What You Need to Know About Xero Bookkeeping

Why are Monthly Allocations & Bank Statements so important?

At Bookkeepers For U, we provide a holistic bookkeeping service for small business. One of the tasks that we may ask you to do is assist with Monthly Allocations, including providing your monthly bank statements for reconciliation.

Xero is a cloud based bookkeeping and accounting software that allows us to manage everything remotely and maintain your business records with precision. 

Bank Feeds & Allocations

Many clients ask... Why do you need a copy of the bank statements since our accounting software has bank feeds?

The easiest solution is to confirm that all bank feeds have arrived. Occasionally, a day may be omitted, or duplicates may occur; as your bookkeeper, we check and rectify errors by cross-referencing transactions in your statements to guarantee precise records at BAS time and check that accurate data support business choices.

We can validate the data's accuracy by comparing the feeds to the bank statement. Having missing information on your BAS at BAS time may indicate that you are not appropriately reporting your GST, and no one wants to hear about this during an audit!

At Bookkeepers for U - we propose that you perform monthly financial allocations for your business, and we request that our clients provide us with monthly Bank Statements by the eighth of the following month. This enables us to reconcile the monthly financial data, making BAS-time less complicated.

Bank Statements

What if my bank does not provide me with a monthly bank statement? However, what if my bank does not issue monthly bank statements? If you have a business bank account, you can request a monthly bank statement and the cycle can be adjusted. It is ideal to receive monthly billing bills.

Usually, you'll get a bank statement every month, starting from the day your account was opened. The bank should modify this to run from the first to the month's final day. Alternatively, you can get this information via internet banking if this is not feasible. But it's important that the report you make has a running balance on the side so that it's easy to reconcile with the bank.

Would you like to know more?

If you would like additional information, please do not hesitate to contact us. We hope this information has been useful, and we look forward to assisting you in the future. Talk to us today about our small business bookkeeping services.

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