Читать книгу Xero For Dummies - Heather Smith - Страница 90

At conversion date, the bank balance in Xero should match the Trial Balance from the old system. The Trial Balance is a standard document you should find in the Reports section of your accounting system. If it does, hurrah! Break out the chocolate and skip this section!

If the balances don’t match, it may be because a supplier has been paid but the cheque or payment hasn’t been presented on the bank statement or, vice versa, you’ve paid a client by cheque and it’s not cleared yet. This payment or receipt eventually hits the bank statement, and the Xero bank balance. Follow these steps to prepare the accounts in anticipation of this:

1 Identify the balance of unpresented payments or uncleared funds by running a bank reconciliation in the old system as at the conversion date.

2 Create an asset account in Xero called Uncleared Funds and a liability account in Xero called Unpresented Payments.Refer to Chapter 2 for information on creating new accounts. Select the option Show on Dashboard. The goal of this exercise is to return the balance to nil and, once at nil, you’d remove this option from the two accounts.

3 Enter the balances identified in Step 1 in the Uncleared Funds and Unpresented Payments conversion balance.

4 Pre-empt the transactions hitting the bank statement by entering the individual transactions identified in Step 1 as Spend Money and Receive Money transactions.Allocate the Spend Money transactions to the Unpresented Payments account.Allocate the Receive Money transactions to the Uncleared Funds account.See Chapter 8 for information on Spend Money and Receive Money transactions.Consumer tax has already been reflected in your conversion figures, so allocate a not reportable tax rate to all transactions entered here.

5 When payments are recognised in the bank statements, code them in Xero to the Uncleared Funds and Unpresented Payments accounts.

6 Check off the payments as they’re recognised.The amount entered into the conversion balance should be reduced to nil.

If that doesn’t sort out your balances, check transactions prior to the Trial Balance bank balance haven’t been included in Xero (which would mean they’ve been double counted). Double counted transactions need to be deleted — see Chapter 4.