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Xero Bank Rules and Reconciliation Routine

Table output Has example

• 💼 Xero

Set up bank rules and a weekly routine that keeps books current.

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Help me set up bank rules and a routine in Xero. Business type: [BUSINESS_TYPE]. Chart of accounts main lines: [ACCOUNTS]. Regular transactions as they appear in the bank feed (invented or anonymised): [REGULAR_TRANSACTIONS]. Items I find confusing: [CONFUSING_ITEMS].

For each regular transaction propose a bank rule in a table: the type (spend, receive or transfer), conditions (payee or description contains, for example 'STATIONERY SUPPLY' to Office costs), account, the tax rate to check with my accountant (do not guess tax rates; ask), and a note on risk. Explain matching, creating a transaction and transferring in plain words [VERIFY screen names]. Provide a 20-minute weekly routine: check the feed, reconcile, review suggested matches, deal with exceptions, note questions. Warn about broad rules that mis-code items and review rules every quarter. Mini-test: reconcile a sample month and check the balance matches the statement. Format as a table and a checklist. General education only, with no tax, legal or accounting opinion; local rules vary, so note what a qualified bookkeeper should confirm [VERIFY].

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Invented rules. Rule 1: spend, description contains 'STATIONERY SUPPLY', account Office costs, payee Stationery Supply Ltd, tax rate to be confirmed with the accountant. Rule 2: receive, description contains 'STRIPE PAYOUT', transfer to the clearing account (not income). Rule 3: spend, description contains 'RENT', account Rent, payee the landlord.
Weekly routine, 30 minutes: 40 feed lines; 28 matched by rules or suggestions (70 percent), 9 created by hand, 3 left with a note for the accountant. Result: the reconciled balance equals the statement balance of 4,820.50.

• xero