. I can see already that getting my bank account to reconcile is going to be a painless affair.
The report looks good, doesn’t it?
The next thing I’m going to explore is to create ‘rules’ so that these transactions get coded automatically next time. More on that tomorrow.
Meanwhile, I’ve got to choose between gin and tonics on the veranda with my mum (who’s currently visiting from snowbound Scotland) in the lazy summer afternoon warmth or continuing to update the ninth edition of my book Making the Most of MYOB (in preparation for the new MYOB release out next year). Ninth edition means 130,000 words written or edited nine times, which makes over 1 million words over the course of the last 14 years. That’s an awful lot of hours spent on an extremely dry topic!
Sigh. Speaking of dry, that gin and tonic is surely gonna win.