Bank Reconciliation Summary

The Bank Reconciliation Summary shows how your actual bank balance and the balance of the bank account in Xero match, after taking into account any unreconciled items. This report is useful if your bank account's statement balance and balance in Xero do not match, and you need to check for duplicate or manually created transactions that might cause the discrepancy.

Video: Bank reconciliation summary (1:00)

Your user role determines what you can do with this report.

If you view a report produced by someone with the Adviser user role, you may see notes or a summary on the report.

Run the Bank Reconciliation Summary

  1. In the Reports menu, select All Reports.
  2. Under Accounting, click ... to expand the section if the report is hidden.
  3. Click Bank Reconciliation Summary.
  4. Choose a Bank Account and select a Date, then click Update to view your report.

You can also access the report from from the Manage Account menu within a bank account or by clicking the Reconciliation report link next to the Manage Account button in the bank reconciliation screens. If you view this report directly from the bank account, the account name is already selected.

Link from the Manage Account menu to the Bank Reconciliation Summary report.

Link to reconciliation report from bank account.

Report tabs: Bank Reconciliation Summary, Bank Statement, and Statement Exceptions

The report has three tabs, the Bank Reconciliation Summary, Bank Statement and Statement Exceptions. From the Bank Reconciliation Summary tab, you can switch to the Bank Statement or Statement Exceptions tabs to compare the unreconciled items on your Bank Reconciliation Report with any outstanding, imported statement lines.

Bank Reconciliation Summary tab

Bank reconciliation summary tab showing outstanding payments, receipts, unreconciled statement lines.

The report breaks up into sections to show what your actual bank balance is, based on the data you entered into Xero on any given date. This figure is not taken from your online bank balance; it is calculated using the data in Xero.

If your transactions and reconciliation are up to date on the report date, your balance in Xero and your statement balance for that day should be the same.

From the Bank Reconciliation Summary tab, you can click on any individual transaction in the lists of transactions already in Xero to view the original transaction.

If you are using multi-currency, the report footnotes show the figures that were converted into your base currency (for the purpose of reporting in one currency), and at what rate the conversion rate occurred. They also show where the rate was taken from (in other words, whether it was an XE rate, or a rate entered by a user).

Totals explained

Balance in XeroThe sum of all bank account transactions entered in a bank account dated today or in the past.
Total Outstanding Payments/ReceiptsTransactions that were entered into Xero, but not yet reconciled.
Total Unreconciled Statement LinesTransactions imported from your online bank account (at the report date) that are not yet reconciled (or possibly not yet entered) in Xero.
Total Outstanding Payments/ReceiptsTransactions that were entered into Xero, but not yet reconciled.
Statement BalanceThe sum of all imported bank statements for a bank account in Xero. A difference displays if you run the report for the day the statement was imported, and the Statement balance and Balance in Xero are different.
Imported Statement BalanceDisplays if an end balance has been imported for the date that the report has been run for.
An Imported Statement Balance and Balance out by error message will show, if an end balance has been imported for the date that the report has been run for and if there is a discrepancy between this end balance and the Xero Statement Balance.

If your accounts are fully reconciled, but your balances don't match

  • Cross-check your bank account transactions and imported statement lines to make sure nothing is missed or doubled.
  • Check your conversion balance to make sure that the balances that you loaded when you started using Xero were the exact balance of your bank account and accounts from your previous accounting system.
  • Use the Bank Statement and Statement Exceptions tabs on this report.

Bank Statement tab

The Bank Statement tab shows you:

  • A list of all statement lines downloaded for the current month by default
  • The date the item was imported from the statement into Xero
  • Whether the item was reconciled
  • Where each statement line came from (auto bank feed or manual file import from online banking)

It also shows you all imported statement lines for the date range you chose. Click the date link to view that bank statement that was imported into Xero.

If you only want to see reconciled bank statements lines select the Reconciled Only checkbox.

Statement Exceptions tab

The Statement Exceptions tab shows you any items that do not match the normal import statement to reconcile to item in Xero process. It shows things like:

  • Items that are in Xero and are manually reconciled
  • Imported statement items that are deleted in Xero
  • Duplicates

If you're having trouble getting your online bank account balance to match the balance showing in Xero, this is a useful place to check for any anomalies.