Finding Bank Reconciliation Discrepancies

How can I find discrepancies in my Bank Rec report?

It is a common scenario that you have completed the bank reconciliation but your bank statement balance on the balance sheet is not matching with your registered balance in Xoro.

These problems can be identified using the “Bank rec discrepancy report”.

Go to Reports > Accounting > Run “Bank Rec Discrepancy Report” for the period that you have discrepancies in.

This report will show you the transaction date,  bank statement date, register amount, and the bank statement amount.

In simple terms, It is showing you all the transactions in Xoro that do not have an exact corresponding match in the bank and all the transactions in the bank that do not have a corresponding match in Xoro.

With the help of this report, you can either find duplicate transactions in Xoro that need to be deleted or incorrect dates in the banking statement and Xoro which are causing a difference in the ending balances between your bank and Xorosoft.

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