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)
You can run this report for any date. You can also view the corresponding bank statement for that date and any exceptions on the statement compared to the data in Xero.
What can you do with the Bank Reconciliation Summary?
- Generate the report
- Navigate the report tabs: Bank Reconciliation Summary, Bank Statement, and Statement Exceptions
- View individual transactions
- Export your report
Other things you can do with this report:
Generate the Bank Reconciliation Summary in three ways:
In the Reports menu, select All Reports. The Bank Reconciliation Summary is under Accounting.
From there, you choose the bank account and date.
Access the report from from the Manage Account menu within a bank account.
This automatically generates the report for that bank account. It is as at today’s date by default.
Click Reconciliation Report next to the Manage Account button in the bank reconciliation screens.
This automatically generates the report for the current account. It is as at today’s date, by default.
Choose or update the options by which to run the report:
- If you create the report from scratch, there is no bank account selected by default; choose the account for which you want to see the report.
- If you view this report directly from the bank account, the account name is already selected.
Choose a bank account from those you loaded into Xero.
On the Bank Reconciliation Summary tab, enter a date for which you want to see the summary report. The date is today’s date by default. On the Bank Statement and Statement Exceptions tabs, you get a date range ('From' and 'To').
After you enter the details for the report, click Update to re-generate the report.
If you view a report produced by someone with the Advisor user role, you may see notes or a summary on the report. You can
export, archive, or edit the report, depending on your user role.
Reports and budget role comparison
The report has three tabs:
- Bank Reconciliation Summary
- Bank Statement
- 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
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!
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).
Using multi-currency reports in Xero
- Balance in Xero – balance of all transactions entered into this bank account in Xero as at the date of the report.
- Total Outstanding Payments and Total Outstanding Receipts – transactions that were entered into Xero, but not yet reconciled.
- Total Unreconciled Statement Lines – transactions imported from your online bank account (at the report date) that are not yet reconciled (or possibly not yet entered) in Xero.
- Statement Balance – balance of the statement that was imported into 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.
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.
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 the bank statement that was imported into Xero.
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
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.
Bank Reconciliation Summary
From the Bank Reconciliation Summary tab only, you can click on any individual transaction in the lists of transactions already in Xero to view the original transaction.
Click an individual transaction to view the bank transaction in Xero (for example, spend or receive money item or an invoice payment).
Your user role determines what you can do with this report.
User roles and their access to reports
To export the report:
Click Export, then select your preferred export option:
- PDF (printable format)
- Google Sheets
- Open, save or print the file as you need.